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Stock market today: Stocks fall from records as Tesla, Nvidia lead tech sell-off

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Inflation Report,Nvidia

Jerome Powell steps up for part two of his policy update to Congress, with investors on the alert for more clues to rate-cut prospects.

US stocks rolled over on Thursday as investors rotated out of tech after a key inflation report showed consumer prices unexpectedly fell on a month-over-month basis for the first time since 2020. The S&P 500 dropped 0.9% to fall back below 5,600 after crossing the level for the first time on Wednesday. The Dow Jones Industrial Average rose nearly 0.1%. The tech-heavy Nasdaq Composite led the way down, sinking almost 2%.

Investors flocked to rate sensitive sectors like Real Estate and Utilities following June's cooler than expected inflation print. The Consumer Price Index last month declined 0.1% over the previous month and increased just 3.0% over the prior year. The annual gain was the slowest rise in consumer prices since early 2021. Stock gains had picked up pace this week as Fed Chair Jerome Powell suggested that conditions are almost right for the Federal Reserve to start making interest-rate cuts.

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