US Stocks inched up Wednesday as Wall Street digested a key signal on consumer prices that is set to help shape the near-term future of interest-rate policy. The S&P 500 and the tech-heavy Nasdaq Composite were up around 0.2%. The Dow Jones Industrial Average hovered near the flatline. The Consumer Price Index showed price increases held largely steady in July. Consumer prices rose 2.9% year-over-year in July, the first time headline inflation has dipped below 3% since 2021.
Wall Street rallied Tuesday on the back of positive inflation data that could foreshadow a similar direction in consumer prices. The Producer Price Index, which measures wholesale inflation in the US economy, rose just 2.2% year-over-year in July, nearly in line with the Federal Reserve's 2% target. Together, the inflation signals could get the Fed closer to a rate cut.
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