Stock market today: Most of Wall Street climbs on encouraging inflation report, but Big Tech slumps

NEW YORK — Most U.S. stocks rose after the latest update on inflation bolstered Wall Street’s belief that relief on interest rates may come as soon as September. Three out of every four stocks in the S&P 500 climbed Thursday, and homebuilders, real-estate owners and other stocks that benefit the most from easier interest rates led the way.

The direction was still decidedly upward for the majority of stocks on Wall Street, particularly housing-related companies, real-estate owners and others that benefit from easier interest rates. BXP, the company that owns Boston's Prudential Center and other high-profile office developments across the country, climbed 4.8% for one of the market's bigger gains.

Wall Street wants lower interest rates to release pressure that's built up on the economy because of how expensive it’s become to borrow money to buy houses, cars or anything on credit cards. Fed officials, though, have been saying they want to see “more good data” on inflation before making a move. They’ve kept rates high to intentionally put downward pressure on the economy, hoping to fully snuff out the worst inflation in generations.

Following the report’s release, Treasury yields tumbled immediately. The yield on the 10-year Treasury dropped to 4.19% from 4.28% late Wednesday and from 4.70% in April. That’s a major move for the bond market and provides a big lift for stock prices. Homebuilders were also strong on hopes that lower mortgage rates will juice the industry. D.R. Horton climbed 6.7%, as did Lennar for some of the biggest gains in the S&P 500. Mohawk Industries, which makes flooring for homes, jumped 6%.

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