U.S. stocks move higher Wednesday as inflation fears fade
"The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent on a seasonally adjusted basis in July, after rising 0.3 percent in June," the U.S. Bureau of Labor Statistics reported Wednesday. "Over the last 12 months, the all items index increased 2.7 percent before seasonal adjustment."
U.S. Markets Surge Ahead
The S&P 500 (^GSPC) jumped 72.31 points, or 1.13 percent, to close Tuesday at 6,445.76, marking its strongest session in weeks. Trading volume reached 2.834 billion shares as buyers piled into large-cap stocks.
The Dow Jones Industrial Average (^DJI) also posted strong gains, climbing 483.52 points, or 1.10 percent, to settle at 44,458.61, with 436.933 million shares traded. The blue-chip index was lifted by strong performances in financial and industrial sectors.
Tech stocks led the charge, with the Nasdaq Composite (^IXIC) surging 296.50 points, or 1.39 percent, to 21,681.90, its highest close ever. Trading activity was robust at 6.78 billion shares as megacap tech names powered the index higher.
Market Drivers
Analysts attributed Tuesday's bullish momentum to:
"Investors are clearly betting that the soft landing scenario remains intact," sMark Richardson, chief strategist at Wellington Capital. said Tuesday "The breadth of today's rally suggests confidence is returning to multiple sectors, not just tech."
Global Forex Markets Show Mixed Movements in Tuesday's Trading Session
The foreign exchange market saw a split performance on Tuesday, with the U.S. dollar weakening against most currencies on the back of the tame CPI report.
Key Currency Pairs in Focus
The Euro (EUR/USD) strengthened against the U.S. dollar, rising 0.50 percent to 1.1673, as investors weighed expectations of European Central Bank policy moves. Meanwhile, the U.S. dollar (USD/JPY) dipped slightly against the Japanese yen, falling 0.27 percent to 147.73, as traders assessed potential Bank of Japan intervention risks.
In North America, the Canadian dollar (USD/CAD) held steady, with the pair inching down just 0.01 percent to 1.3776, reflecting muted reaction to oil price fluctuations.
The British pound (GBP/USD) extended its gains, climbing 0.47 percent to 1.3494, supported by stronger-than-expected UK economic data.
Swiss Franc and Commodity Currencies Move Higher
The U.S. dollar (USD/CHF) faced notable pressure against the Swiss franc, sliding 0.72 percent to 0.8064, as demand for the safe-haven currency picked up.
Commodity-linked currencies also advanced, with the Australian dollar (AUD/USD) rising 0.26 percent to 0.6529 and the New Zealand dollar (NZD/USD) gaining 0.29 percent to 0.5953, supported by improved risk appetite in Asian trading, and despite a 25 basis points reduction in official interest rates by the Reserve Bank of Australia..
Global Markets End Mixed Tuesday | Japan's Nikkei 225 surges again, gaines 898 points
Global stock indices delivered a mixed performance on Tuesday, with some markets posting gains while others retreated amid fluctuating investor sentiment.
In Canada, the S&P/TSX Composite (^GSPTSE) advanced 146.03 points, or 0.53 percent, to finish at 27,921.26, supported by gains in energy and materials stocks. Volume reached 203.659 million shares.
In London the FTSE 100 (^FTSE) edged higher, closing at 9,147.81, up 18.10 points, or 0.20 percent.
Meanwhile, Germany's DAX (^GDAXI) dipped 56.56 points, or 0.23 percent, to settle at 24,024.78.
In France the CAC 40 (^FCHI) outperformed, rising 54.90 points, or 0.71 percent, to 7,753.42. The broader EURO STOXX 50 (^STOXX50E) inched up 4.12 points, or 0.08 percent, to 5,335.97.
The Euronext 100 (^N100) climbed 8.87 points, or 0.56 percent, to 1,587.17, while Belgium's BEL 20 (^BFX) slipped slightly, losing 2.12 points, or 0.04 percent, to close at 4,724.63.
Asia and Pacific Markets Show Divergence
In Asia, Hong Kong's Hang Seng Index (^HSI) gained 62.87 points, or 0.25 percent, finishing at 24,969.68. However, Singapore's STI Index (^STI) fell 12.06 points, or 0.28 percent, to 4,220.72.
In China, the Shanghai Composite (000001.SS) climbed 18.37 points, or 0.50 percent, to 3,665.92, with a turnover of 2.123 billion. Japan's Nikkei 225 (^N225) was the standout performer, soaring 897.69 points, or 2.15 percent, to 42,718.17.
Australia's S&P/ASX 200 (^AXJO) advanced 36.00 points, or 0.41 percent, to 8,880.80, while the All Ordinaries (^AORD) rose 32.70 points, or 0.36 percent, to 9,150.30.
India's S&P BSE SENSEX (^BSESN) dropped 368.48 points, or 0.46 percent, to 80,235.59, while Indonesia's IDX Composite (^JKSE) surged 185.77 points, or 2.44 percent, to 7,791.70. Malaysia's KLSE (^KLSE) added 4.66 points, or 0.30 percent, closing at 1,567.90.
New Zealand's S&P/NZX 50 (^NZ50) was among the day's biggest decliners, shedding 152.18 points, or 1.18 percent, to 12,759.68. South Korea's KOSPI (^KS11) also retreated, losing 16.86 points, or 0.53 percent, to 3,189.91.
Taiwan's TWSE (^TWII) rose 22.86 points, or 0.09 percent, to 24,158.36, while Israel's TA-125 (^TA125.TA) tumbled 52.65 points, or 1.76 percent, to 2,941.06.
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