US stocks ended Wednesday’s session higher, buoyed by the lowest inflation reading in three years. Consumer prices rose 2.9% year-over-year in July, down from June’s 3% and the slowest pace since March 2021, reinforcing expectations for Federal Reserve rate cuts. The Dow Jones Industrial Average and S&P 500 saw gains, while the Nasdaq Composite remained nearly flat. The 10-year Treasury yield dropped slightly to 3.837%.
Markets are now certain of a Fed rate cut next month, with expectations for either a 25 or 50 basis point reduction. Glenmede’s Jason Pride anticipates four rate cuts by year’s end, while Macquarie’s David Doyle projects 75 basis points in cuts, contingent on further economic data. Alphabet’s stock fell over 2% after reports of potential government action against the company for antitrust violations, impacting the Nasdaq.
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