Investors are wondering why stocks are up today, and the quick answer is the July Consumer Price Index (CPI) data just came out.
The big news from the July CPI report is that inflation increased by 3.2% during the month on a year-over-year basis. It’s also worth mentioning that this is a slight increase from the 3% increase in inflation reported in June 2023.
While that’s still an increase in inflation, it roughly matches what experts were expecting from the report. That also has investors hopeful that inflation is finally starting to cool down. If that’s the case, it could be good news for markets and the rest of the economy.
George Mateyo, chief investment officer at Key Private Bank, said the following about the July CPI data to Yahoo Fiance:
“In 2019, the average monthly increase in inflation was 0.2%, and that’s what we’ve experienced in the past two months in 2023. The Fed, therefore, might feel as if they’ve ‘stuck the landing’ and can pause as planned and not raise interest rates in September.”
With stocks up today, several indices are seeing gains. Let’s get into that below!
Stock Indices Up on Thursday
- The Dow Jones is up 1.2% as of Thursday morning.
- The S&P 500 is also rising by 1.2% as of this writing.
- The Nasdaq is getting a 1.5% boost this morning.
- The Small Cap 2000 is seeing a slight .6% increase as of Thursday morning.
Investors keeping an eye out for more of the most recent stock market news are in luck!
InvestorPlace is home to all of the biggest stock market stories that traders need to know about on Thursday! Among that is why shares of Kenvue (NYSE:KVUE), Innoviz (NASDAQ:INVZ), and Roblox (NYSE:RBLX) stock are in the news today. All of that information is ready to go at the links below!
More Thursday Stock Market News
- KVUE Stock Alert: Kenvue to Join the S&P 500
- Why Is Innoviz (INVZ) Stock Down 20% Today?
- RBLX Stock Alert: Roblox Scores Upgrade Despite Weak Q2 Results
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
