July CPI just helped the VIX to its lowest close since early January
Stocks finished mostly higher Wednesday. The S&P 500 and Nasdaq Composite shaking off Tuesday's Iran-fueled slide after July's consumer-price index matched Wall Street's expectations. The Dow, however, finished just below flatline, unable to keep pace. A resurgent AI trade was the talk of Wall Street today, while CME's FedWatch tool indicated a 60% chance — up from 45% a week ago — the Fed keeps interest rates steady at its September meeting. Against this backdrop, the Cboe Volatility Index (VIX) logged its lowest close since Jan 9.
Continue reading for more on today's market, including:
5 Things to Know Today
- A credible missile threat prompted a Presidential plane switch. (Reuters)
- Norway's sovereign wealth fund posts a record $184 billion profit, SpaceX stake. (CNBC)
- AI optimism fuels Applied Materials ahead of earnings.
- Beat-and-raise puts Nebius stock bears on blast.
- CoreWeave stock enjoys a post-earnings pop.
Gold Nears 10-Week High on Cooler CPI
Oil prices were little changed Wednesday, as attacks on vessels in the Red Sea and Gulf of Oman kept black gold in check. September-dated West Texas Intermediate (WTI) crude added 7 cents to settle at $83.27 per barrel.
Gold prices logged a fourth-straight win today, approaching a 10-week high after July's inflation data fell in line with estimates. August-dated gold futures rose 1.2% to settle at $4,408.90.