Stocks close higher, inspired by July inflation data

Stock market averages (^DJI, ^IXIC, ^GSPC) hold on to Wednesday gains after July's Consumer Price Index (CPI) report indicated inflation to be easing. The Dow Jones Industrial closes the session back above 40,000.

Julie Hyman and Josh Schafer recap the day's market action, focusing on the performance of the small-cap Russell 2000 index (^RUT) and Nasdaq 100 (^NDX) tech leaders.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Luke Carberry Mogan.

Video transcript

There's the closing bell on Wall Street and now it's market domination over time.

Let's see where the major averages ended the day.

Still had a mixed picture when all was done.

But the NASA finishing almost all the way unchanged.

But let's run through it here.

242 points up for the dow.

That's about two thirds of 1%.

The S and P 500 up about 4/10 as you said earlier, what the best four days of the year?

Yeah, I think if you zoom out to the five day to Julie, we're up almost 5% 5%.

There you go.

And then the NASDAQ actually ticking slightly into the green here, but still look at the run over the last five days.

Right?

I think a little bit of a breather.

It's never the fun thing to say, but sometimes that is kind of what happens, right.

We had this big bounce off the sell off last week and it makes a little bit of sense for that to be sort of how the market action plays out.

I mean, interesting too to see small caps not participating again today when we're talking about an inflation print that makes uh almost positive that the FED is gonna cut in September, right?

When you think back three weeks ago, we were talking about that and you had the Russell L performing.

That is not the story as investors have become a little bit more concerned about the overall economic.

Yeah, it is definitely lost a lot of momentum here.

And as we look at some of the boards here and some of the movers that we have been watching.

Here's a look at the NASDAQ 100.

So pretty mixed picture here.

But you do have the likes of NVIDIA going higher even as alphabet fell after the report that the justice department might be looking to break it up sectors though pretty broad based gains.

I mean, while Russ Russell 2000 and not gaining the idea that rates are going lower seems to be helping the financials here up 1.2%.

So that's been interesting.

And I know Jared Blier likes to look at the, what he calls the leader board here, sort of the, the more momentum, Mimi things, things that might be will lead the market pretty evenly divided here.

The socks down the Philadelphia semiconductor index down a quarter percent.

You got marijuana up there in the corner by umj that ETF but it's interesting to take a scan of some of these, notably not a ton of out from what we're looking at here.

From spy.

Right.

And normally Jared would call this not that much of a risk on day.

Right.

A lot of these names would be dark green if it felt like it was a risk on.

And 11 more thing that's catching my eye is the XHB, the homebuilder ETF why?

Because this morning we got a big increase in mortgage applications as we've seen mortgage rates tick down, but shelter inflation was persistent in CPR.

We're gonna talk much more about housing in just a few minutes.

So consider that a little teaser of that combo.