By Reuters
NEW YORK: The Nasdaq cruised to a fresh record high on Tuesday, powered by a jump in Nvidia, while the S&P 500 hovered below its peak, as investors digested an inflation report and a flurry of major bank earnings.
US consumer prices posted their biggest jump in five months in June, hinting that tariffs may be starting to heat up inflation. Still, underlying inflation stayed moderate, offering some reassurance despite the headline spike. Hopes for a July rate cut have all but vanished, and bets on a September move dipped to 55% from 60% after the latest data, according to CME FedWatch.
鈥淚t鈥檚 (CPI data) perfectly in line with expecting the Fed to kind of re-engage on rate cuts at its September meeting,鈥 said Ross Mayfield, investment strategist at Baird.
At 11:33 a.m. ET, the S&P 500 gained 0.71 points, or 0.01%, to 6,269.27, and the Nasdaq Composite rose 136.40 points, or 0.66%, to 20,776.73. The Dow Jones Industrial Average fell 251.28 points, or 0.57%, to 44,208.37.
The Nasdaq w