Stock Market Today: Live Updates

Traders work on the floor of the New York Stock Exchange on July 11, 2024.

Spencer Platt | Getty Images

THE S&P 500 fell from a record as investors turned away from the year's big tech winners such as Nvidia, Microsoft And MetaThe catalyst for the move was the lowest consumer price index in more than three years, which pushed rates lower and investors into small-cap and housing-related stocks.

THE S&P 500 fell 0.8%, down from a record high hit earlier in the session. Nasdaq Composite Index fell 1.8%, after also hitting a new record earlier in the day. Dow Jones Industrial Average hovered near the flat line. Nvidiawhich is up 165% over a year, has lost almost 4%.

S&P 500, 1 day

The benchmark index for small caps Russell 2000 Index gained 3% as investors hoped for a rate cut by the Federal Reserve in September and a soft landing for the economy following inflation data.

Housing related actions such as Home Depot And Dr. Horton Investors jumped on hopes that lower rates would revive a sluggish housing market. Industrial stocks like Caterpillar also gained.

The consumer price index fell 0.1% last month from May, bringing the annual inflation rate to 3%. Economists polled by Dow Jones had expected a monthly increase of 0.1% and an annual rate of 3.1%. The core CPI, which excludes food and energy, came in at an annual rate of 3.3%, also below economists' expectations.

Treasury yields fell following the release of CPI data as traders increased their bets on interest rate cuts.

“With another good CPI under their belt, the window is open for the Federal Reserve to cut interest rates as early as September, and potentially again in December, assuming inflation data continues to cooperate,” said Skyler Weinand, chief investment officer at Regan Capital.

According to the CME FedWatch tool, the probability of a September rate cut rose to over 80% based on federal funds futures trading after the CPI data was released. Traders still believe the Fed will remain inactive at its meeting later this month.

Investors also took money off the table after a sharp rally on Wednesday. The S&P 500 gained 1% on Wednesday to close above 5,600 for the first time, while the Nasdaq Composite advanced 1.18% to close at a record high. 30 Dow Jones Stocks gained 429.39 points on the day.

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