Treasury yields rose following the reprot
Rising crude has put upward pressure on Treasury yields recently
Chip stocks rallied ahead of Nvidia’s results
The S&P 500 was headed for its third straight weekly advance
CPI for July increased by 0.1% month over month, matching expectations
July’s consumer price index came in as expected, with headline rising 0.1% on the month
Investors will next turn to a key batch of inflation data
Intel was a key laggard of the session, falling 3%
AppLovin tumbled 19% on mixed quarterly results
The bond market has added a new wrinkle to the bull market
Investors took profits in tech
Micron Technology gained more than 3%
In April, the consumer price index rose 0.6%
Technology stocks supported the broader market for another day
the Nasdaq Composite gained 0.7%
Inflation was top of mind for investors this week
The U.S. did engage with Iran in a series of closed-door discussions
the Strait of Hormuz, a critical route, should remain shut as a “tool to pressure the enemy.”
West Texas Intermediate futures climbed 5% to around $87 per barrel
The broad market index fell 0.8%
The Dow Jones Industrial Average added 413 points, or 0.8%
The S&P 500 gained 0.7% at its peak
Nvidia shares advanced more than 2%
The developments come after the major averages rebounded Friday
Nvidia and Broadcom were two of the key winners Friday
The broad market index advanced 0.5%
The S&P 500 gained 0.3%
The three major averages hit their session lows
Chip plays led the market after Taiwan Semiconductor delivered another record quarter
Wells Fargo was among the laggards in the session