The tech-heavy index was on track for its worst weekly performance since June
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