Market Turbulence Amid Inflation Data and Tech Rally
The Dow Jones Industrial Average fell 313 points, shedding 0.5%, as mixed inflation data and bank earnings created uncertainty. The S&P 500 dipped 0.1%, retreating from an earlier record high, while the Nasdaq Composite climbed 0.5% fueled by Nvidia's 4% surge. The chipmaker announced plans to resume shipments of its H20 GPUs to China, injecting Optimism into the tech sector.
June's inflation figures painted a nuanced picture. Headline CPI rose 0.3% monthly, pushing the annual rate to 2.7%, while Core CPI excluding food and energy increased 0.2%—slightly below expectations. Market strategist Matthew Ryan noted the data confirms tariffs are already impacting consumer prices, with more pain likely ahead as Trump's proposed 30% tariffs on EU and Mexican imports loom.
