Stock Market Coverage – Wednesday August 10 Yahoo Finance

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U.S. stocks rallied at the start of Wednesday’s session as Wall Street breathed a sigh of relief over a lower-than expected inflation reading for July.

The benchmark S&P 500 jumped 1.6%, while the Dow Jones Industrial Average surged 400 points, or about 1.4%. The tech-heavy Nasdaq Composite gained 2%.

July’s CPI report out Wednesday showed prices moderated last month, giving hope to investors that Federal Reserve policymakers may scale back the magnitude of interest rate hikes.

Data from the Bureau of Labor Statistics indicated prices paid by consumers rose 8.5% last month over the year, reflecting a moderation from the prior month’s 40-year high of 9.1%. Consensus economists were expecting last month’s reading to show an 8.7% increase, according to estimates compiled by Bloomberg.

“This is a step in the right direction but keep in mind we have many miles ahead of us before inflation normalizes,” Mike Loewengart, managing director of investment strategy at Morgan Stanley’s E*TRADE said in an emailed note. “One month’s data point does not make a trend, however, so cautious optimism is likely the name of the game.”

A downward trend in gasoline prices over more than 50 consecutive days provided some relief to U.S. consumers last month after record energy costs pushed inflation to the highest reading of the cycle in June, but inflationary pressures remained strong across other components of the report.

Core CPI, which excludes the volatile food and energy components of the report, remained firm, climbing at an annual 5.9%, unchanged from June’s figure.

On the earnings front, shares of Coinbase (COIN) slid 5% in extended trading after the cryptocurrency exchange reported second-quarter earnings Tuesday afternoon that came short of Wall Street estimates and said user growth slowed and is set to fall further the rest of this year.

Roblox (RBLX) also took a hit early Wednesday following a harsh miss on results for the second quarter as consumers scale back on discretionary spending and the gaming industry sees a slowdown in the pandemic-fueled boom. Shares plunged nearly 15% ahead of the open.

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