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The Dow Jones Industrial Average rose 0.2%, or 52 points, the S&P 500 was flat, and Nasdaq rose 0.1%.
The U.S. consumer price index rose 0.2% in July, in line with economists’ forecasts and unchanged from the pace seen in June, while annual inflation through July rose 3.2%, which was slower than expectations for 3.3%.
CPI is “gradually approaching a more comfortable level for the Federal Reserve, which will likely resume its interest rate pause,” Desjardins said in a note.
Treasury yields initially fell below the flatline before rebounding as a deeper look into the inflation report flagged a rise in core services ex-housing inflation, a closely watched measure for the Fed, which rose 0.2% after coming in flat in June.
“The pickup in core services…may create more headaches for policymakers,” Jefferies said in a note.
Walt Disney (NYSE:DIS) announced plans to raise the price on its ad-free streaming tier in October, stoking investor optimism on margin growth and easing concerns about weakness in streaming after the media giant reported Q3 revenue that fell short of Wall Street estimates. Its share rose more than 4%.
Disney+ subscribers fell to 146.1 million, missing estimates of 151.1 million, pressured by a 24% fall in Disney+ Hotstar subscribers.
Wynn Resorts Limited (NASDAQ:WYNN) reported quarterly results that topped Wall Street estimates on both the top and bottom lines buoyed by ongoing strength in its Macau business.
Alibaba Group Holdings (NYSE:BABA) rose more than 4% after reporting quarterly earnings that markedly beat analysts’ estimates.
The Chinese tech heavyweight said that its plans to split the company into six businesses will be implemented from the quarter ended June 30.
Capri Holdings Ltd (NYSE:CPRI), which owns a host of well-known brands including Versace, Jimmy Choo, and Michael Kors, surged 54% after agreeing to sell the business to luxury company Tapestry (NYSE:TPR) for $8.5 billion.
The deal is expected to bolster Tapestry’s ability to compete with European luxury fashion giants LVMH (OTC:LVMUY) and Gucci.
