[New York Market] As Inflation Worries Ease, Major Indices Rise Together

Last night on Wall Street, all three major indices edged higher. The U.S. July consumer price index (CPI)—the day's biggest talking point—came in exactly as expected, which took a lot of edge off worries that "the Fed might need to raise rates further." It wasn't a blockbuster day by any means, but what matters is that the market found comfort and turned its attention upward.

Here's how the indices closed

The S&P 500 gained +0.30%, the Nasdaq was up +0.59%, and the Dow closed nearly flat at +0.11%. The tech-heavy Nasdaq showed relative strength—a textbook move where growth stocks lead the way as rate pressure eases.

Why the rally? It all comes down to inflation

July's CPI came in at 1-year-over-year 3.4% with core inflation at 2.5%—exactly what was expected. If it had run hot, we'd be hearing calls for more rate hikes, but we're not. That's why the market is now betting heavily on the Fed holding rates steady in September. The relief that further tightening might be off the table has given risk assets room to breathe.

Standout movers—semiconductors and Oracle

Among individual stocks, semiconductors and cloud took the lead. Memory chip leader Micron surged over 5%, while Oracle—buoyed by cloud and AI infrastructure optimism—jumped into the mid-5% range. It's a textbook play: growth and tech names react first when rate pressure lifts.

So what about our market today?

When Fed rate pressure eases, our market typically benefits. Especially since memory chips were strong on Wall Street last night, there's room for a lift in sentiment toward domestic SK Hynix and Samsung Electronics today. A softer dollar should also help the won/dollar rate and foreign investor flows. That said, inflation is still above the Fed's 2% target, so it's best to see this as a turn in the right direction rather than getting ahead of ourselves and calling rate cuts imminent.

※ This post is informational—a recap of last night's U.S. market action and investor reaction. It is not a recommendation to buy or sell any stock. All investment decisions and responsibility rest with the reader.

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