Stock Market Update

[BRIEFING.COM] The stock market opened to broad-based gains buoyed by a better-than-feared July CPI report, quickly pushing the Nasdaq Composite (+0.3%) past yesterday's record high while the S&P 500 (+0.3%) came within 0.2% of its own record level.

Nine S&P 500 sectors trade in positive territory, with the communication services sector (+1.1%) getting the best start to today's action due to a healthy gain in Meta Platforms (META 787.30, +21.43, +2.80%). 

The market pulled back slightly from its opening pop, narrowing the gains across most sectors, as the financials (+0.6%) and energy sectors (+0.6%) are now the only other S&P 500 sectors with a gain broader than 0.5%.

The July CPI report met expectations, though some notable increases across several goods indexes hint at tariff-induced inflation pressure. 

The probability of a 25-basis point rate cut to 4.00-4.25% has jumped to 92.2% versus 85.9% a day ago, according to the CEM FedWatch Tool.

As it stands, the market will be left to further digest the details of the July CPI report, as this morning has featured a lack of other developments.