This morning's encouraging inflation data did not bring the stock market breakout investors had hoped for, with only the Dow eking out a win. The S&P 500 and Nasdaq both closed lower despite nabbing record highs earlier in the day, both snapping a seven-day win streak and the latter logging its worst single-session decline since late 2022.

As prospects of an interest rate cut in September increased to 85% today per CME's FedWatch tool, Wall Street swiftly rotated out of the megacap tech stocks that had been propping up the stock market for the last 12 months. 

GOLD MAKES A RUN AT RECORDS

Oil prices got a lift from the lower-than-expected consumer price index (CPI) report.August-dated West Intermediate (WTI) crude added 52 cents, or 0.6%, to settle at $82.62 per barrel.

Gold prices broke out today, bouncing in response to interest rate cut hopes for September. August-dated gold added $42.20, 1.8%, to settle at $2,421.90 an ounce for the day, a chip shot from its May 20 intraday record of $2,454 and closing high of $2,438.50.

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