US open: Stocks higher as inflation cools in July

(Sharecast News) - Major indices opened higher on Wednesday as traders digested July's all-important inflation report.

As of 1510 BST, the Dow Jones Industrial Average was up 0.16% at 53,878.40, while the S&P 500 advanced 0.38% to 7,757.33, and the Nasdaq Composite came out of the gate 0.74% stronger at 26,642.39.

The Dow opened 86.55 points higher on Wednesday, taking a bite out of losses recorded in the previous session.

Wednesday's primary focus was set to be news that US inflation eased in July, with the headline consumer price index slipping to 3.4% yearonyear, down from 3.5% in June, as petrol prices fell, even as the economic impact of the conflict in Iran continued to filter through.

The softer headline figure was driven by another decline in energy costs as, despite pump prices surging later in the month amid heightened tensions with Iran, petrol was still 2.9% lower on average than in June. Heating oil and other energy components also contributed to the overall moderation. The Bureau of Labor Statistics also revealed that core CPI, which strips out volatile food and energy costs, edged down to 2.5% in July, down from 2.6% a month earlier.

July's CPI reading comes as the Federal Reserve faces renewed pressure to further tighten monetary policy, with inflation still elevated following months of disruption to energy supplies, tariffrelated price pressures and strong demand linked to the AI boom.

Elsewhere on the macro front, US mortgage applications rose 3.6% in the week ended 7 August, according to the Mortgage Bankers Association, the strongest increase in two months and a rebound after two consecutive declines. Last week's uptick followed a brief easing in benchmark mortgage rates as longterm Treasury yields pulled back from multidecade highs. Applications to refinance a mortgage, which are more sensitive to shortterm interest rate moves, climbed 5%, while applications to purchase a home increased 3%.

Still to come, July's Federal Government budget statement will be published at 1900 BST.

In the corporate space, technology business Cisco Systems and ticket reselling platform operator StubHub were both slated to report quarterly earnings after the close.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Intel Corp. (INTC) $101.99 5.29%

Caterpillar Inc. (CAT) $866.03 2.85%

Cisco Systems Inc. (CSCO) $123.30 1.42%

Goldman Sachs Group Inc. (GS) $1,048.58 1.37%

Unitedhealth Group Inc. (UNH) $405.18 0.81%

Merck & Co. Inc. (MRK) $131.74 0.67%

Travelers Company Inc. (TRV) $376.86 0.40%

JP Morgan Chase & Co. (JPM) $362.31 0.07%

Dowdupont Inc. (DWDP) $0.00 0.00%

Walgreens Boots Alliance, Inc. (WBA) $0.00 0.00%

Dow Jones - Fallers

International Business Machines Corporation (CDI) (IBM) $232.81 -2.07%

Apple Inc. (AAPL) $302.74 -1.72%

Salesforce.Com Inc. (CRM) $193.31 -1.62%

McDonald's Corp. (MCD) $272.22 -1.48%

Home Depot Inc. (HD) $349.29 -1.47%

Microsoft Corp. (MSFT) $494.07 -1.41%

Nike Inc. (NKE) $40.77 -1.33%

Boeing Co. (BA) $230.50 -1.17%

Amgen Inc. (AMGN) $412.90 -0.99%

Walt Disney Co. (DIS) $102.40 -0.99%

S&P 500 - Risers

H&R Block Inc. (HRB) $54.67 17.06%

Seagate Technology Plc (STX) $886.98 7.19%

Micron Technology Inc. (MU) $926.65 6.65%

Intel Corp. (INTC) $101.99 5.29%

Lam Research Corp. (LRCX) $327.02 5.23%

Corning Inc. (GLW) $167.27 5.01%

KLA-Tencor Corp. (KLAC) $207.74 4.98%

Western Digital Corp. (WDC) $465.27 4.60%

Akamai Technologies Inc. (AKAM) $122.48 4.48%

Advanced Micro Devices Inc. (AMD) $485.49 4.25%

S&P 500 - Fallers

Coterra Energy Inc. (CTRA) $32.56 -8.62%

Adobe Systems Inc. (ADBE) $258.91 -3.87%

Take-Two Interactive Software Inc. (TTWO) $242.61 -3.74%

Idexx Laboratories Inc. (IDXX) $573.57 -3.56%

Cencora Inc (COR) $321.25 -3.34%

Dxc Technology Company (DXC) $10.49 -3.33%

Align Technology Inc. (ALGN) $170.18 -3.27%

Perrigo Company plc (PRGO) $12.45 -3.11%

eBay Inc. (EBAY) $104.25 -2.93%

Whirlpool Corp. (WHR) $42.49 -2.88%

Nasdaq 100 - Risers

Seagate Technology Plc (STX) $886.98 7.19%

Micron Technology Inc. (MU) $926.65 6.65%

Intel Corp. (INTC) $101.99 5.62%

Lam Research Corp. (LRCX) $327.02 5.23%

KLA-Tencor Corp. (KLAC) $207.74 4.79%

Western Digital Corp. (WDC) $465.27 4.60%

Applied Materials Inc. (AMAT) $550.28 3.56%

J.B. Hunt Transport Services Inc. (JBHT) $269.69 2.72%

Asml Holdings N.V. (ASML) $1,833.29 2.52%

Synopsys Inc. (SNPS) $413.57 2.29%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $0.34 -13.49%

NetEase Inc. Ads (NTES) $123.74 -4.12%

Adobe Systems Inc. (ADBE) $258.91 -3.87%

Workday, Inc. (WDAY) $173.67 -3.76%

Take-Two Interactive Software Inc. (TTWO) $242.61 -3.74%

Idexx Laboratories Inc. (IDXX) $573.57 -3.56%

Align Technology Inc. (ALGN) $170.18 -3.27%

eBay Inc. (EBAY) $104.25 -2.93%

JD.com, Inc. (JD) $31.16 -2.87%

Alphabet Inc. Class A (GOOGL) $343.48 -2.80%