S&P 500 Index notches new record high above 4,440

  • Wall Street’s main indexes trade modestly higher on Wednesday.
  • Core CPI inflation in US edged slightly lower in July.
  • Financial stocks continue to push higher on rising US t-bond yields.

Wall Street’s main indexes opened slightly higher on Wednesday following July inflation data from the US. The S&P 500 Index, which reached a new all-time high of 4,449, is currently up 0.25% on the day at 4,447, the Dow Jones Industrial Average is rising 0.6% at 35,480 and the Nasdaq Composite was gaining 0.07% at 14,798.

The US Bureau of Labor Statistics announced on Wednesday that the Core Consumer Price Index (CPI) declined to 4.3% in July as expected from 4.6% in June. 

Among the 11 major S&P 500 sectors, the Financials Index is up 0.5% supported by rising US Treasury bond yields. On the other hand, the Energy Index is down 0.2% as the barrel of West Texas Intermediate is losing more than 1% following Tuesday’s decisive rebound.

S&P 500 chart (daily)