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Dow Jones Pops; Tesla Gains As Elon Musk Makes This Promise; Coinbase Up As Bitcoin Rallies

The Dow Jones Industrial Average gained amid better-than-feared inflation data. Tesla (TSLA) rose after CEO Elon Musk made a promise amid his ongoing Twitter (TWTR) battle. Coinbase (COIN) was up despite disappointing results amid a Bitcoin rally. Apple (AAPL) was a top blue chip.

A trio of stocks were among a plethora of names passing buy points. Albemarle (ALB), Graphic Packaging (GPK) and Greif (GEF) all tested entries.


Volume was mixed, falling on the Nasdaq but rising on the New York Stock Exchange vs. the same time Tuesday.

The yield on the benchmark 10-year Treasury note fell one basis points to 2.79%. West Texas Intermediate crude oil rose around 1.5% to just under $92 per barrel.

Inflation Data Gives Fed Leeway

Stocks were surging after inflation data came in cooler than expected early Wednesday. The Labor Department’s CPI inflation rate showed consumer prices were flat in July, better than views for a 0.2% rise and down from June’s 1.3% jump.

Inflation rose 8.5% in July from a year ago, below the 8.7% consensus estimate, and below the annual rate of 9.1% in June. Oanda senior market analyst Edward Moya said the data had prompted traders to slash their Fed rate hiking bets.

“Wall Street is now anticipating a Fed pivot in September as pricing reflects a half-point increase,” he said in a note to clients. “If inflation continues to drop, the bull-steepening trade will gain further momentum.”

The Producer Price index, which measures wholesale inflation, will be out Thursday. Positive data here could give further momentum to the current stock market uptrend.

Nasdaq Surges As Small Caps Impress

The Nasdaq was shining brightest out of the major indexes. It was up 2.6%. Zscaler (ZS) was a top performer as it vaulted 11% higher.

The S&P 500 also muscled higher, gaining 1.8%. Cruise stocks did well here, with Norwegian Cruise Line (NCLH) gaining more than 11%.

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