Daily Summary: Wall Street Gains After CPI Data 📈 Gold and EURUSD Move Lower

The European session was mixed, with the DAX and Euro Stoxx 50 closing slightly lower. Following gains in SK Hynix and Samsung, in which Singapore’s Temasek is reportedly considering investments, the broader semiconductor and memory sector moved higher. The rebound was further supported by Super Micro Computer’s results and strong gains in Nebius Group, CoreWeave and Lumentum.

Major U.S. indices are trading higher today, with the Nasdaq 100 gaining nearly 1%, the S&P 500 up around 0.4%, while the DJIA and Russell 2000 are posting modest gains. U.S. CPI inflation for July came in exactly in line with expectations: prices rose 0.1% month-over-month and 3.4% year-over-year, while core inflation stood at 0.2% month-over-month and 2.5% year-over-year.

The report appears to be an encouraging sign that underlying price pressures are gradually easing and strengthens the case for the Fed to keep interest rates unchanged in September. However, another CPI report is due before the FOMC meeting and could still alter this outlook. Following the CPI release, the U.S. dollar edged higher, with EURUSD falling to 1.151. Precious metals also gave back some of their initial gains, with gold up just under 0.8% and retreating from its intraday highs since around 3:00 p.m.

Oil prices are slightly lower but remain close to $89 per barrel. According to a senior Iranian source cited by Reuters, there are currently no talks on extending the ceasefire between the U.S. and Iran, as Tehran argues that the agreement had no formal start date and that Washington violated it within the first 48 hours. Negotiations are instead focused on a potential U.S. return to the memorandum of understanding (MOU) and a timeline for implementing the agreed commitments, although Iran says no progress has been made so far.

Donald Trump said the U.S. has “total control” of the Strait of Hormuz and suggested that Washington could retain control over the strategic waterway, describing the U.S. naval blockade as a “wall of steel.” The U.S. president also argued that Iran’s military capabilities have been severely weakened, the Islamic Revolutionary Guard Corps (IRGC) has been “decimated,” and the country is facing deep economic problems, claiming that Iran is no longer the dominant power in the Middle East.

Only 159 vessels entered ports in the Odesa region for loading in July, compared with nearly 400 during the same period last year, Ukraine’s deputy infrastructure minister told Reuters. The sharp decline in port activity reflects intensified Russian attacks, which are increasing risks to shipping and could constrain Ukraine’s export capacity.

CBOT wheat (WHEAT) is up nearly 4% today after the USDA lowered its forecast for U.S. wheat production in 2026 to 1.53 billion bushels, down 23% year-over-year and the lowest level since 1970. The supply outlook is being further tightened by adverse weather conditions and the risk of export disruptions in the Black Sea region, while weaker corn yield forecasts are also providing support to the broader grain complex. Export demand remains the key uncertainty: without a meaningful recovery, tighter supply alone may not be enough to establish a sustained bullish trend.

The WASDE report showed lower-than-expected ending stocks for wheat at 717 million bushels versus the 720 million forecast, and especially for corn at 1.653 billion bushels versus 1.737 billion expected. Cotton ending stocks came in at 4 million bales versus 3.99 million expected. Soybeans surprised in the opposite direction, with ending stocks estimated at 320 million bushels versus the 300 million consensus and 310 million previously.

A supertanker has arrived at Saudi Arabia’s main Persian Gulf oil terminal for the first time in nearly a month. The vessel, moored at Ju’aymah, part of the Ras Tanura export complex, can carry around 2 million barrels of crude. The return of tankers to Ras Tanura comes as Saudi Arabia continues to redirect millions of barrels through its Red Sea port of Yanbu due to heightened risks to shipping in the region.

Nasdaq 100 – Technology Is Back in Play

Today’s Nasdaq 100 session shows a strong return of demand for technology stocks, although the gains are clearly concentrated in AI infrastructure, memory and semiconductors. Nebius Group is surging 29.3%, CoreWeave 19.5% and Lumentum 16.7%, while Sandisk, Micron and Seagate are gaining 8.7%, 7.4% and 7.3%, respectively. The performance of memory stocks is particularly notable – capital is returning to the sector after the recent sharp correction, although given the scale of their year-to-date gains, the risk of further profit-taking has not disappeared. At the same time, declines in Meta (-3.3%), Adobe (-2.8%) and Workday (-4.0%) show that this is not a broad-based risk-on move across the entire technology sector, but rather a selective rotation into areas directly exposed to AI infrastructure spending. This market structure remains constructive for the Nasdaq 100, but the next leg higher may depend on whether buying momentum broadens beyond the current group of leaders.