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U.S. stocks climb on July inflation data
U.S. stock indexes rose after October inflation data showed a slowdown in July, with the annual inflation rate decreasing to 3.4% compared to 3.5% in June. The S&P 500 increased by 0.3%, and the Nasdaq rose by 0.7%. The data also indicated a monthly core inflation increase of 0.2%, and an annual core inflation rate of 2.5%, reflecting a easing of inflationary pressures despite remaining above the Federal Reserve’s 2% target. This development has led to expectations that the Federal Reserve may have more room to adjust its interest rate trajectory, amid market anticipation of upcoming corporate earnings reports and future inflation trends.
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