Market Overview

S&P 500+0.25%▲: modest advance after today's CPI release was widely expected to be near consensus and provided measured upside to equities. Nasdaq+0.63%▲: strongest major index, posting the largest percentage gain among benchmarks amid large-cap strength. Russell 2000+0.36%▲: small-cap bounce with several single-stock movers posting outsized intraday moves. Dow-0.04%▼: essentially flat, weighed slightly by select industrial and financial names. VIX-3.08%▼: declined alongside equity gains, reflecting lower option-implied volatility for the session. Crypto: BTC and ETH trading near prior levels with muted directional moves relative to equities. What's driving the market this week July CPI was the focal macro release; previews suggested an in-line print that would lessen near-term inflation surprise risks and helped underpin equity gains and lower volatility. Geopolitical developments in the Strait of Hormuz continue to pose a supply-risk backdrop for energy markets, keeping oil-risk narratives active despite today’s restrained energy-sector price action. Stock-specific volatility among microcaps and biotech names produced the session’s largest winners and losers, driving headline dispersion within small-cap indices.