S&P 500 gains after light inflation data, bounce in chip stocks: Live updates

The S&P 500 closed up 0.38% at 7,543.59 on Tuesday after June inflation data printed below expectations, with semiconductor stocks leading the rally. The Nasdaq benefited from the chip-sector strength, though the source excerpt cuts the specific Nasdaq close.

Cooler-than-expected June CPI figures gave equities room to run, easing concerns that persistent inflation would keep the Federal Reserve in hawkish territory. The semiconductor rally provided additional lift to tech-heavy indexes, reversing recent pressure on the group.

The modest S&P gain extended the index's advance from recent lows, with the inflation print offering a fresh catalyst for bulls betting that peak hawkishness has passed. The chip bounce suggests risk appetite returned to growth names after the softer inflation read reduced the odds of further aggressive tightening.