Stock Market Update

[BRIEFING.COM] The stock market opened to mixed action after the July Consumer Price Index, which went the market's way in terms of supporting the idea that the Fed will cut rates in September. The S&P 500 and Nasdaq Composite are trading lower, though, due to losses in mega cap names and chipmakers.

The Vanguard Mega Cap Growth ETF (MGK) sports a 0.2% decline and the PHLX Semiconductor Index (SOX) shows a 1.0% loss.

The Dow Jones Industrial Average trades fractionally higher.

Treasuries have exhibited choppy action after the CPI report, acting as a limiting factor for the stock market. The 10-yr note yield, at 3.83% before the data, jumped to 3.86% immediately following the release, but sits at 3.81% now.