What’s News in Markets: Inflation Cools, Oil Refiners Push Stocks Up, Reddit Joins S&P 500

“It’s not just AI stocks moving the S&P 500 higher. Old school energy companies are joining tech to push the index to new records.”

That line from this week’s What’s News in Markets captures the dominant theme: a market broadening beyond tech, driven by a surprising surge in oil refining margins. Host Shraddha Dinesh walked through a week of cooling inflation data, weakening consumer signals, and a stock market that largely held its ground—while a handful of specific stories, from Reddit’s index inclusion to a historic earnings optimism streak, added texture to the picture.

Inflation Cools, Consumer Shows Cracks

The week’s most important economic data came from two government reports. The Labor Department said the annual inflation rate slipped to 3.4% in July, while core prices—excluding food and energy—rose 2.5% over the past twelve months. That core reading essentially ties February’s figure, which was the lowest recorded since 2021. For markets, it was a modestly reassuring sign that price pressures are easing, even if slowly.