Stock Market Today: S&P 500, Dow Jones Climbs as Strong Breadth Faces CPI Report

U.S. stocks traded in a narrow range Tuesday, Aug. 11, with the S&P 500 holding close to record territory while the Dow Jones Industrial Average outperformed. Strong market breadth continues to support the broader rally, but elevated Treasury yields, Wednesday’s CPI report and uncertainty around oil prices are keeping investors from chasing stocks aggressively higher.

At 9:52 a.m. ET, the Dow Jones was up 221.79 points, or 0.41%, at 54,197.77, while the S&P 500 slipped 0.03% to 7,750.84. The Nasdaq Composite fell 0.35% to 26,513.18 as weakness in several large technology stocks offset strength elsewhere. A MarketWatch update at 10:14 a.m. ET continued to show the Dow higher while the S&P 500 and Nasdaq traded near flat.

Why Is the Dow Jones Rising Today?

Industrials and utilities led the S&P 500 sectors Tuesday morning, helping explain the Dow’s relative strength. Technology and communication-services stocks lagged, although Nvidia gained about 1.2%. Microsoft fell roughly 0.8%, while Apple dropped about 1%.

Oil also reversed an earlier surge after reports suggested the United States and Iran could be moving closer to an agreement. Brent crude had climbed above $90 a barrel before retreating toward $87, easing some concern that another energy shock could intensify U.S. inflation.

Among individual stocks, Cardinal Health rallied after strong results and an upbeat profit outlook. Riot Platforms jumped after reports of a roughly $9 billion computing agreement with Anthropic, while On Holding plunged more than 20% following weaker-than-expected sales.

S&P 500 Breadth Shows This Rally Still Has Support

The S&P 500 may be struggling to extend its record run Tuesday, but internal market strength remains constructive.

Ryan Detrick’s breadth chart shows 72% of S&P 500 components trading above their 200-day moving averages, while 66.2% are above both their 20-day and 50-day averages. That matters because a rally supported by a large share of stocks generally has a stronger foundation than one driven by only a handful of mega-cap names.

The chart also places the S&P 500’s 50-day moving average near 7,501 and its 200-day average around 7,060, both well below the index. The immediate area around Tuesday’s intraday high near 7,767 remains the first level bulls need to clear decisively.

S&P 500 Breadth Strength.  Source: Ryan Detrick, CMT (X) / StockCharts

Detrick described breadth as one of the more bullish features of the rally. The data supports that interpretation: despite Tuesday’s technology weakness, participation beneath the index remains broad.

Dow Jones 1929 Analog Adds a Note of Caution

A separate long-term chart shared by JTheretohelp1 compares the Dow’s current advance with the market’s run-up toward the 1929 peak.

 Dow 1929 Analog. Source: JTheretohelp1 / 7th Key Financial, TradingView

The visual similarity is striking, but historical analogs are not forecasts. The chart does not prove that the Dow is approaching a 1929-style crash or establish a reliable date for a market top. Instead, it highlights the contrast investors now face: powerful long-term momentum can continue even while valuation, inflation and policy risks build beneath the surface.

CPI Is the Next Major S&P 500 and Dow Jones Catalyst

Treasury yields remain an important obstacle. The 10-year Treasury yield eased to around 4.68% during Tuesday’s early session after trading near 4.73% earlier, still high enough to keep pressure on equity valuations.

Fresh economic data also showed existing-home sales fell 1.7% in July to a 4.06 million annualized pace, marking a second straight monthly decline as high mortgage rates continued to restrict demand.

Attention now turns to the July Consumer Price Index at 8:30 a.m. ET Wednesday. Economists expect headline inflation to cool slightly from June’s 3.5% annual rate, while the Fed remains divided over whether to raise rates in September or pause. The Producer Price Index follows Thursday.

For the S&P 500, strong breadth keeps the bullish trend intact for now. The bigger test is whether Wednesday’s inflation report allows Treasury yields to ease — or forces investors to reconsider how much further a record-setting stock market can run.