Wall Street edges higher after U.S. inflation falls to 3.4% in July

The broad-based S&P 500 index and the tech-heavy Nasdaq Composite index rose 0.3 and 0.5 percent, respectively. The Dow Jones Industrial Average traded sideways.

Among the stock market's winners on the day were technology companies, especially in the AI sector, according to CNBC.

According to the CPI measure, inflation in the US fell to 3.4 percent in July, compared with 3.5 percent in June, in line with analysts' average forecast, according to Bloomberg.

A lower inflation rate reduces concerns that the key interest rate will be raised in the country.