The New York stock market closed higher on July 14 (local time) as concerns over U.S. inflation eased and artificial intelligence (AI)-related semiconductor stocks showed strength.

On this day, the Dow Jones Industrial Average closed at 52,508.27, up 9.63 points (0.02%) from the previous trading session.

The S&P 500 index rose 28.25 points (0.38%) to 7,543.59, and the tech-heavy Nasdaq Composite index finished at 26,107.01, up 233.83 points (0.90%).

The June Consumer Price Index (CPI) growth rate, which came in lower than expected, dampened expectations for interest rate hikes by the U.S. Federal Reserve (Fed) and fueled a recovery in investor sentiment.

The U.S. CPI for June, released on this day, rose 3.5% compared to the same month last year. This was a slowdown from May (4.2%) and fell below the 3.8% forecast by experts surveyed by Dow Jones.

Compared to the previous month, it fell by 0.4%, also coming in below the expert forecast of -0.2%.

The month-on-month decline was the largest in six years since April 2020 (-0.8%) during the pandemic.

As the June consumer price index significantly missed expectations, market concerns over inflation also eased somewhat.

According to the CME FedWatch tool, the probability of the Federal Reserve raising the benchmark interest rate at its monetary policy meeting on July 28–29 was significantly adjusted downward from 42% the previous day to 17% on this day.

Fed Chair Kevin Warsh also attended a hearing of the House Committee on Financial Services on this day, reiterating his commitment to price stability by stating, "We will get policy right, and the inflation surge of the past five years will be a thing of the past."

However, the probability of the Fed raising interest rates at least once within the year remained high at approximately 80%.

Major U.S. banks, including JPMorgan Chase and Goldman Sachs, announced "surprise earnings" that exceeded expectations on this day, signaling the start of the second-quarter earnings season.

Goldman Sachs surged 9.00% on this day, driven by strong performance in its trading and investment banking divisions, while JPMorgan Chase (2.5%) and Bank of America (1.88%) also showed strength.

Citigroup fell 5.29% despite strong earnings due to news of workforce reductions.

The memory semiconductor sector, which had plummeted the previous day, also rebounded across the board.

SK Hynix's American Depositary Receipts (ADR) surged 27.29% on this day, its third trading day since listing, as perceptions of undervaluation spread, marking its highest price since the listing on July 10.

Major semiconductor stocks, including AI chip leader Nvidia (4.06%), Micron (4.92%), SanDisk (5.01%), Intel (4.50%), and AMD (2.57%), all showed strength.

IBM, a component of the 30-stock Dow index, plummeted 25.21% after forecasting weakened performance amid intensifying AI competition, which impacted the relative underperformance of the Dow index on this day.