Apple Inches Closer to Erasing 2022 Losses as Inflation Cools

Apple Inc. is close to erasing its losses for the year as softer-than-expected inflation data fueled a risk-on rally in the stock market Wednesday.

The iPhone-maker edged 2.6% higher to $169.24 as investors piled back into stocks on bets the Federal Reserve could dial back the size of future interest-rate hikes, after the July consumer price index showed a deceleration in growth from the prior month. Megacap tech stocks all rallied with Meta Platforms Inc. and Netflix Inc. leading the pack on a more than 5.8% gain each, while the Nasdaq 100 Index advanced 2.9%. The tech-heavy benchmark closed 20% higher from its June low.