dow futures inched higher in overnight trading on wednesday after all the major averages posted sharp gains on the back of a betterthanexpected inflation report disney added 67 in late trading after posting strongerthananticipated subscriber numbers and topping earning estimates on the top and bottom lines shares of sonos slumped more than 19 after missing analysts expectations wednesdays regular trading session saw all the major indexes rally with the dow jones industrial average jumping 53510 points or 163 to close at 3330951 the sp 500 added 213 to 421024 and hit its highest level since early may while the nasdaq composite gained 289 to 1285480 its highest close since late april the moves came after the headline consumer price index for july came in at 85 slightly cooler than the 87 expected by analysts surveyed by dow jones and raised questions as to whether inflation has hit its peak and the federal reserve will need to hike rates as aggressively as anticipated when it meets next month beatenup tech shares that have borne the brunt of this years selloff drove wednesdays market rally as shares of meta platforms and netflix jumped 58 and 62 respectively battered chip names such as nvidia and advanced micro devices jumped nearly 6 and 4 respectively for today were rallying and i think its really because inflation has been such an overhang for investors and for the market lindsey bell ally invests chief markets and money strategist told cnbcs closing bell on wednesday and i think what investors are thinking today is maybe the peak really has been put in the past earnings season continues thursday with reports from rivian warby parker poshmark and more july producer price index data is also slated for thursday