Shares of industrial and transportation companies rose after muted consumer inflation data spurred homes of rate relief.

Consumer Price Index rose 3.4% in July and core inflation was close to the Federal Reserve's 2% target. "From a policy perspective, the latest inflation data, combined with signs of slower labor market momentum, weaken the near-term case for additional rate hikes," said Andrew Dubinsky, economist at the chief investment office of brokerage UBS, in a note to clients.