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Tech shares in America have entered a bull market, with the Nasdaq up more than 20 per cent since mid-May as the United States’ annual inflation figure eased from 9.1 per cent in June to 8.5 per cent in July.

GSFM investment strategy advisor Stephen Miller says this shows “economic activity’s holding up okay”.

“And the stock market likes that,” he told Sky News Business Editor Ross Greenwood.

“It’s saying, ‘inflation’s peaked’ and the bond market likes that.

"The number was much better than I thought … but if you delve into the number a little, there’s still things you could get worried about.”