Wall Street’s main volatility gauge dropped to its lowest level in more than seven months on Wednesday, signaling stronger risk appetite after July US inflation data came in line with expectations. The Cboe Volatility Index, or VIX, fell to an intraday low of 14.74 before trading at 14.79, down 0.49 points from Tuesday’s 15.28 close. The move came as the S&P 500 and Nasdaq Composite rose, while the Dow Jones Industrial Average was roughly flat. The Labor Department said the US Consumer Price Index increased 0.1% month on month and 3.4% year on year in July. The VIX tracks expected 30-day volatility in the S&P 500 using options prices and typically moves opposite to stocks. Readings below 20 are often associated with calmer markets, though they can also suggest investor complacency.