S&P 500 hits new record as US producer prices come in soft
The S&P 500 rose 0.3% to a new record as headline and core producer prices in July were lower than expected, reinforcing expectations the Federal Reserve will not raise rates next month.
US stocks were mostly higher on Thursday after soft price data added to expectations that the Federal Reserve will not raise rates next month.
The S&P 500 rose 0.3% to a new record, while the Dow added 0.5% and the Nasdaq 100 hovered near the flatline.
Headline and core producer prices were lower than expected in July, aligned with the tame CPI report from yesterday and limiting recent concerns of hawkish signals by FOMC members.
Chip stocks and companies with exposure to AI infrastructure held their strong gains from yesterday, tracking counterparts in South Korea.
Reports that Anthropic is chasing an IPO and its recent purchase of Decart AI continued to underpin the outlook for compute expenditures.
Micron, Oracle, and Meta rose over 2%, while Nvidia and Amazon inched up.