U.S. inflation data lifts stocks, chips lead record rally

The S&P 500 cleared 7,800 points for the first time ever on Thursday after a second consecutive soft inflation print all but shut the door on a September rate hike, with semiconductors doing the heavy lifting. Sandisk Corp. (NASDAQ: SNDK ) soared 15% after unveiling a new optimistic roadmap in its investor day. The memory maker now expects roughly 80% non-GAAP gross margin, a 50% adjusted free-cash-flow margin and 100% return of excess cash.

• State Street Technology Select Sector SPDR ETF shares are trending higher. Why are XLK shares climbing? The macro story did the rest of the work. 4%.

Initial jobless claims rose to 209,000 for the week ended Aug. 8, up 9,000 from the prior week. That combination pushed the odds of a Federal Reserve rate hike at the Sept. 75%.

Traders have also largely faded the Hormuz headline risk this week, and crude is drifting lower as a result. 16, dipping below $87 intraday before recovering. 90, by midday trading. 18, or down 77 points.

45. 83. 1% to $4,361 an ounce as firmer risk appetite drained haven demand. S.

5%. 1%. 9%. 2%.

9%. 1% and the Communication Services Select Sector SPDR Fund (NYSE: XLC ) added 1%, both benefiting from the retreat in yields. At the industry level the split was stark. 8%.

S. 1% and the Vanguard Real Estate ETF (NASDAQ: VNQ ) added 1% as rates eased. 3%. Storage and memory names were the session’s clearest theme.

Western Digital Corp. 71 in sympathy with SanDisk’s 15% jump. Micron Technology Inc. (NASDAQ: MU ) rose 5% and SK Hynix Inc.

(NASDAQ: SKHY ) soared 8%. Super Micro Computer Inc. 47, a fourth straight session of gains since its Aug. 1 billion, nearly double a year earlier.

89 after third-quarter revenue rose 15% in constant currency. SOLV Energy, Inc. 9 billion, and the company raised full-year guidance. The losers’ table was dominated by earnings reactions.

Tapestry Inc. 47 billion consensus at the midpoint and Kate Spade net sales fell 10% year over year, leaving the company leaning almost entirely on Coach. YETI Holdings, Inc. 45 despite a beat and a raise.

Cisco Systems, Inc. 80 expected. 5% — about 150 basis points below Street forecasts — on a heavier hardware and cloud mix, a hard sell after a more than 60% run in the shares this year. Fermi Inc.

5 billion customer agreement for its Project Matador AI power campus alongside a $431 million convertible note raise, with the dilution and cash-burn profile outweighing the commercial win. Dillard’s, Inc. 25 that beat consensus by nearly 45%. 02% SOLV Energy, Inc.

28% Super Micro Computer, Inc. 59% Thursday’s Russell 1000 Top Losers Name % change Tapestry, Inc. 49% YETI Holdings, Inc. 57% Fermi Inc.

74% Cisco Systems, Inc. 03% Dillard’s, Inc. 88%