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US stock indices closed higher on Thursday after softer inflation data reinforced expectations that the Federal Reserve will keep rates on hold next month. The S&P 500 gained 0.6% to finish at a fresh record high, while the Nasdaq climbed 1.1%, moving closer to its all-time closing peak. The Dow Jones Industrial Average added 70 points.
Both headline and core producer prices for July came in below forecasts, echoing yesterday’s subdued CPI report and easing recent worries about hawkish rhetoric from FOMC officials. The benign inflation backdrop helped extend the rally in chipmakers, which also tracked gains in South Korean semiconductor stocks.
Sentiment around AI remained firm, supported by reports that Anthropic is preparing for an IPO and is seeking to acquire Decart AI in a $6 billion deal, reinforcing expectations for continued AI-related investment. Among US chip names, Micron rose 4.2%, Intel advanced (percentage not disclosed), and Marvell gained 3.6%, while Sandisk jumped 13.7%.
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Not all tech names participated in the rally: Cisco dropped 8.4% after forecasting slower sales growth related to AI data centers in the current fiscal year. Financials and industrials also lagged, with Bank of America down 1.1% and RTX off 1%, which capped gains for the Dow.
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