S&P 500 Hits New Record High Amid Tech Strength
The US stock market ended Thursday on an upbeat note, with the S&P 500 closing at a fresh record high. The index rose 0.66% to finish at 7,799.73 after briefly crossing the 7,800 mark during trading hours.
Technology stocks were among the top performers, led by gains in Meta Platforms, Broadcom, Micron Technology, SanDisk, and Netflix. These companies' shares surged as investors continued to show confidence in artificial intelligence spending and optimistic forecasts from major tech firms.
The Producer Price Index was unchanged in July, below economists' expectations for a 0.2% monthly increase. This data, combined with Wednesday's Consumer Price Index report showing headline inflation rising 0.1%, strengthened the expectation that the Federal Reserve will leave interest rates unchanged at its September policy meeting.
Brent crude futures settled about 2% lower at $87.07 a barrel as investors weighed weaker global demand expectations despite ongoing geopolitical tensions between the US and Iran.