S&P 500 Soars to New Record as Soft Inflation Data Eases Rate Hike Concerns

The S&P 500 closed at a fresh record high on Thursday as softer inflation data eased concerns about further Federal Reserve rate increases. The index gained 0.7% to 7,799 after earlier pushing above the 7,800 mark for the first time.

Tech stocks led the advance, helping the Nasdaq climb 0.8% to 26,803, while the Dow Jones added 0.1% to 53,840. The rally came after the latest inflation data reinforced hopes that the Fed will keep rates on hold at its September meeting.

Cisco Systems Inc reported fiscal fourth-quarter revenue of $17.3 billion, up 18% year over year and ahead of estimates, as networking demand and AI orders boosted growth. Meanwhile, Bit Digital Inc saw revenue rise 15% sequentially to $32.1 million, driven by a 42% increase in cloud services revenue from new and expanded contracts.