US stocks closed mostly higher on Thursday as softer inflation data reinforced expectations that the Federal Reserve will keep rates on hold next month. The S&P 500 gained 0.5% to a fresh record high, while the Nasdaq advanced 0.8%.
July producer price figures, both headline and core, came in below forecasts, echoing yesterday’s benign CPI report and easing recent worries sparked by more hawkish remarks from FOMC officials.
Chipmakers extended the prior session’s rally, mirroring strength in South Korean peers. Sentiment toward the sector was further supported by reports that Anthropic is preparing for an IPO and is seeking to acquire Decart AI in a $6 billion deal, bolstering expectations for continued heavy investment in compute capacity. Micron, Intel, and Marvell each climbed more than 6%, while Sandisk surged 15%.
By contrast, Cisco fell 8% after forecasting a slowdown in AI data center–related sales for the current fiscal year. Financials and industrials also weighed on the broader market, with Bank of America and RTX each slipping 1.5%, helping push the Dow slightly into negative territory.
