U.S. stocks moved mostly higher Thursday, with the S&P 500 reaching a new record after softer-than-expected producer inflation reinforced expectations that the Federal Reserve could keep interest rates unchanged next month.
The S&P 500 advanced 0.3% to a record high, while the Dow Jones Industrial Average gained 0.5%. The Nasdaq 100 traded near the flatline.
Both headline and core producer prices came in below forecasts for July. The data followed Wednesday’s Consumer Price Index report, which also showed moderating price pressures, reducing some of the concerns surrounding the near-term direction of U.S. monetary policy.
Technology shares tied to artificial intelligence infrastructure extended gains from the previous session, alongside strength in semiconductor stocks in South Korea.
Micron, Oracle and Meta each gained more than 2%, while Nvidia and Amazon posted more modest advances.
AI infrastructure remained a focus following reports surrounding a potential Anthropic initial public offering and the company’s recent acquisition of Decart AI. Continued investment in computing capacity has supported demand across semiconductors, cloud infrastructure and other segments connected to the expansion of generative AI.
The latest inflation readings add another set of economic data for the Federal Reserve to assess ahead of its September policy meeting, alongside recent signs of moderation in the U.S. labor market.
