4:20pm: New records for S&P
Wall Street wrapped up Thursday on a strong note, with the S&P 500 closing at a fresh record high as softer inflation data helped ease concerns about further Federal Reserve rate increases.
The S&P 500 gained 0.7% to 7,799, setting a new closing record 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, giving investors another reason to lean into risk assets.
Attention now turns to corporate earnings, with Applied Materials due to report after the closing bell.
3:10pm: Proactive news headlines
- M2i Global Inc (OTC:MTWO) and Vivakor signed a non-binding agreement to explore combining their businesses to strengthen the US critical minerals supply chain across commodities trading, reclamation and mineral development.
- Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF, FRA:A9J0) extended high-grade and broad gold-silver mineralization at its Philadelphia project in Arizona, with a drill hole returning 21.79 metres grading 4.1 g/t gold and 5.8 g/t silver.
- Fox Tungsten Ltd (TSX-V:FOXT, OTC:HPYCF, FRA:1HC) more than doubled its stake in Metal Energy after receiving nearly 2.4 million shares under a deferred consideration agreement tied to the Highland Valley Project, bringing its holding to 4.23 million shares.
- Trust Stamp Inc (NASDAQ:IDAI, ISE:AIID) increased first-half revenue 22% year over year to $1.66 million, supported by higher revenue from an S&P 500 bank customer and new work with an African telecommunications company.
- Bit Digital Inc (NASDAQ:BTBT) grew quarterly revenue 15% sequentially to $32.1 million, with cloud services revenue climbing 42% on new and expanded contracts.
- Ideal Power Inc (NASDAQ:IPWR, FRA:5ILA) continued commercial development of its B-TRAN semiconductor technology through projects with an Asian customer and industry partner tied to Nvidia’s Rubin Ultra 800V DC data center architecture.
- First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF, FRA:KD0, OTC:FPHOY, NASDAQ:PHOS) will celebrate its recent Nasdaq Global Market listing with an opening bell ceremony at the Nasdaq Market Site in Times Square on August 13.
- Gunnison Copper Corp (TSX:GCU, OTCQB:GCUMF, FRA:3XS0) swung to a $13.1 million second-quarter profit as revenue reached $23.6 million following the ramp-up of production at its Johnson Camp operation.
- 374Water Inc (NASDAQ:SCWO, FRA:8LL) received US Department of Defense validation for its AirSCWO technology’s PFAS destruction performance, potentially paving the way for commercial-scale federal procurement.
2:00pm: Market movers
- Cisco Systems Inc (NASDAQ:CSCO, XETRA:CIS) 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.
- Bit Digital Inc (NASDAQ:BTBT) saw revenue rise 15% sequentially to $32.1 million, driven by a 42% increase in cloud services revenue from new and expanded contracts.
- Ideal Power Inc (NASDAQ:IPWR, FRA:5ILA) continued advancing its B-TRAN semiconductor technology through customer and industry partner prototypes linked to Nvidia’s Rubin Ultra 800V DC data center architecture.
- Cerebras Systems reported second-quarter revenue of $180.1 million, up 74% year over year but below estimates, prompting an 11% share-price decline despite higher full-year guidance.
- First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF, FRA:KD0, OTC:FPHOY, NASDAQ:PHOS) will mark its recent Nasdaq Global Market listing with an opening bell ceremony at the Nasdaq Market Site in Times Square on August 13.
- Gunnison Copper Corp (TSX:GCU, OTCQB:GCUMF, FRA:3XS0) swung to a $13.1 million profit as revenue jumped to $23.6 million in the second quarter following the ramp-up of its Johnson Camp operation.
- Medicus Pharma (NASDAQ:MDCX) reported regulatory and clinical progress across its SkinJect and Teverelix programs and secured about $40 million through equity and debt financing in the first half of 2026.
- 374Water Inc (NASDAQ:SCWO, FRA:8LL) received a US Department of Defense validation of its AirSCWO technology for PFAS destruction, potentially opening a path to commercial-scale federal procurement.
11:45am: S&P at new high
The S&P 500 climbed to a new high of around 7,777 by midday Thursday, with technology stocks leading a renewed AI-driven rally, according to IG’s Chris Beauchamp.
"A soft PPI reading adds to the impression of restrained inflation seen in yesterday’s CPI data, allowing investors to head back to the high-flying, but expensive, growth stocks," Beauchamp said.
"While the market goes through periodic worries about inflation, but the strong earnings on offer means that the temptation is irresistible. Further upside seems likely, barring a sudden resumption of Middle East hostilities.”
10:00am: Cooler PPI
Wall Street opened mostly higher Thursday as investors digested fresh inflation and labor-market data that offered a mixed picture for the economy.
The Nasdaq led the gains, rising 0.5% to 26,588, while the S&P 500 added 0.3% to 7,749. The Dow Jones, meanwhile, was essentially flat at 53,770.
Wholesale inflation came in slightly softer than expected in July, with producer prices rising 4.7% year over year versus the 4.9% estimate. PPI was unchanged month over month, compared with expectations for a 0.2% increase. Core PPI rose 4.2% annually and 0.2% monthly, both close to forecasts.
The jobs data was a little less encouraging, with initial jobless claims coming in at 209,000, above the 202,000 estimate. Continuing claims, however, fell to 1.777 million from expectations of 1.794 million.
On the corporate side, Cisco is weighing on the tech sector, with shares down more than 7% despite an AI-driven revenue surge and a strong outlook.
Ahead of the bell
US stock futures were barely moving on Thursday morning, with contracts on the Dow Jones Industrial Average, S&P 500 and Nasdaq-100 all sitting just above the flat line after a quiet session on Wall Street.
Attention turns to the Producer Price Index, which measures prices from the sellers' side and follows Wednesday's consumer inflation reading showing a cooling in July.
That softer number was enough for traders to fade bets on a September rate hike, though the divide among Federal Reserve policymakers looks far from settled, and most Fed watchers still expect at least one increase before the year is out.
Initial jobless claims are also due, a useful follow-up to last week's surprisingly weak employment report.
Oil prices fell as President Trump shifted from military action towards economic pressure, with his administration insisting the US retains total control of the Strait of Hormuz despite private shipping data suggesting otherwise.
On the corporate side, Cisco and Cerebras both beat expectations and pointed to strong demand for artificial intelligence infrastructure, but investors sold both stocks in extended trading anyway.
Applied Materials, which supplies chipmaking equipment, reports after the close, and the bar looks high after a 190% gain over the past year.
Results from Tapestry, Dillard's and Birkenstock should offer a read on how retailers are handling tariff refunds.