Cooler-than-expected U.S. inflation data lifts markets, but Cisco’s 6% drop tempers AI-led rally momentum.
The S&P 500 rose 0.26% to 7,748.50, while the Nasdaq gained 0.54% to 26,588.49, led by AI-related stocks. The Dow slipped 0.04% as Cisco’s post-earnings selloff offset broader gains.
AI stocks surged, with CoreWeave and Super Micro up nearly 19%, Nebius rising 34%, and Nvidia adding 3%. Softer July CPI data, up 0.1% month-over-month and 3.4% annually, eased Treasury yields and supported equities.
Traders remain cautious ahead of today’s PPI report, with geopolitical risks and oil prices adding uncertainty to the outlook.