S&P 500 Breaks Above 7,800 for First Time, Up 0.7% on Soft PPI

According to Reuters, the S&P 500 broke above 7,800 for the first time Thursday morning, rising roughly 0.7% to near 7,802 as softer producer inflation and falling oil prices supported investor appetite for risk. The Dow Jones Industrial Average advanced about 0.45% to around 54,019.

July Producer Price Index data showed prices unchanged month-over-month, while annual PPI inflation slowed to 4.7% from 5.5% in June, boosting expectations that the Federal Reserve will hold rates steady at its September meeting. Technology led the broader rally, with the Philadelphia Semiconductor Index climbing around 2.5%, supported by continued investment in artificial intelligence infrastructure. Crude oil prices fell roughly 2% Thursday, easing inflation concerns.