S&P 500 hits record high as rate-hike worries ease

The S&P 500 climbed to a record high on Thursday, fueled by advances in Sandisk and other heavyweight technology stocks, as tame producer price inflation data supported expectations the Federal Reserve will not raise interest rates at its September meeting. Memory chip makers Sandisk and Micron Technology surged 16 percent and 6.7 percent, respectively. Broadcom added 1.3 percent and Meta…

koreatimes.co.kr ·1h ago

S&P 500 hits record high as rate-hike worries ease

The S&P 500 reached a record high on Thursday, buoyed by gains in tech giants such as Sandisk and Micron Technology, as subdued producer price inflation data indicated the Federal Reserve may refrain from raising interest rates at its September meeting. Memory chip manufacturing firms Sandisk and Micron Technology experienced significant surges of 16 percent and 6.7 percent, respectively.

Broadcom and Meta Platforms also showed positive movement with gains of 1.3 percent and 2.8 percent. Investors have been reassured by strong outlooks from companies like Microsoft and Amazon, reducing apprehensions about substantial investments in AI data centers. However, shares of AI cloud company CoreWeave remained unchanged on Thursday.

The tech sector, driven by AI earnings, continues to thrive, according to Jay Hatfield, CEO of Infrastructure Capital Advisors in New York, emphasizing it is an earnings boom rather than a bubble. The S&P 500 closed at 7,791.70 points, slightly down from its all-time high of 7,816.70 earlier in the day. The Nasdaq index gained 0.73 percent to 26,782.15 points, while the Dow Jones Industrial Average remained flat at 53,766.27 points.

Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.