The S&P 500 reached an intraday record on Thursday as technology shares led a Wall Street advance. Falling oil prices and softer producer inflation supported stocks. The NASDAQ Composite climbed 0.92%, while the Dow Jones Industrial Average added 0.36%.

At 10:50 a.m. ET, the S&P 500 gained 0.7% to 7,800. The Dow rose 0.1% to 53,840, and the NASDAQ reached 26,830. Investors reviewed corporate earnings and labor data while assessing the Federal Reserve’s interest-rate decision.

Softer Producer Inflation Supports Stocks

US producer prices held steady monthly in July. Economists had expected a 0.2% increase. Core producer prices, excluding food and energy, rose 0.2%. That reading missed the expected 0.3% increase. On an annual basis, producer inflation reached 4.7%, below the 4.9% forecast.

The report followed July consumer inflation data. Consumer prices rose 0.1% from June, matching forecasts. Traders raised the chance of a September rate hold to about 65%. The figure stood near 60% before the producer price report. Treasury yields moved lower as investors reduced near-term rate-hike bets.

Still, Federal Reserve officials offered different views on policy. Cleveland Fed President Beth Hammack called for an immediate rate increase. “It’s really critical we act now to bring inflation back to the target level,” Hammack said. Other market participants expect officials to wait for more economic data before changing rates.

Lower Oil Prices Lift Market Sentiment

Brent crude futures dropped more than 2% after six straight sessions of advances. Prices traded near $87 per barrel during Thursday’s session. West Texas Intermediate futures also fell about 2% to roughly $81 per barrel. Investors weighed weaker global demand forecasts and an increase in US crude inventories.

Lower crude prices eased concerns about another rise in inflation. Energy prices had climbed during the conflict between the United States and Iran. Shipping through the Strait of Hormuz also stayed heavily restricted. Meanwhile, traders monitored diplomatic developments and changes in tanker traffic across the region.

Companies with high fuel costs gained as oil retreated. United Airlines advanced 1.4%, while Carnival rose 2%. The decline in crude also added support for consumer and transport shares. Financial and healthcare stocks helped keep the Dow higher during morning trading.

Big Tech Leads the S&P 500 Rally

Technology stocks delivered the strongest support for the major indexes. The S&P 500 information technology sector gained about 1%. Microsoft rose 1.4%, NVIDIA added 0.6%, and Apple climbed 0.5%. Meta Platforms and Netflix also moved higher, helping the NASDAQ outperform the Dow.

Investors returned to large technology companies after an earlier shift toward cyclical sectors. Edward Jones strategist Brock Weimer said markets now reward companies that produce results. He added that investors show little patience for higher spending without a clear route to profit.

The Russell 2000 also reached a record 3,067 on Thursday. The small-cap index has risen more than 23% in 2026. Broad market participation strengthened, with advancing shares outnumbering decliners by more than two to one on both major exchanges.

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Earnings Create Sharp Moves Across Stocks

Cisco Systems dropped more than 7% despite forecasting fiscal 2027 revenue above Wall Street estimates. Investors focused on future profit margins after the networking company released quarterly results. Cerebras and Coherent also declined after reporting earnings, adding pressure to parts of the artificial intelligence trade.

Tapestry fell 15% even after the Coach owner issued an upbeat annual earnings forecast. In contrast, Dell gained 2.5% and HP climbed 4%. Both PC makers followed Lenovo higher after the Chinese company reported a 43% rise in quarterly revenue and beat market expectations.

Market breadth stayed positive despite the steep declines in several earnings-related names. The S&P 500 recorded 28 new 52-week highs and no new lows. The NASDAQ posted 114 new highs and 52 new lows. Initial unemployment claims rose moderately, while continuing claims declined, pointing to stable labor conditions.

Overall, the S&P 500’s record run reflected strong tech gains, softer inflation data, and easing oil prices. With markets increasingly expecting steady Fed policy in September, investors will closely watch upcoming economic data and corporate earnings.