US stocks: S&P 500 hits intraday record as tech stocks rally, crude oil prices fall

US markets rose on Thursday, with the S&P 500 hitting an intraday record led by technology stocks, as falling crude prices lifted risk appetite and producer inflation came in below expectations, Reuters reported.

Brent crude futures fell 2.2% after six straight sessions of gains on possibilities of weaker global demand this year and rising US crude inventories.

A senior Iranian source told Reuters that Iran and the United States remained deeply divided over efforts to secure a lasting end to the Middle East war, while traffic through the strategically important Strait of Hormuz remained severely disrupted.


Technology shares lifted the Nasdaq and pushed the S&P 500 information technology sector up 1%. Big Tech stocks attracted renewed buying, with Microsoft rising 1.4%, Nvidia gaining 0.6% and Apple adding 0.5%.

“The start of July was kind of a period of rotation away from some areas of the market, such as tech, which took a back seat to some of the more cyclically oriented sectors,” said Brock Weimer, investment strategy analyst at Edward Jones, according to Reuters.

He added that investors were penalising companies that increased spending without showing a clear path to profitability, while rewarding those delivering results.

At 10:09 a.m. ET, the Dow Jones Industrial Average was up 190.02 points, or 0.36%, at 53,960.29. The S&P 500 rose 56.52 points, or 0.73%, to 7,805.02, while the Nasdaq Composite climbed 244.05 points, or 0.92%, to 26,832.54.

Producer price inflation rose 4.7% in July, below the 4.9% estimate of analysts. The reading followed mild consumer inflation data that reinforced expectations that the Federal Reserve would keep interest rates unchanged at its next meeting.

“I don’t think this month’s data alone is enough to sway the Fed either way. However, the energy price shock does not appear to be feeding meaningfully into other core inflation categories,” Weimer said.

Traders increased bets on the Fed holding interest rates steady next month, pricing in a 65% chance, up from 60% before the report, according to futures tied to the central bank’s policy rate.

Gains in financial and healthcare stocks helped support the Dow, which hovered near its record high, while the Nasdaq remained about 1.5% below its peak.

Strong earnings across sectors have supported US stocks after a volatile start to the second half of 2026. The results helped the Nasdaq recover from a 10% slide from its record high in late July.

Among individual stocks, Dow component Cisco Systems fell 7.4% despite forecasting fiscal 2027 revenue above Wall Street expectations.

Tapestry plunged 15% despite an upbeat earnings outlook, while Dell and HP gained 2.5% and 4%, respectively, after Lenovo’s results beat estimates.

Jobless claims rose moderately, indicating a stable labour market. Advancing stocks outnumbered decliners by more than 2 to 1 on both the NYSE and Nasdaq. The S&P 500 recorded 28 new 52-week highs and no new lows, while the Nasdaq posted 114 new highs and 52 new lows.

(Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times)