S&P 500 and Russell 2000 Hit Record Highs

The S&P 500 and Russell 2000 reached record highs on Thursday, driven by strong technology sector performance and cooling inflation data. The S&P 500 closed approximately 0.7% higher, while the Nasdaq Composite gained between 0.6% and 0.8%. Investors reacted positively to a flat July producer price index and a modest 0.1% increase in consumer price data, fueling expectations that the Federal Reserve may avoid further policy tightening.

Corporate news created significant volatility for individual stocks. SanDisk surged 13.7% after announcing a 2028-2030 financial model targeting mid-to-high teen revenue growth. Workday shares jumped up to 30% following reports that Silver Lake is in talks to acquire the company. Applied Materials also reported strong fiscal third-quarter sales of $9.21 billion and raised its 2026 revenue expectations.

Other companies faced sharp declines. Cisco Systems fell between 8.4% and 9% after projecting $7.5 billion in data center sales, a figure that disappointed investors. Hertz shares plummeted over 16% after Pershing Square sold its stake, citing a lack of confidence in management's funding plan. StubHub also saw declines following a second-quarter earnings miss and ticketing issues related to the FIFA World Cup.