The SP 500 hit a fresh record high on Thursday, led by technology stocks, as falling oil prices boosted investors risk appetite while markets assessed data showing a sharper-than-expected slowdown in producer price inflation.

As of 16:26 GMT, the Dow Jones Industrial Average rose 190.02 points, or 0.36%, to 53,960.29. The SP 500 gained 56.52 points, or 0.73%, to 7,805.02, while the Nasdaq Composite advanced 244.05 points, or 0.92%, to 26,832.54.

The Dow was hovering near its record high, while the Nasdaq remained around 1.5% below its all-time peak.

Economic data

Producer price data showed that annual inflation slowed to 4.7% in July, below expectations of 4.9%. The figures followed moderate consumer inflation data for July, strengthening expectations that the Federal Reserve will keep interest rates unchanged at its next meeting.

Analysts said markets increased their bets on the Fed leaving rates unchanged next month, with the probability rising to around 65% from 60% before the data.

In the labor market, the number of Americans filing new applications for unemployment benefits increased moderately last week, suggesting that the jobs market remains relatively stable.

Technology leads Wall Street gains

Strong corporate earnings across several sectors, particularly technology, have provided fresh support for US stocks following a volatile start to the second half of 2026. The results have helped the Nasdaq recover from a 10% decline from its all-time high in late July.

Among individual stocks, Cisco Systems fell 7.4% despite the networking equipment maker forecasting fiscal 2027 revenue above Wall Street expectations.

Technology stocks more broadly supported the Nasdaq, with the SP 500 information technology sector gaining 1%.

Microsoft rose 1.4%, Nvidia gained 0.6% and Apple advanced 0.5% as investors returned to major technology stocks.

Meanwhile, Iran and the United States remain at odds over efforts to secure a permanent end to the war in the Middle East, according to a senior Iranian source, while traffic through the strategically important Strait of Hormuz remained sharply reduced.