PPI, Apple Record Lift Wall St; IBM Crashes 25% in Historic Rout

Wall Street capped a positive session Wednesday as a surprise drop in June PPI reinforced disinflation hopes, pushing the S&P 500 up 0.4% and Apple to a record $327.50. The placid indexes masked extreme turbulence: IBM crashed 25% in its worst single-day rout in 58 years, and AI hardware names Micron and SanDisk tumbled over 8%. In a burst of dealmaking, Stripe and Advent reportedly made a $53.4 billion joint bid for PayPal, highlighting a booming investment banking landscape.

Written by AI from the sources it cites; it can be wrong — follow any citation to confirm.

9 sources2 min read

Cooling PPI, strong bank earnings lift S&P 500; Apple hits all-time high. The unexpected drop in the June Producer Price Index bolstered bets that inflation is easing, driving a broad-based rally. The Dow rose 0.29%, the S&P 500 gained 0.38%, and the Nasdaq climbed 0.62%, while Apple surged nearly 4% to a record $327.50. 1 2 3 4

IBM shares crash 25% in historic rout on earnings warning. IBM suffered its worst single-day percentage decline since 1968, plunging 25.21% and wiping out $67 billion in market value. The company disappointed investors, flagging that customers are prioritizing memory and server spending over its new z17 AI infrastructure. 5

AI hardware stocks sink as profit-taking hits Micron and SanDisk. Chip and memory stocks extended their slide as the AI trade rotated away from hardware names. Micron fell over 8%, SanDisk dropped 8.1%, and AMD lost 3.5%, even as software-focused mega-caps held firm. 1 2

Stripe and Advent reportedly bid $53.4 billion for PayPal. Stripe and private equity firm Advent International submitted a joint offer to acquire the payments giant, backed by roughly $50 billion in committed financing. The deal would unite two of the largest names in digital payments and sent PayPal shares soaring. 6 7

Wall Street investment banking fees jump 45% on record dealmaking. The six largest U.S. banks reported a 45% surge in Q2 investment banking fees, driven by a record $104.8 billion in IPO proceeds. Goldman Sachs posted its highest deal pipeline in five years, and upcoming IPOs from Anthropic and OpenAI are expected to further boost activity. 8

Oil falls on demand fears even as U.S. expands strikes against Iran. Global oil prices retreated despite an escalation in the U.S.-Iran conflict, including fresh strikes and a reimposed naval blockade. Analysts pointed to mounting concerns over global demand as a stronger force than ongoing supply disruption fears. 7 9