S&P 500 hits record as tame inflation fuels tech rally

Wall Street closed higher Thursday, with the S&P 500 reaching a record high and the Nasdaq jumping as tame inflation data cooled rate-hike worries. Workday surged on reports Silver Lake is in talks to take it private, CoreWeave rallied after a strong first earnings beat, and Cisco slid on margin concerns despite record revenue. AI-server names Super Micro, Dell, and HP also jumped after Lenovo's strong results.

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S&P 500 closes at record as tame inflation fuels tech surge The Nasdaq jumped and the S&P 500 closed at an all-time high Thursday as cooling inflation eased rate-hike worries, with tech shares leading the rally. The Dow lagged as Cisco's post-earnings drop weighed on the blue-chip index. 1 2 3

Workday shares surge 18% on report Silver Lake mulls takeover Workday posted its best day since 2016 after Reuters reported Silver Lake is in talks to buy the HR software maker, with shares halted repeatedly and market value near $51 billion. Benzinga reported a possible $43 billion valuation for the deal. 4 5

CoreWeave jumps 19% after blowout Q2, backlog tops $104 billion CoreWeave's first earnings beat as a public company sent shares up 19.28%, with revenue of $2.575 billion, up 112%, and a contracted backlog of $104.2 billion. The company raised fiscal 2026 revenue guidance despite heavy debt and negative free cash flow. 6

Cisco drops 8.4% on margin concerns despite record revenue Investors focused on guidance and margin pressure, sending Cisco shares down 8.4% even as it posted record revenue and strong AI demand. Jim Cramer called the plunge a buying opportunity. 7 8

Applied Materials tops fiscal Q3 expectations, offers strong outlook The semiconductor equipment maker beat analyst estimates with its fiscal Q3 results and outlook, according to Investor's Business Daily. The report comes as AI-driven chip demand remains a key market driver. 9

Super Micro, Dell, HP jump after strong Lenovo earnings AI-server makers rallied Thursday after Lenovo's strong results signaled healthy demand for AI infrastructure, with Super Micro leading the move higher. Benzinga also highlighted Super Micro's Thursday surge. 10 11

On Holding suffers worst trading day ever after Q2 miss, guidance cut Shares fell as much as 20.29% on Aug. 11, their biggest drop on record, after the Swiss shoemaker missed revenue expectations and trimmed its growth outlook. The sell-off came despite strong direct-to-consumer growth and a 65.4% gross margin. 12

Nvidia nears buy point ahead of fiscal Q2 earnings IBD's stock of the day, Nvidia is approaching a buy point as investors await the chipmaker's fiscal Q2 report. The stock's move is a key catalyst for the AI trade. 13