Wall Street Today: S&P 500 Closes at Record High, PPI Data Tempers Rate-Cut Optimism

Mixed Close for Major Indexes

• S&P 500 edged up 1.96 points (0.03%) to a record 6,468.54.

• Nasdaq Composite slipped 2.47 points (0.01%) to 21,710.67, pulling back from Wednesday’s record.

• Dow Jones Industrial Average dipped 11.01 points (0.02%) to 44,911.26.

PPI Surprise Clouds Fed Cut Expectations

• July Producer Price Index rose 3.3% YoY, the fastest pace since February.

• Higher wholesale inflation reignited concerns that Trump’s tariffs could fuel broader price pressures.

• CME FedWatch now shows a 92.6% chance of a 0.25% rate cut in September, down from 100% earlier in the week.

• Earlier in the week, a tame Consumer Price Index report had boosted hopes for three consecutive rate cuts.

Magnificent Seven Performance

• Decliners: Tesla (-1.1%), Apple (-0.2%).

• Gainers led by Amazon (+2.9%); the other four names also ended higher.

Biggest Gainers

• TeraWulf (+59.5%) – Secured a 10-year, US$3.7B AI compute deal with Fluidstack, backed by Googleguarantees worth up to US$1.8B; Google gets warrants for an 8% stake.

• Opendoor Technologies (+25.6%) – Continued volatile swings; still up nearly 500% from late June lows despite recent pullbacks.

• Bullish (+9.8%) – Second day of gains after IPO, now up 101.7% over two sessions from its US$37 IPO price.

Notable Decliners

• 180 Life Sciences (-28.9%) – Pulled back after a 220% two-day rally tied to its Ethereum holdings.

• CoreWeave (-15.5%) – Two-day drop of 33.1% amid analyst concerns over debt levels and weaker-than-expected CAPEX despite Q2 beats.

• Intuitive Machines (-14.3%) – Slid after upsizing a convertible notes offering to US$300M, raising dilution concerns.