S&P 500 Hits a New High as Sandisk, Micron Soar: Stock Market Today
U.S. stocks rose after the BLS reported PPI was unchanged month over month and up 4.7% year over year, with core PPI up 0.2% m/m and 4.2% y/y. The S&P 500 closed at a record 7,798. Chip stocks led: Sandisk (SNDK) +13.7%, Micron (MU) +4.2%. Cisco (CSCO) fell 8.4% after earnings; Workday (WDAY) jumped 17.8% on takeover chatter.
How this was made
The 30-second read
Why it matters
PPI softness and the implied Fed path (more probability of holding rates) supported index highs, while stock-specific catalysts created dispersion: Cisco sold off on earnings interpretation, SanDisk and Micron rose with the chip rebound, and Workday surged on takeover chatter.
Market read
Traders get a same-day read-through from inflation data to Fed expectations, plus high-dispersion single-stock catalysts in semis and enterprise software.
What to watch
The article notes PPI softness and FedWatch odds shifting toward a hold, but it does not quantify how much of the chip rally is valuation-driven versus earnings-driven, leaving momentum vulnerable to any reversal in inflation expectations.
Background
The session was driven by a softer-than-expected inflation update (PPI unchanged MoM, core PPI +0.2% MoM) and a fresh batch of corporate earnings, with semiconductors extending a rebound.
Ticker impact
Cisco shares fell 8.4% after earnings, with investors shifting focus to full-year forecast, gross margin, and revenue deceleration.
Choppy downside risk near-term if the market continues to reprice the full-year margin and growth trajectory.
The article attributes the sharp drop to investor focus on full-year forecast details rather than the beat itself, which can sustain volatility after the initial reaction.
SanDisk surged 13.7% on Thursday as chip stocks extended their rebound, lifting the stock 26% month-to-date.
Bias toward continued strength while the broader chip rebound persists, but expect volatility given the large single-day gain.
The article links SNDK’s jump directly to the chip-stock rebound and provides strong performance context (13.7% day, 26% MTD), but does not cite a company-specific new catalyst.
Micron rose 4.2% and is up nearly 16% for August as chip stocks extended their rebound.
Near-term upside bias if the market keeps rewarding semis, with pullback risk if macro inflation expectations re-tighten.
The article provides price action and month-to-date context but no new Micron fundamentals or guidance in the text.
Workday closed up 17.8% after trading was halted on takeover chatter that Silver Lake is in talks to buy the company.
Elevated probability of continued volatility and potential upside if deal talks progress, but downside risk if talks cool or are denied.
The article explicitly ties the halt and surge to reported acquisition talks and provides deal-size context (market value $43.7B at Tuesday close).
Market effects
Semiconductor strength is lifting broader index performance, suggesting traders are leaning into a chip rebound while inflation data supports a more dovish Fed path.
Primarily US-focused, with S&P 500 at a new record close and Nasdaq also higher on the same session.
US chip-led risk appetite can spill into global semiconductor sentiment, but the article does not cite non-US catalysts.
Counterpoint
Cisco’s selloff despite higher-than-expected results suggests the market may be discounting a deteriorating outlook, which could cap upside for the broader tech complex.
Key entities
- public_companyCisco Systems
Shares dropped 8.4% after earnings, with focus on full-year forecast details.
- public_companySanDisk
Shares jumped 13.7% as chip stocks extended their rebound.
- public_companyMicron Technology
Shares rose 4.2% and are up nearly 16% for August.
- public_companyWorkday
Shares closed up 17.8% after a trading halt tied to reported Silver Lake takeover talks.
- government_agencyBureau of Labor Statistics
Reported PPI unchanged MoM and core PPI +0.2% MoM for the latest release.
