Newsflandio
Technology

S&P 500 Hits a New High as Sandisk, Micron Soar: Stock Market Today

· 5 min read
S&P 500 Hits a New High as Sandisk, Micron Soar: Stock Market Today
  1. Home
  2. Investing
  3. Stocks
S&P 500 Hits a New High as Sandisk, Micron Soar: Stock Market Today

Inflation, earnings and chip stocks were top of mind for investors on Thursday.

Karee Venema's avatar By Karee Venema Edited by David Dittman Published 13 August 2026 In News

When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works.

blue business financial chart with blue and orange bars and pink moving averages (Image credit: Getty Images)
  • Copy link
  • Facebook
  • X
Share this article Print Join the conversation Follow us Add us as a preferred source on Google Newsletter Subscribe to our newsletter

Stocks opened higher again Thursday thanks to another encouraging inflation update, but finished off their session highs as market participants parsed a fresh batch of corporate earnings reports. Still, the three main indexes finished in positive territory — one at a new record high — as chip stocks extended their recent rebound.

Ahead of the opening bell, the Bureau of Labor Statistics (BLS) reported that the Producer Price Index (PPI), which measures what businesses pay suppliers for goods, was unchanged from June to July and was 4.7% higher year over year.

Core PPI, which excludes volatile food and energy prices, rose 0.2% month over month and was up 4.2% over the past 12 months.

From just $107.88 $24.99 for Kiplinger Personal Finance

Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues

CLICK FOR FREE ISSUE https://cdn.mos.cms.futurecdn.net/flexiimages/y99mlvgqmn1763972420.png

Sign up for Kiplinger’s Free Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

The results were softer than economists expected and follow Wednesday's in-line July Consumer Price Index (CPI) report.

"The PPI data combined with what we know about CPI tells us that the Fed's preferred inflation metric, the core personal consumption expenditures index, continues to run closer to 3% rather than 2%," says Sonu Varghese, chief macro strategist at Carson Group.

Looking for more timely stock market news to help gauge the health of your portfolio? Sign up for Closing Bell, our free newsletter that's delivered straight to your inbox at the close of each trading day.

This means the Federal Reserve still has an inflation problem, Varghese explains, "but the recent softness likely strengthens the case for doves on the committee who want to wait things out."

According to CME Group FedWatch, futures traders are currently pricing in a 65% probability the central bank keeps the federal funds rate unchanged at its September meeting — up from 45% one week ago.

Cisco Systems sinks after earnings

The Dow Jones Industrial Average lagged its peers on Thursday, finishing up 0.1% at 53,839, as Cisco Systems (CSCO) slumped 8.4% — its worst day since February — after earnings.

Track all markets on TradingView

The networking equipment specialist reported higher-than-expected fiscal fourth-quarter results and gave upbeat fiscal 2027 first-quarter guidance.

But UBS Global Research analyst David Vogt believes investor focus has shifted to Cisco's full-year forecast, "particularly the implied gross margin and the anticipated revenue deceleration from more than 20% growth in F1Q to the low double digits in H2:27, largely because of tougher comparisons."

Profit-taking could also be responsible for Cisco's sharp decline today. Heading into Thursday's session, the Dow Jones stock had surged 67% in the past six months.

Regardless of the reason, Vogt sees "any share-price weakness as an attractive buying opportunity."

Chip stocks send the S&P 500 to a new high

Elsewhere on Wall Street, the S&P 500 rose 0.7% to 7,798 — a new record closing high — and the Nasdaq Composite climbed 0.8% to 26,803, as several chip stocks extended their recent rebound.

Sandisk (SNDK), for one, soared 13.7% today, and is now up 26% for the month to date. And Micron Technology (MU) jumped 4.2% to bring its August gain to nearly 16% so far. In July, SNDK plunged 31.6% and MU fell 16.4%.

Track all markets on TradingView

Workday stock trading halted on takeover chatter

Workday (WDAY) was another tech stock that saw notable gains on Thursday, closing up 17.8% after intraday trading was temporarily halted on reports that Silver Lake is in talks to buy the human resources software company.

Track all markets on TradingView

According to Reuters, the private equity firm's proposed buyout of Workday, which had a market value of $43.7 billion at Tuesday's close, could be among the biggest software buyouts ever.

WDAY shares fell 16.8% in 2025 and were down 18.4% for the year to date through the August 12 close.

Related content

  • How to Pick the Right ETF for Your Financial Goals
  • The Best Growth Stocks to Buy
  • 5 Tips to Help You Prepare Your Portfolio for Midterm Elections
TOPICS S&P 500 Dow Jones Nasdaq Closing Bell Get Kiplinger Today newsletter — freeContact me with news and offers from other Future brandsReceive email from us on behalf of our trusted partners or sponsorsBy submitting your information you agree to the Terms & Conditions and Privacy Policy and are aged 16 or over. Karee VenemaKaree VenemaSocial Links NavigationSenior Investing Editor, Kiplinger.com

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.

You Might Also Like