Live Nasdaq Composite: Markets Advance on Cooling Inflation, Chip Earnings Tailwinds

Live Updates

Nvidia CEO Speaks

6 minutes ago

Live

Nvidia CEO Jensen Huang pushed back on Vera Rubin delay scuttlebutt, saying the company’s next-generation AI platform is already in production with “giant amounts” still to come. Huang also revealed H200 shipments to China have only recently begun, keeping investors focused on two potential catalysts: the Rubin rollout and any ramp in China-bound chip sales.

Inflation Watch

49 minutes ago

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Wholesale inflation came in cooler than expected, adding another tailwind for stocks after yesterday’s softer CPI print. The producer price index (PPI) fell 0.3% in June, versus expectations for no change. Lower energy costs helped ease pipeline price pressures. Core PPI rose 0.2%, also below the 0.3% forecast, giving markets more evidence that inflation is cooling without needing another Fed tightening scare.

Economist Mohamed A. El-Erian is watching today’s PPI report as the next test after yesterday’s cooler CPI print helped stocks and eased rate worries. His takeaway: inflation pressure may be easing at the headline level, but the underlying trend is still uneven enough to keep the Fed debate alive.

This article will be updated throughout the day, so check back often for more daily updates. 

Stocks are marching higher as another cool inflation reading gave the tech trade fresh fuel, with chipmakers again doing much of the lifting. Nasdaq-100 futures rose 0.6%, S&P 500 futures gained 0.3%, and Dow futures added 99 points, or 0.2%, as investors leaned into the idea that inflation pressure is finally easing. The macro backdrop helped. The producer price index unexpectedly fell 0.3% in June, compared with expectations for no change, extending the relief from Tuesday’s cooler CPI report.

The VanEck Semiconductor ETF climbed more than 1%, helped by a 3% gain in ASML (Nasdaq: ASML) after the Dutch chip-equipment giant raised its sales outlook for the second time this year. Intel (Nasdaq: INTC) and Lam Research (Nasdaq: LRCX) also climbed more than 2%, keeping the AI hardware trade at the center of the market’s advance.

New York Fed President John Williams added to the calmer economic tone, saying there are “encouraging reasons” to believe inflation has peaked and should drift lower in the coming quarters.

Here’s a look at where things stand as of early morning trading:

Dow Jones Industrial Average: 52,709 Up 0.38%
Nasdaq Composite: 26,292 Up 0.71%
S&P 500: 7,575 Up 0.43%

Market Movers

ASML Holding (Nasdaq: ASML) gave the chip trade a fresh catalyst. The company exceeded earnings and revenue expectations while raising its full-year revenue outlook to a range of $49.1 billion to $51.4 billion, well above the roughly $43.5 billion analysts expected. ASML said it plans to boost production by 30% in each of the next two years and is already nearly sold out on EUV orders for 2027.

PayPal (Nasdaq: PYPL) is back in the M&A spotlight. According to a Reuters report, Stripe and Advent International made a joint offer to buy the payments company for more than $53 billion, or $60.50 per share. The bid raises the question of whether PayPal’s consumer wallet, merchant network, and Venmo franchise are worth more in private hands than the public market has been willing to pay.

Microsoft (Nasdaq: MSFT) and 3M are teaming up on AI data-center infrastructure and enterprise transformation, pushing the AI buildout deeper into the industrial supply chain. The partnership gives Microsoft another real-world infrastructure angle while positioning 3M as a behind-the-scenes supplier to the next phase of AI deployment.

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