Stock Market Today: S&P 500 Tops 7,800 as Dow Jones Rises on Soft PPI

U.S. stocks moved higher Thursday morning, with the S&P 500 climbing above 7,800 for the first time and setting a fresh intraday record as softer producer inflation and falling oil prices supported risk appetite. The Dow Jones Industrial Average also advanced, while technology strength pushed the Nasdaq Composite ahead of the other major indexes.

At about 10:30 a.m. ET, the S&P 500 was near 7,802, up roughly 0.7%, while the Dow traded around 54,019, up about 0.45%, according to the charts supplied for this article. Reuters reported earlier in the session that the Nasdaq was outperforming as investors returned to large technology and semiconductor stocks.

S&P 500 Breaks Above 7,800 as Technology Leads

The S&P 500's move above 7,800 extends a powerful longer-term uptrend and puts the benchmark at another record. The supplied chart shows the index near 7,802 after recovering sharply from its earlier 2026 correction and pushing beyond its previous high.

S&P 500 Record High. Source: The Kobeissi Letter

Technology was one of the strongest areas of the market Thursday morning. Microsoft gained about 1.4%, Nvidia rose 0.6% and Apple added roughly 0.5%, helping lift the S&P 500 information technology sector by about 1%. The Philadelphia Semiconductor Index climbed around 2.5% as enthusiasm around AI infrastructure continued to support chip stocks.

The rally follows a strong earnings season. J.P. Morgan recently raised its year-end S&P 500 target to 8,000, citing stronger earnings and continued investment in artificial intelligence.

Dow Jones Tests Breakout as Buyers Defend 53,700

The Dow Jones rose more moderately but remained close to record territory. The daily chart showed the index near 54,019, above its five-day exponential moving average around 53,879 and nine-day EMA near 53,692.

Dow Jones Daily Chart. Source: kpak (@kpak82) on X

Recent Dow price action has formed a short-term tightening structure after the index retreated from the 54,600 area. Thursday's rebound puts pressure on the descending resistance line, while the 53,700-53,800 region remains an important near-term support zone. A sustained move above the recent consolidation would strengthen the case for another test of the August high.

Financial and health care shares helped support the blue-chip index Thursday.

Soft PPI Boosts Fed Hold Expectations

Stocks received another lift from the July Producer Price Index. Producer prices were unchanged month over month, while annual PPI inflation slowed to 4.7% from 5.5% in June. The softer reading increased expectations that the Federal Reserve will leave rates unchanged at its September meeting.

The Fed currently holds its target rate at 3.50%-3.75%. Treasury yields eased following the inflation data, although longer-term yields remain elevated amid fiscal and supply concerns.

Lower crude oil prices also helped sentiment. Oil fell roughly 2% Thursday, easing some inflation concerns even as geopolitical uncertainty around Iran and the Strait of Hormuz remained in focus.

Not every stock joined the rally. Cisco fell about 7.4% and Tapestry dropped roughly 15%, while Dell and HP advanced after strong results from Lenovo lifted sentiment toward computer makers.

For now, the combination of softer inflation, technology strength and lower oil is keeping the S&P 500 near record highs and the Dow Jones within striking distance of another breakout.