Daily Summary: S&P 500 at a New ATH (13.08.2026)

The main indices on Wall Street are experiencing gains today, with the Nasdaq up by 0.8% and the S&P 500 climbing 0.6% to reach a new all-time high of 7,814.88. This positive momentum is attributed to investors reducing their expectations for imminent interest rate hikes by the Federal Reserve, following the release of July's inflation data which indicates easing inflationary pressures.

Macroeconomic Data

Recent macroeconomic data has been pivotal in shaping market sentiment:

• Headline CPI: The Consumer Price Index (CPI) inflation rate slowed to 3.4%, with a monthly increase of 0.1%.
• Core CPI: Excluding food and energy, core inflation decreased to 2.5%, with a month-on-month rise of 0.2%.
• PPI: The Producer Price Index (PPI) fell to 4.7%, with the core measure also declining to 4.2%.

The decline in these figures is largely due to lower fuel costs, and the cooling of core measures is seen as a positive development, providing the Federal Reserve with more flexibility regarding monetary policy. The market's expectation for an interest rate hike in September has diminished, with only a 35% probability now implied.

Stock Market Performance

The easing of inflation concerns has bolstered the equity market. Notably, the Nasdaq 100 has seen significant gains from data center memory suppliers:

• SanDisk: Shares surged by 16.6% after the company announced long-term financial and technological goals that exceeded market expectations.
• Western Digital: The stock rose by 8.6% as part of the broader recovery in the memory sector.

SanDisk's management anticipates revenue growth at a mid-to-high teens annual rate for the fiscal years 2028-2030, with a target gross margin of approximately 80% and an operating margin of 75%. The recent sell-off in the semiconductor sector was attributed to technical factors rather than fundamental issues, creating a favorable environment for a rebound.

Challenges for Other Companies

Conversely, Cisco Systems is facing challenges, with its stock trading lower following disappointing Q2 results and sales forecasts of $7.5 billion for the current financial year, which did not meet investor expectations.

Conclusion

Overall, the market is reacting positively to the latest economic data, with a focus on inflation trends and their implications for future monetary policy. Investors are closely monitoring these developments as they navigate the current market landscape.