| Component | Current RS | % 1D | % 1W | % 1M | % off 52W H |
|---|---|---|---|---|---|
| Broad Indices | |||||
| SPYS&P 500 | 50 | +0.7 | +1.21 | +3.06 | −0.19 |
| QQQNasdaq 100 | 42 | +1.17 | +2.44 | +2 | −2.21 |
| IWMRussell 2000 | 59 | +0.26 | +1.76 | +2.61 | −0.51 |
| DIADow 30 | 61 | +0.14 | −0.05 | +2.27 | −1.62 |
| Market Segments | |||||
| IWFLarge-cap Growth | 38 | +1 | +1.75 | +1.68 | −2.69 |
| IWDLarge-cap Value | 68 | +0.36 | +1.01 | +4.62 | −0.23 |
| MTUMMomentum | 46 | +0.41 | +2.55 | +1.07 | −8.55 |
| SPHBHigh Beta | 61 | +1.01 | +4.07 | +3.29 | −3.84 |
| SPLVLow Volatility | 50 | +0.54 | −0.04 | +1.01 | −3.29 |
| IWOSmall-cap Growth | 55 | +0.09 | +2.19 | +2.66 | −1.01 |
| IWNSmall-cap Value | 62 | +0.37 | +1.31 | +2.48 | −0.48 |
| Equal-Weight Sectors | |||||
| RSPS&P 500 Equal Weight | 67 | +0.75 | +1.9 | +4.58 | −0.08 |
| RSPTTechnology (EW) | 81 | +1.6 | +4.91 | +9.54 | −1.32 |
| RSPFFinancials (EW) | 85 | +1.3 | +1.37 | +4.07 | 0 |
| RSPNIndustrials (EW) | 61 | +0.23 | +0.82 | +3.71 | −0.92 |
| RSPHHealth Care (EW) | 96 | −0.03 | +2.73 | +7.35 | −0.55 |
| RSPDConsumer Discretionary (EW) | 72 | +0.21 | +0.54 | +4.67 | −3.75 |
| RSPSConsumer Staples (EW) | 51 | +1.2 | +0.98 | +3.47 | −6.23 |
| RSPUUtilities (EW) | 32 | +0.39 | +1.15 | −3.14 | −7.6 |
| RSPMMaterials (EW) | 38 | −0.54 | +0.32 | +4.71 | −2.9 |
| RSPGEnergy (EW) | 50 | +0.2 | +5.42 | +6.58 | −3.96 |
| RSPRReal Estate (EW) | 44 | +1.55 | +0.73 | +0.68 | −2.93 |
| RSPCCommunication Svcs (EW) | 30 | +2.17 | +1.99 | +2.61 | −10.12 |
| Sector SPDRs | |||||
| XLKTechnology | 60 | +1.01 | +2.94 | +5.06 | −4.01 |
| XLFFinancials | 82 | +0.59 | +0.78 | +3.01 | −0.25 |
| XLIIndustrials | 57 | −0.05 | +0.56 | +3.18 | −1.28 |
| XLVHealth Care | 83 | −0.04 | +2.39 | +6.37 | −0.78 |
| XLYConsumer Discretionary | 33 | +0.48 | +0.3 | +1.24 | −5.25 |
| XLPConsumer Staples | 39 | +1.08 | +1.05 | +3.03 | −4.59 |
| XLUUtilities | 29 | +0.46 | +1.52 | −2.61 | −7.87 |
| XLBMaterials | 36 | −0.51 | +0.27 | +3.58 | −3.38 |
| XLEEnergy | 54 | +0.05 | +4.99 | +8.07 | −3.78 |
| XLREReal Estate | 41 | +1.42 | +0.69 | +1.26 | −2.87 |
| XLCCommunication Svcs | 22 | +2.07 | +1.23 | −0.73 | −6.52 |
| Commodities | |||||
| GLDGold (GLD) | 10 | −1.47 | +2.38 | +7.15 | −21.73 |
| USOWTI Crude (USO) | 0 | −1.78 | +5.18 | +3.01 | −18.85 |
| SLVSilver (SLV) | 0 | −1.52 | +4.14 | +11.4 | −47.05 |
| Bitcoin | |||||
| BTC-USDBitcoin | 45 | −0.2 | −2.28 | −4.05 | −49.79 |
Thursday was a follow-through day for the disinflation bulls, and the tape rewarded it. The S&P 500 closed at a record (SPY 777.88, +0.7%), the Nasdaq 100 led (QQQ +1.17%), and even the Russell lagged its way to a small green print (IWM +0.26%). The proximate catalyst was July producer prices landing broadly flat on the month — softer than feared, and the second cool inflation read of the week after Wednesday's in-line CPI (headline 3.4%, core 2.5%). CNBC and NBC both framed it the same way: prices barely moved, yields slid, stocks rose.
The rates market did the heavy lifting. The 2-year yield fell several basis points toward the mid-4.1s and the long bond eased as well, per CNBC's yield desk. The read-through: a September Fed hike — yes, hike; this is a tightening-risk regime, not a cutting one — got repriced meaningfully lower, with traders trimming the implied odds back toward the mid-30s percent from north of 50% a week ago. That is the whole story of the day in one sentence: less policy risk on the near horizon bought equities a multiple, and the highest-duration corner of the market took it and ran.
Don't let the record close flatten the nuance — this was a narrow, rotational rally, not a broad melt-up. The leadership was concentrated in two buckets: enterprise software and memory/storage. Software names screamed on earnings — Workday, HubSpot, Intuit, Atlassian, Cloudflare, Datadog, MongoDB, Shopify and Wix all finished sharply higher. The through-line, per Stocktwits and StocksDownUnder, is that the "SaaSpocalypse" fear — the idea that AI would gut seat-based software — is fading as these companies show they can actually monetize AI rather than be eaten by it. The software ETF IGV is up mid-single-digits on the month.
Meanwhile the memory complex stayed white-hot. SanDisk, Western Digital, Seagate and SK hynix's ADR all pushed higher on a genuine supply story: NAND and high-bandwidth memory are tight, Micron's team is telling conferences 2027 looks *tighter still*, and a Temasek-into-Korean-memory headline overnight lifted the whole stack (24/7 Wall St., Yahoo Finance). This is the part of AI capex that has a real, measurable shortage behind it.
The more interesting signal sits on the loser board. Networking and optical names got hit hard on an up day: Cisco fell ~8% after guidance, and it dragged optical/connectivity peers with it — Arista, Coherent, Lumentum, Corning and Applied Optoelectronics all lower. The Motley Fool's framing is apt: the common denominator between Cisco's drop and the Nasdaq's climb was memory chips — capital and enthusiasm are being pulled *toward* the storage/compute shortage and *away* from the plumbing that connects it. Even a couple of AI-adjacent large caps (Arista, Applied Materials) closed red. Add the China ADRs (JD, PDD) sliding, and you have a market that is discriminating hard, not buying everything.
That is healthy in one sense — it means this isn't a liquidity-blind bid — but it also means breadth is thinner than the index level implies. A record close carried by software earnings and a memory-shortage narrative is a record close that depends on those two stories staying intact.
The cross-asset picture agreed with the equity move. Gold fell (GLD -1.47%), silver fell (SLV -1.52%), and crude eased (USO -1.78%). That is the textbook signature of a de-escalation / lower-inflation-scare session: the earlier Strait of Hormuz oil-spike premium that had been bidding up havens continued to bleed out, and with the inflation impulse fading there was simply less reason to hold defensive metal. GoldSilver and USAGOLD have been documenting this same chain for two weeks — oil down, inflation-hike odds down, the safety bid unwinds. Nothing Thursday broke that pattern; it extended it.
A few things to keep honest about the bull case. First, 3.4% headline inflation is still well above target — "cooler" is not "cool," and the Fed's problem hasn't gone away, it's just less acute this month. Second, the leadership is narrow and earnings-driven, which makes it fragile: one bad software print or a crack in the memory-shortage thesis and the same names that led up can lead down. Third, the loser tape (Tutor Perini's collapse, several biotech and small-cap blowups, Tapestry and other consumer names lower) is a reminder that beneath the AI-and-software surface, plenty of the market is still fighting for its life.
Net-net: a legitimately good day built on a real macro improvement, but one you should file as *rotational and concentrated*, not broad. The bond market's relief is the load-bearing beam here. Watch whether the software-earnings bid can widen out beyond a dozen names, and whether the networking/optics weakness is a one-day Cisco idiosyncrasy or the start of a genuine intra-tech rotation out of connectivity and into compute-and-storage.
The memory/storage sub-complex was the day's real engine — NAND and high-bandwidth memory are in a documented shortage, supplier commentary points to 2027 being tighter still, and an overnight sovereign-fund headline into Korean memory added fuel. This is the corner of AI capex with an actual, measurable supply-demand imbalance behind the move, not just multiple expansion.
The tape is now discriminating within AI infra rather than buying it wholesale: capital is flowing toward the compute-and-storage bottleneck and rewarding software that can monetize agentic AI, while the interconnect layer lagged. The theme is intact but bifurcating — 'where's the shortage' is beating 'what connects it.'
Optical/photonic networking was a notable laggard on an up day, pressured after a bellwether networking guide disappointed and dragged connectivity peers lower. On a session when the broad tape hit records, this group going the other way is a rotation signal worth watching, not noise.
Optical components and specialty-glass names sold off alongside the networking complex, suggesting the weakness is thematic rather than single-name. The market appears to be de-rating the 'plumbing' of AI buildouts even as it bids the compute and memory endpoints.
After a stretch where the 'AI will gut seat-based software' fear crushed the group, a run of strong earnings and guidance has the sector roaring back — the software benchmark ETF is up mid-single-digits on the month and Thursday's leadership was heavily SaaS. The narrative is flipping from 'disrupted' to 'monetizing AI,' and it's showing up in price.
Two consecutive soft inflation prints and a falling front end of the curve are breathing life back into the highest-duration, most rate-sensitive growth names that had been held hostage to hike fears. If the September policy-risk repricing sticks, this is the cohort with the most beta to it.