Closing Bell: S&P 500 and Russell 2000 Hit Record Highs with Oil at $81

U.S. stocks rose on Thursday with the S&P 500 and Russell 2000 settling at record highs as oil prices declined and traders digested better inflation data.  

The S&P 500 (SPX) was up 0.65%, while the Nasdaq-100 (NDX) jumped 1.15%. The Dow Jones Industrial Average ($DJI) was up 0.13%, while the small-cap Russell 2000 (RUT) rose 0.24%. 

The July reading of the U.S. producer price index was unchanged a month over month and fell to 4.7% year over year – both below expectations. Excluding volatile food and energy prices, core PPI rose 0.2% MoM and 4.2% YoY – in line with expectations. 

US commercial crude oil inventories increased by 17.4 million barrels in the week ended Aug. 7, the largest weekly build since January 2023, according to published reports sourcing the Energy Information Administration. The U.S. oil price benchmark fell roughly 2.5% to near $81 a barrel as traders weighed falling oil demand with stalled U.S.-Iran conflict negotiations. 

Here are noteworthy stock moves and comments from Thursday's market: 

• Cisco Systems (CSCO) was a significant laggard, down 8.4%. Its quarterly results, which beat Wall Street expectations, failed to impress investors. 
• Cerebras Systems (CBRS) stock plunged nearly 12% following its quarterly earnings report that missed analyst expectations. 
• Workday (WDAY) shares rallied 17.8% after Reuters reported private equity firm Silver Lake is in talks to acquire the company in a deal that would rank among the largest software buyouts in history. 
• SanDisk (SNDK) shares jumped 13.7% after it issued a positive NAND industry overview along with a long-term financial framework at its investor day. 

Three regional Fed leaders spoke Thursday. Here’s how news reports summarized Fed commentary:  

• Richmond Fed president Tom Barkin ‌said it is not clear the Fed will need to raise interest rates to push inflation toward the central bank’s 2% target, noting reasons price pressures should ease on their own. 
• Atlanta Federal Reserve Interim President Cheryl Venable said inflation is too high, with persistent high costs tied to energy prices. 
• Cleveland Fed President Beth Hammack reaffirmed her view that the Fed must act now to tame inflation. 

Economic Calendar (ET), Friday, August 14:  

• 08:30 AM – Retail Sales 
• 10:00 AM – Michigan Consumer Sentiment 
• 10:00 AM – Business Inventories 

Earnings Snapshot Friday: N/A

This material is intended for informational purposes only and should not be considered a personalized recommendation or investment advice. Investors should review investment strategies for their own particular situations before making any decisions.

Schwab Network is brought to you by Charles Schwab Media Productions Company (“CSMPC”). CSMPC is a subsidiary of The Charles Schwab Corporation and is not a financial advisor, registered investment advisor, broker-dealer, or futures commission merchant.

Charles Schwab Media Productions Company and all third parties mentioned are separate and unaffiliated, and are not responsible for one another's policies, services or opinions.

Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.