S&P 500 Hits Closing Record as Chip Stocks and Economic Data Lift Markets

The S&P 500 closed at a new high on Thursday as backed up by an article from the site Investing.com, boosted by a rally in semiconductor stocks led by Micron Technology. The chipmaker’s shares surged nearly 15% after issuing better-than-expected fiscal fourth-quarter results and strong guidance for the current quarter, attributed to demand for its high-bandwidth memory chips fueled by AI. Super Micro Computer Inc. fell over 12% after news of a DOJ investigation.

Southwest Airlines Rises on Raised Guidance and Buyback

Southwest Airlines stock jumped more than 5% after raising its revenue-per-capacity guidance and announcing a $2.5 billion stock repurchase program, adding to market gains, as explained also by Reuters.

As per The Wall Street Journal, durable goods orders unexpectedly rose in August, and jobless claims dropped, signaling economic resilience. GDP remained steady at a 3.0% annualized gain for Q2, the largest in two quarters. The upcoming PCE price index data — the Federal Reserve's preferred measure of inflation — will be closely watched as the central bank assesses its rate policy.

China Tech Stocks Surge Amid Stimulus Hopes

Chinese tech giants Alibaba, JD.com, and Baidu saw their shares climb after Beijing pledged additional fiscal stimulus to meet its growth target of approximately 5%, fueling a broader market rally.