Wall Street closed higher on Wednesday as Big Tech did the heavy lifting and a second straight cool inflation print kept the disinflation trade alive. As flagged in this morning's analysis, the record near 7,575 was the level to reclaim; the S&P 500 climbed within a whisker of it before settling just short, while the Nasdaq Composite pushed to a fresh high. Apple stole the show with a record of its own, the dispersion under the surface stayed wide, and crypto kept its morning tilt toward Ether. Here is how the session actually played out.
The Close: Big Tech Leads, S&P Kisses the Record
The S&P 500 finished up 0.38 percent at 7,572.40, stalling just below the July 10 record close near 7,575 after touching it intraday. The Nasdaq Composite climbed 0.62 percent to 26,269.23, a fresh high, as megacap growth led. The Dow added 150.37 points, or 0.29 percent, to 52,658.64, and the small-cap Russell 2000 rose 0.39 percent to 2,976.26. Breadth leaned positive but the real fuel came from a handful of megacaps: Amazon, Alphabet and Microsoft each gained roughly 3 percent. Underpinning the tone was a softer-than-expected June Producer Price Index, which extended the cooling signal from Tuesday's cool CPI and kept rate-hike worries on the back foot.
- S&P 500 +0.38% to 7,572.40, just shy of the 7,575 record
- Nasdaq +0.62% to a record 26,269.23; Dow +0.29% to 52,658.64
- Soft June PPI extended the cooling-inflation story from Tuesday's CPI
Apple's Record Steals the Show
Apple jumped about 4 percent to a record high near $327.50 after a report that it won approval to launch its generative AI features in China, reopening a growth lane in a critical market. Bank results kept flowing after Tuesday's strong start: BlackRock rose more than 5 percent on a second-quarter beat, and PayPal surged about 17 percent among the day's standout single-stock moves. The downside was concentrated in memory chips: Micron fell about 8 percent, SanDisk dropped a similar amount, SK Hynix slid roughly 7 percent and Lam Research and AMD each eased around 3 percent, even after equipment maker ASML raised its annual sales outlook and flagged a 30 percent capacity expansion on AI demand. The dispersion echoes this morning's IBM crater: index highs and single-name pain are coexisting.
- Apple +4% to a record ~$327.50 on China AI approval
- BlackRock +5% on a Q2 beat; PayPal +17%; Micron -8% leads memory lower
- ASML lifted its outlook, yet memory-chip names still slid
SpaceX Slips Below Its IPO Price
The day's most symbolic move came from SpaceX, which fell below $135 to an all-time low, trading under its IPO offering price for the first time and now down roughly 34 percent from the highs it posted after its heavily hyped listing. The slide caps a rough stretch for the space and AI-launch name, which shed ground on its Nasdaq-100 inclusion day earlier this month and has struggled to hold the enthusiasm of its debut. It is a reminder that the froth in this cycle's marquee listings can unwind quickly even while the broad benchmarks press higher.
- SpaceX below $135, an all-time low and its first dip under the IPO price
- Down roughly 34% from post-listing highs
- Marquee-listing froth unwinding even as indexes hold up
Crypto Check: Ether Extends Its Lead
Crypto held the tilt it showed at the open. Ether extended its advance to about $1,926, up roughly 2 percent on the day and building on this morning's 6 percent pop, continuing to outpace Bitcoin. Bitcoin eased about 0.4 percent to near $64,960, holding the $64,000 area it has defended all week. The relative-value rotation into Ether that we flagged this morning remains the clearest structural signal in the complex, and the softer rate path from back-to-back cool inflation prints keeps the risk backdrop supportive.
- Ether ~$1,926 (+2%), extending its lead over Bitcoin
- Bitcoin ~$64,960 (-0.4%), still defending $64K
- Cooling inflation keeps the risk backdrop supportive
Commodities and Overnight Watch
The oil story reversed the way this morning's scenarios flagged it might. With the Strait of Hormuz transit-fee threat dropped, WTI crude slipped back below $80 to near $79.06, down about 0.35 percent as the geopolitical premium continued to bleed out. Gold eased about 0.5 percent to near $4,054, softer as steadier risk sentiment and the disinflation read left safe-haven demand muted. Into the overnight and Thursday, three things to watch: whether the S&P can finally clear and hold the 7,575 record now that momentum is building, whether memory chips stabilize after their slide or keep dragging on the semis, and the next batch of earnings for confirmation that the beats seen from banks and BlackRock broaden out. The Hormuz headlines remain the wildcard for oil.
- WTI ~$79.06 (-0.35%), back below $80 as the Hormuz premium bleeds out
- Gold ~$4,054 (-0.5%), softer as safe-haven demand stays muted
- Watch the 7,575 record, memory-chip stabilization and the earnings breadth
For the setup that led into today, see this morning's analysis and our economic calendar for the week ahead. Daily coverage continues on Market Insights.
ThriveInMarkets publishes market commentary for general information only and does not provide personal investment advice. Prices are closing or live levels as labeled near 20:45 UTC; figures can change, and levels cited are reference points, not instructions to buy or sell any asset.
