Stock Market Today, Aug. 13: Stocks Rise as Inflation Cools, Workday Soars 18%
The S&P 500 (SNPINDEX:^GSPC) gained 0.65% to 7,799 after clearing 7,800 for the first time in intraday trading. The Nasdaq Composite (NASDAQINDEX:^IXIC) rose 0.81% to 26,803, and the Dow Jones Industrial Average (DJINDICES:^DJI) edged up 0.13% to 53,840.
Gold prices fell 1.29% to $4,349.85 as of U.S. market close, and the 10-Year Treasury yield fell 0.04% to 4.65%. Technology and industrial stocks led all sectors, while consumer cyclical and communication services stocks finished lower.
Today's biggest moves
Workday surged 18% on reports of buyout talks with private equity firm Silver Lake. Harmonic Inc climbed 9% on a quarterly earnings beat and raised guidance. Cerebras Systems fell on disappointing earnings. Amazon.com shares slipped amid an intensifying legal dispute involving AI training, and Joby Aviation recovered slightly — it fell yesterday after announcing a $500 million acquisition and a new equity facility.
What this means for investors
The S&P 500 and Nasdaq rose today on more positive inflation news. Wholesale inflation came in softer than expected, further reducing the pressure on the Federal Reserve to raise rates. The probability of a rate hike fell from 55% last week to under 35% today, per the CME FedWatch tool.
As artificial intelligence (AI) spending soars, Wall Street is divided on what stage the build-out has reached, with some arguing that it is still early days for this dramatic technological shift, and others saying the cycle is in its middle stages. That’s important for investors as they gauge which mega-tech firms will convert their huge capex into shareholder returns.
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Emma Newbery has positions in Amazon. The Motley Fool has positions in and recommends Amazon and Workday. The Motley Fool has a disclosure policy.
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