US Stocks Climb Near Record as Earnings Revive Faith in AI Trade

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Or sign-in if you have an account.Nasdaq signage during the Latigo Biotherapeutics Inc. initial public offering (IPO) at the Nasdaq MarketSite in New York, US, on Friday, Aug. 7, 2026. Latigo Biotherapeutics Inc., a clinical-stage developer of non-opioid pain medicines, climbed 17% on Friday after raising $345.6 million in an upsized initial public offering, priced at the top of a marketed range. Photo by Michael Nagle /Bloomberg(Bloomberg) — US stocks advanced toward all-time highs, led by the technology sector, after a subdued inflation reading helped ease interest-rate hike concerns. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe S&P 500 rose 0.4% as of 2:38 p.m. in New York. The technology-heavy Nasdaq 100 gained 0.9%, reversing losses from earlier in the week. Cboe Volatility Index, which measures the expected volatility of the S&P 500 over the next 30 days, fell its lowest level since January, as investors anticipate a stable market for the foreseeable future and are buying very little insurance against a crash. Helping lift stocks are results from Coreweave Inc., a bellwether for the data center boom, and Nebius Group NV that affirmed confidence in the AI trade. Shares of Nebius gained nearly 29% while Coreweave rose 20%.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again“The laggards on the day are mainly check-writing hyperscalers and metals/mining names, as copper prices are taking a breather after a strong run,” said Sameer Samana, head of global equities and real assets. at the Wells Fargo Investment Institute. “The real economy remains on solid footing (albeit with inflation that will remain stickier/higher), with a turbo boost from AI-related capex/buildout which is feeding into a strong corporate earnings outlook that will drive further gains in equities,” Samana said.US CPI data released just ahead of the bell showed July consumer prices rose in line with expectations, while a key metric matched the slowest pace since March 2021. The CPI reading and a cooler-than-expected jobs report “may keep hawkish Fed officials at bay in September,” said Gary Schlossberg, global strategist at Wells Fargo Investment Institute. “However, we remain guarded on the near-term outlook for inflation amid volatile oil prices tied to the ongoing Middle East conflict along with lingering core price pressures from a strong economy and the AI boom.”PPI data, to be released Thursday, will allow markets to “get a better gauge of how this all passes into core PCE, the Fed’s preferred inflation measure,” said Molly Brooks, an analyst at TD Cowen. “Overall, the print is supportive of a Fed hold, but we are not out of the woods on a hike as the Fed does not need much to tip them over the edge towards raising rates.” Market pricing of a Federal Reserve rate hike swung around 40%, after sitting at a 50-50 toss-up ahead of the print. Brent crude remained steady at $89 per barrel. “The stalled conflict in the Middle East is also having little impact on the day, as viewed through the lens of flattish energy prices but it remains a possible negative asymmetric risk for markets,” Wells Fargo’s Samana said.In single stock moves, shares of Wendy’s Co. jumped to their highest level in seven weeks after the Financial Times reported that Trian Fund Management is preparing a bid to take the struggling fast-food chain private, citing people familiar with the matter.ESPN reported that The Los Angeles Lakers were purchased for over $12 billion by Josh Kushner and Bob Iger. The sale indicates that MSG Sports’ teams may be undervalued in public markets, notes Bloomberg Intelligence analyst Kevin Near. MSG shares have climbed to record levels ahead of the anticipated separation of the Knicks and Rangers, and amid enthusiasm over the Knicks’ 2026 championship.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Traders will hear from Cisco Systems, Inc. after the bell. The world’s largest maker of networking equipment is scheduled to report second quarter earnings that could provide an update on its push to capitalize on AI spending.Psychedelic drugmaker stocks jump after Definium Therapeutics said its generalized anxiety disorder drug had met efficacy endpoints.Restaurants are in focus after strong earnings from Cava Group Inc. and Brinker, owner of Chili’s and Maggiano’s.Optical equipment stocks gain with Lumentum Holdings Inc. after it reported fourth-quarter results that beat expectations and gave an outlook above analyst consensus. Lumentum and its peers have been on a scorching run since last July.—With assistance from Bernard Goyder.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.