NEW YORK — The S&P 500 closed at a record high and rose above 7,748 during Thursday's session for the first time. The index and the Nasdaq Composite posted their third consecutive week of gains, driven by easing inflation data and major artificial intelligence financing deals.

The annual inflation rate eased to 3.4% in July, according to the U.S. Bureau of Labor Statistics. The consumer price index showed a 0.1% increase in July. The producer price index was unchanged for the month, missing economist expectations for a 0.2% increase. The annual headline producer price index increased 4.7%.

CNBC Investing Club host Jim Cramer called the inflation report “very benign.” He said the data supports market stability as investors assess the Federal Reserve's next moves. Markets priced in a 67% chance that the Federal Reserve would keep its benchmark rate unchanged at its September meeting by the end of the week. This represented a shift from a week earlier, when markets priced in a 55% chance of rates remaining unchanged. Traders had bet on a 40% chance of a Federal Reserve rate hike in September on Wednesday.

Nvidia partnered with six asset managers on a $500 billion financing push to turn AI compute into an investable asset class. The chipmaker signed agreements with Apollo Global Management, Blackstone, BlackRock, Brookfield Asset Management, KKR, and Goldman Sachs to establish financing platforms for Nvidia customers. Cramer stated, “The revolution is here.” CoreWeave CEO Mike Intrator said demand is accelerating from customers as big businesses adopt AI. Intrator also stated that older Nvidia GPUs are remaining useful longer than some investors expected.

Intel announced plans to sell $15 billion of common stock on Monday. Intel shares dropped 4% following the announcement of the stock sale. The company increased its stock offering to $20 billion on Tuesday due to strong demand.

Intel CEO Lip-Bu Tan and a family member agreed to purchase a combined $12 million of stock in the offering. Intel shares ended the week up roughly 1%.

Nvidia shares rose 0.5% for the week. Micron shares ended the week up roughly 11%. Super Micro Computer shares jumped 19.6% after reporting earnings per share 84% higher than analysts expected.

CoreWeave shares leaped 19.4% after reporting better revenue than analysts expected. Goldman Sachs shares were flat for the week. Reddit shares soared almost 13% after S&P Dow Jones Indices announced the stock would join the S&P 500. Applied Materials shares fell 5% after its earnings report. Broadcom shares fell almost 6% on Friday. SanDisk shares rose more than 7% on Friday. SpaceX stock was 1% lower on Friday.

The yield on the 10-year Treasury fell to 4.68% from 4.70% late Tuesday. The 10-year Treasury yield was above 4.69% at 4 p.m. ET on Friday. WTI crude futures advanced 1.3% to $82.25 a barrel.

Brent crude futures were up 1.6% to $88.45. Gold futures were 0.3% higher to $4,435 an ounce. Bitcoin traded at around $62,900. The U.S. dollar index declined 0.3% to 99.67.

Why It Matters

The S&P 500's rise above 7,748 marks a milestone for the index, which tracks the performance of 500 leading companies listed on stock exchanges in the United States. The third consecutive week of gains for the S&P 500 and Nasdaq Composite indicates sustained investor confidence despite mixed economic signals. Easing inflation to 3.4% in July provides relief to consumers and businesses, while the unchanged producer price index suggests stable input costs for manufacturers.

The $500 billion financing push by Nvidia and its partners represents a shift in how artificial intelligence infrastructure is funded. By turning AI compute into an investable asset class, the initiative could accelerate the adoption of AI technology across industries. The Federal Reserve's potential decision to keep rates unchanged in September remains a key focus for markets, with pricing shifting over the course of the week. Weak consumer spending data adds complexity to the economic outlook, as it may influence the central bank's policy decisions.

What's New

According to the U.S. Bureau of Labor Statistics, the Consumer Price Index (CPI-U, all items) was 333.918 in July 2026. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average finished Friday down 0.2%, 0.4%, and 0.1%, respectively. The Dow Jones Industrial Average dipped 21.58 points to 53,770.27 on Wednesday.

The Nasdaq Composite gained 143.04 points to 26,588.49 on Wednesday. The Dow Jones Industrial Average snapped a two-week winning streak. The S&P 500 rose 20.30 points to 7,748.50 on Wednesday. Super Micro Computer shares jumped 19.6% after reporting earnings per share 84% higher than analysts expected.

How Sources Differ

Sources differed on the weekly performance of the Dow Jones Industrial Average. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average finished Friday down 0.2%, 0.4%, and 0.1%, respectively. CNBC.com reported that the Dow Jones Industrial Average fell nearly 0.6% for the week.

Sources presented different figures regarding price indices. CNBC.com reported that economists expected a 0.2% increase in the producer price index for the month. The Bureau of Labor Statistics Consumer Price Index reported that the consumer price index showed a 0.1% increase in July.

Sources differed on the percentage gain for Super Micro Computer shares. Super Micro Computer shares jumped 19.6% after reporting earnings per share 84% higher than analysts expected. Super Micro Computer shares jumped 19% after reporting earnings per share 84% higher than analysts expected.

Sources provided different figures for share movements following earnings reports. Super Micro Computer shares jumped 19.6% after reporting earnings per share 84% higher than analysts expected. CoreWeave shares leaped 19.3% after reporting better revenue than analysts expected. Super Micro Computer shares jumped 19% after reporting earnings per share 84% higher than analysts expected. CoreWeave shares leaped 19.4% after reporting better revenue than analysts expected.

Sources differed on the percentage leap for CoreWeave shares. CoreWeave shares leaped 19.4% after reporting better revenue than analysts expected. CoreWeave shares leaped 19.3% after reporting better revenue than analysts expected.

Sources provided slightly different figures regarding the Dow Jones Industrial Average's midweek performance. Nvidia shares climbed 3.1% on Wednesday. Nvidia shares climbed 3% on Wednesday.

Sources offered different details regarding the Dow Jones Industrial Average's weekly performance. CNBC.com reported that the Dow Jones Industrial Average fell nearly 0.6% for the week. The Dow Jones Industrial Average snapped a two-week winning streak.