S&P 500 Hits Six-Week High as Softer Producer Prices Offset Chip Slump

MacroIndustry Impact 4
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Summary · why it matters

The S&P 500 closed at a six-week high on Wednesday, rising 0.38% as a softer-than-expected June producer price report and strong earnings from ASML outweighed a rout in semiconductor stocks. The Dow Jones Industrial Average added 0.29%, while the Nasdaq 100 slipped 0.28% under pressure from chipmakers. June final-demand producer prices rose 5.5% year-over-year, below the 6.2% consensus, and the July Empire manufacturing survey jumped to 15.6, well above the 9.2 estimate. Apple surged more than 4% after China approved the rollout of its generative artificial intelligence feature, leading gains among the Magnificent Seven, while ASML’s results underscored robust AI-driven chip demand. However, the iShares Semiconductor ETF fell over 2%, with Western Digital down more than 8% and Micron Technology off more than 6%. Health insurers also declined after Elevance Health tumbled more than 8% on guidance that disappointed relative to its second-quarter beat. PayPal soared over 17% on a report that Stripe and Advent International made a joint $53 billion takeover offer.

Impact on stocks 41

Artificial Intelligence · 16 stocks
Semiconductors± Mixed · 5 stocks
ASML Holding N.V.
ASML
▲ PositiveDemandrelevance

ASML's strong earnings underscore robust AI-driven chip demand.

Health Care · 4 stocks
Elevance Health Inc
ELV
▼ NegativeCapitalrelevance

Elevance Health's guidance disappointed relative to Q2 beat, causing shares to tumble.

Cloud & Digital Infrastructure · 4 stocks
Digital Finance & Tokenization · 2 stocks
PayPal Holdings Inc
PYPL
▲ PositiveCapitalrelevance

Stripe and Advent International made a joint $53 billion takeover offer for PayPal.

Communication Services · 2 stocks
Climate Adaptation & Water · 2 stocks
Biotech & Genomic Medicine · 1 stocks
Industrials · 1 stocks
Robotics & Physical AI · 1 stocks
Defense & Geopolitical Fragmentation · 1 stocks
Financials · 1 stocks
Aging Population · 1 stocks

Theme Impact 5

Off-coverage companies 2

Advent InternationalPrivate▲ Positive
Capitalrelevance

Advent International reportedly made a joint $53 billion takeover offer for PayPal.

Stripe, Inc.Private▲ Positive
Capitalrelevance

Stripe reportedly made a joint $53 billion takeover offer for PayPal.

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