Cerebras Systems Inc. Class A Common StockCerebras Systems fell over 12% due to a decline in sales at its hardware business.
US stocks rallied on Thursday after a favorable producer price report eased inflation concerns and reduced expectations for a Federal Reserve rate hike in September. The S&P 500 rose 0.65%, the Dow Jones Industrial Average added 0.13%, and the Nasdaq 100 gained 1.15%. The July final-demand PPI was unchanged month-over-month and up 4.7% year-over-year, below market expectations, while core PPI rose 0.2% month-over-month, also weaker than forecast. However, US tech stocks were undercut by an -8% drop in Cisco Systems after disappointing guidance and a more than -12% decline in Cerebras Systems (CBRS) due to a decline in sales at its hardware business. Crude oil prices fell more than 2% amid no new military strikes in the Persian Gulf, and the 10-year Treasury yield dropped 4.4 basis points to 4.639%.
Cerebras Systems Inc. Class A Common StockCerebras Systems fell over 12% due to a decline in sales at its hardware business.
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