• U.S. stocks closed higher on Thursday, with tech-related momentum stocks leading the charge, as fresh economic data rekindled hopes that inflation remains in a cooling trend.
  • Interest rate-sensitive megacaps gave the tech-heavy Nasdaq a decisive edge. The S&P 500 also closed in positive territory, while the Dow ended essentially unchanged.
  • The Producer Prices index (PPI) came in softer than expected, supporting the narrative that price growth is still cooling.
  • The Dow Jones Industrial Average (.DJI), opens new tab fell 2.43 points, or 0.01%, to 38,459.08, the S&P 500 (.SPX), opens new tab gained 38.42 points, or 0.74%, to 5,199.06 and the Nasdaq Composite (.IXIC), opens new tab added 271.84 points, or 1.68%, to 16,442.20.