CNBC

Lead Story

U.S. wholesale prices came in flat for July, undershooting the 0.2% expected increase and reinforcing that inflation pressures are easing on the heels of yesterday’s consumer price index release. This cooling economic backdrop, combined with robust earnings, helped propel the S&P 500 to a record closing high above 7,800.

Markets & Economics

U.S. stock futures remained stable after the S&P 500 hit an intraday record of 7,816.70 on Thursday, buoyed by the tech and communication services sectors. This rally was reinforced as the July producer price index (PPI) came in flat, undershooting economists’ expectations of a 0.2% increase and further tempering wagers on a September Federal Reserve rate hike. In fixed income, the 10-year U.S. Treasury note yield dipped to 4.674%, while the 2-year yield, which closely tracks Fed policy, fell to 4.176%. On the commodities front, oil prices climbed due to persistent tensions in the Middle East and a worsening oil spill near Oman, raising concerns over energy flows through the Strait of Hormuz. For a deeper look at the domestic energy landscape, watch our coverage on why America could get its first major refinery in 50 years.

Business & Earnings

In corporate moves, Workday shares skyrocketed over 19% before trading was halted on reports that private equity firm Silver Lake is in talks to acquire the company. Meanwhile, Cisco Systems fell 9% after its conservative first-quarter gross margin guidance of 65% to 66% overshadowed an otherwise strong fourth-quarter earnings beat, as detailed in our video on the Cisco Q4 results. In tech infrastructure, SK Hynix is executing a mountainous $720 billion fab expansion in South Korea to keep pace with relentless AI chip demand, as shown in our exclusive look inside SK Hynix’s memory expansion. Additionally, Reddit saw its shares surge in after-hours trading following the announcement that it will join the S&P 500 on August 18; watch our report on Reddit joining the S&P 500. Also in hardware, Apple CEO Tim Cook opened a new facility in Houston where the company plans to assemble Mac Mini desktop computers later this year, as covered in Apple opening a new manufacturing site in Texas.

Investing & Commentary

In sector commentary, Bill Ackman’s Pershing Square disclosed a new position in Netflix, arguing the company has “effectively won the streaming wars” and trades at an attractive discount of 21 times forward earnings after a 50% pullback. However, “Big Short” investor Steve Eisman warned of an AI “Achilles heel,” noting that massive tech hyperscalers are overly dependent on OpenAI and Anthropic for 25% to 35% of their cloud revenue. For investors seeking income, Mizuho tapped Sunbelt office REIT Cousins Properties and grocery-anchored Phillips Edison as top real estate picks for August, offering attractive yields of 4.34% and 3.24% respectively. Additionally, Jefferies noted that with 10-year real TIPS yields sitting at 2.36%, investors should focus on high-quality, low-P/E yield plays like JPMorgan Chase and ConocoPhillips.

Also Worth Watching

• [Careem’s Journey to a $3.1 Billion Deal] (CNBC Video): Mudassir Sheikha explains how a basic booking website grew into a region-wide super app before being acquired by Uber.
• [Riot Signs $9.1 Billion Anthropic Deal] (CNBC Video): This video outlines the massive multibillion-dollar agreement signed between Riot and AI startup Anthropic.
• [Will Stablecoins Be the New Digital Dollar?] (CNBC Video): An in-depth analysis of whether stablecoins will eventually represent a major evolution in the digital dollar ecosystem.
• [Denise Dresser on OpenAI’s New Deployment Venture] (CNBC Video): Former OpenAI Chief Revenue Officer Denise Dresser discusses the launch of the company’s new deployment entity prior to her departure.
• [Making $135,000 a Year In Storage Auctions] (CNBC Video): An interesting look at a profitable side hustle focused on buying abandoned storage units and reselling their contents.

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