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Major Averages Close Higher Led by Tech Stocks

The major averages closed higher as major technology names led broad gains as another round of softer-than-expected inflation data eased concerns that the Federal Reserve may need to tighten policy again this month. The producer price index for final demand fell 0.3% in June, driven by a 1.4% decline in goods prices, while services prices edged up 0.2%. The softer-than-expected report follows Tuesday's encouraging CPI data and is likely to strengthen expectations that the Federal Reserve will leave interest rates unchanged at its July meeting.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:After Reuters said that Stripe and Advent made a joint offer to acquire PayPalfor $60.50 per share, Bloombergthat PayPal is working with advisers to review optionsLionsgateis exploring a sale and has attracted takeover interest from Bollore Group,Morgan Stanleyreported, reauthorized an up to $20B share repurchase program, and increased its quarterly dividendBlackRockreported, with assets under management up 22% year-over-yearPNC Financialprovided areport for Q22. WALL STREET CALLS:Cava Groupto Overweight at Morgan Stanley after recent weaknessOppenheimerIBMto Perform with bull thesis delayedUnusual Machineswith a Buy at H.C. WainwrightDigital Realtyto Buy at GuggenheimTravelersto Underweight at Morgan Stanley3. AROUND THE WEB:Uberis near a deal to acquire Delivery Herofor about EUR 41 per share, or roughly EUR 12.5B, FT reportsMicrosoftis revamping its cybersecurity software business to capitalize on corporate anxieties over AI-powered cyberattacks, The Information saysGooglewill buy 100% of the initial output of a massive solar project to offset its fossil fuel emissions, FT saysApple'sAI service "Apple Intelligence" has been registered to be used in iPhones in China, Reuters reportsJPMorganand Coinbasehave yet to launch any consumer-facing features nearly a year after announcing their partnership, The Information reports4. MOVERS:Electrovayawas higher in New York after announcing aand warrant transaction with AmazonAehr Test Systemsgained afterand providing guidance for FY27Gevoincreased afterPentairfell in New York after announcing theand cutting its guidance for FY26 and Q2SanDiskwas lower after Arguscoverage of the stock with a Hold rating5. EARNINGS/GUIDANCE:Progressivereportedand JuneCintasand provided guidance for FY27ASML, with EPS higher year-over-yearElevance Healthand raised its guidance for FY26, with CEO Gail Boudreaux commenting that Q2 results "exceeded our outlook"Conagra Brandsand provided guidance for FY27INDEXES:The Dow rose 150.37, or 0.29%, to 52,658.64, the Nasdaq gained 162.22, or 0.62%, to 26,269.23, and the S&P 500 advanced 28.81, or 0.38%, to 7,572.40.

Major Tech Stocks Drive Market Gains

The major averages were higher as major technology names led broad gains. Markets are looking to build on Tuesday's gains after softer-than-expected inflation data eased concerns that the Federal Reserve may need to tighten policy again this month. That view is likely firmed up further by today's cooler-than-expected producer price data that reinforced signs that pricing pressures are easing.The producer price index for final demand fell 0.3% in June, driven by a 1.4% decline in goods prices, while services prices edged up 0.2%. The softer-than-expected report follows Tuesday's encouraging CPI data and is likely to strengthen expectations that the Federal Reserve will leave interest rates unchanged at its July meeting.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Stripe and Advent have made a joint offer to acquire PayPalfor $60.50 per share, or over $53B,Lionsgateis exploring a sale and has attracted takeover interest from Bollore Group,Morgan Stanleyreported, reauthorized an up to $20B share repurchase program, and increased its quarterly dividendBlackRockreported, with assets under management up 22% year-over-yearPNC Financialprovided areport for Q22. WALL STREET CALLS:Cava Groupto Overweight at Morgan Stanley after recent weaknessOppenheimerIBMto Perform with bull thesis delayedUnusual Machineswith a Buy at H.C. WainwrightDigital Realtyto Buy at GuggenheimTravelersto Underweight at Morgan Stanley3. AROUND THE WEB:Googlewill buy 100% of the initial output of a massive solar project to offset its fossil fuel emissions, FT saysApple'sAI service "Apple Intelligence" has been registered to be used in iPhones in China, Reuters reportsU.K.'s Competition and Markets Authority has launched a probe into the proposed acquisition of Huel by Danone, WSJ saysJPMorganand Coinbasehave yet to launch any consumer-facing features nearly a year after announcing their partnership, The Information reportsThe Federal Communications Commission is expected to repeal the nationwide TV audience cap, which has limited the number of households a single broadcaster can reach, Bloomberg says, noting that the deregulation is a win for Nexstar'sacquisition of Tegna4. MOVERS:Electrovayahigher in New York after announcing aand warrant transaction with AmazonAehr Test Systemsgains afterand providing guidance for FY27Gevoincreases afterPentairfalls in New York after announcing the resignation of CFO Brazis andfor FY26 and Q2SanDisklower after Argusof the stock with a Hold rating5. EARNINGS/GUIDANCE:Progressiveand JuneCintasand provided guidance for FY27ASML, with EPS higher year-over-yearElevance Healthand raised its guidance for FY26, with CEO Gail Boudreaux commenting that Q2 results "exceeded our outlook"Conagra Brandsand provided guidance for FY27INDEXES:Near midday, the Dow was up 0.28%, or 148.48, to 52,656.75, the Nasdaq was up 0.22%, or 56.57, to 26,163.57, and the S&P 500 was up 0.08%, or 6.31, to 7,549.90.

Tech Stocks Lead Gains as S&P 500 Futures Rise 0.29%

Stock futures are modestly higher, with technology shares leading premarket gains as investors shift their attention from inflation to corporate earnings. Markets are looking to build on Tuesday's gains after softer-than-expected inflation data eased concerns that the Federal Reserve may need to tighten policy again this month. That view is likely firmed up further by today's cooler-than-expected producer price data that reinforced signs that pricing pressures are easing. The producer price index for final demand fell 0.3% in June, driven by a 1.4% decline in goods prices, while services prices edged up 0.2%. The softer-than-expected report follows Tuesday's encouraging CPI data and is likely to strengthen expectations that the Federal Reserve will leave interest rates unchanged at its July meeting.Semiconductor stocks are also back in focus after ASML reported better-than-expected results and raised its full-year revenue outlook, citing continued strength in AI-related demand. The upbeat forecast is lifting sentiment across the chip sector and helping offset concerns following recent volatility in AI-related equities.Geopolitical risks remain in the background. Oil prices are moving higher as tensions between the U.S. and Iran continue to fuel concerns about potential disruptions to energy exports from the Middle East. While markets have become somewhat more resilient to the headlines, sustained strength in crude could complicate things.In pre-market trading, S&P 500 futures rose 0.29%, Nasdaq futures rose 0.68% and Dow futures rose 0.22%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -PayPalup 19% after ReutersStripe and private equity firm Advent International have made a joint offer to acquire the company for $60.50 per shareUP AFTER EARNINGS -BlackRock (BLK) up 4%ASMLup 2%Morgan Stanleyup 1%PNC Financialup 1%DOWN AFTER EARNINGS -Phoenix Educationdown 9%Elevance Healthdown 7%Johnson & Johnsondown 2%LOWER -Pentairdown 23% after cutting its guidance and announcing the resignation of CFO Nicholas Brazis