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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 Rebound, Nasdaq Outperforms Other Indices

Sentiment in the Tech arena has continued to seesaw as investors bought yesterday's dip in Semiconductors and Semi equipment names, helping the tech-rich Nasdaq Composite outperform the other indices.  Tech was also the best performing sector in the S&P 500, even though the IT Services and Infrastructure Software areas were dinged by a disappointing pre-announcement from IBM, with commentary reflecting IT budget investment surge "toward servers, storage, and memory purchases to secure supply-constrained infrastructure ahead of expected price increases."  Indeed, Memory, Cybersecurity, and Cloud Storage were among the best performing themes on Tuesday following this IBM rationale regarding its underwhelming quarter.Early earnings season updates from large financials also contributed to the bullish mood, with Goldman Sachsup 9% and JPMorgan up 3% after the results.  Further helping matters was a benign CPI report, countering the renewed inflationary pressure narrative that dominated the headlines overnight as a result of Strait of Hormuz escalation.  Treasury yields fell across the curve while fed funds futures repriced the near-coin-flip probability of a Fed rate hike at the end of this month to favor a tightening in October.In the opening hour of the evening session, S&P E-minis and Nasdaq 100 contracts are flat.  In commodities, WTI Crude Oil remains bid just shy of $80 per barrel, with Fox News interview comments from President Trump doubling down on the resolve of the administration to strike Iran until a deal on Hormuz passage and Iranian nuclear program  can be reached.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Aehr Test Systemsup 27.7%ALSO HIGHER -Lionsgate Studiosup 8.5% after Reuters reports company received takeover interest from Bollore GroupDOWN AFTER EARNINGS -Phoenix Education Partnersdown 10.3%ALSO LOWER -Pentairdown 13.3% after negative Q2 pre-announcementWabash Nationaldown 12.9% after convertible debt offering