Stocks surged mid-session with the S&P 500 reaching an intraday all-time high of 7,816.70 before pulling back, buoyed by flat July producer prices and cooling inflation expectations. The Fed rate hold narrative is strengthening, with the 2-year yield dropping 6 basis points. Tech earnings continue to impress with cloud computing and chip stocks outperforming.
→ Close-of-day momentum—S&P testing its intraday record into the final hour could signal sustained conviction
→ Late-day earnings: Applied Materials, JD.com reporting tonight; chip guidance critical to near-term tape direction
→ Geopolitical risk re-emerging: Iran pushes back on U.S. Strait of Hormuz claims; oil vulnerability if tensions escalate