US stocks rose modestly as chipmaking equipment producer ASML (ASML) sent a bullish signal on AI demand and a softer-than-expected wholesale inflation reading followed Tuesday’s cool consumer price report.
The Dow Jones Industrial Average (^DJI) rose about 0.3%, while the S&P 500 (^GSPC) put on 0.2%. The Nasdaq Composite (^IXIC) added 0.3% as stocks built on gains from the day before.
Tech stocks were mixed after ASML lifted its annual sales forecast above Wall Street forecasts, citing AI demand, and said it plans to increase its production capacity for chipmaking equipment by 30%.
On the economic data front, the Producer Price Index showed wholesale inflation slowed at a quicker rate than expected in June, echoing cooler-than-expected Consumer Price Index data that showed the largest single-month decline in inflation since April 2020.
That helped offset pressure from rising oil prices as President Trump said he would intensify attacks on Iran until the country relents. “We’re going to knock out all of their bridges unless they get to the table and negotiate,” Trump told Fox News on Tuesday, per Bloomberg.
Earnings season, meanwhile, continues to pick up, with Morgan Stanley (MS), BlackRock (BLK), and Johnson & Johnson (JNJ) all reporting before the bell, while United Airlines Holdings (UAL) will report after the close of the trading day this afternoon.
