The S&P 500 and Nasdaq closed higher while the Dow slipped, as easing July inflation data helped calm Fed tightening concerns. The Russell 2000 set a new closing high, and Nebius Group led a broad advance in AI-infrastructure stocks after a strong second-quarter report.
The S&P 500 closed at 7,748.50, up 20.29 points or 0.26%. The Nasdaq Composite rose to 26,588.49, a gain of 143.04 points or 0.54%. The Dow Jones Industrial Average bucked the trend, falling 22.00 points, or 0.04%, to 53,775.39.
Russell 2000 sets a record, Nasdaq 100 leads
The Russell 2000 closed at a record 3,045.49, up 18.37 points or 0.61% and topping its previous closing record of 3,036.98 set earlier in August. The Nasdaq 100 was the session's strongest major benchmark, rising 217.13 points, or 0.74%, to 29,742.60.
Investors digested the July CPI report, which showed inflation moderating slightly and helped ease concerns about additional Fed tightening.
Nebius earnings power AI-linked names
Nebius Group shares surged roughly 34.14% after the AI infrastructure company's earnings report. Second-quarter revenue reached $582.3 million, up 454% year over year, beating the $569 million estimate. Management said demand for AI computing capacity continues to significantly exceed available supply. Other chip and data-center names, including CoreWeave and Lumentum, also posted strong gains alongside Nebius.
Dow's makeup keeps it out of the rally
The split reflects a broader sector rotation, according to Crypto Briefing: the Nasdaq and S&P 500 lean heavily on mega-cap tech and semiconductor stocks buoyed by AI optimism, while the Dow carries more weight in industrials, financials and energy-adjacent names that are more exposed to macro pressures such as rising oil prices tied to tensions around the Strait of Hormuz.
Sources: Investinglive, Crypto Briefing
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