Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) closed higher on Thursday, with the former setting a new intraday all-time high.

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News That Moved the Stock Market Today

• The Producer Price Index (PPI) was unchanged in July from the prior month, below the consensus estimate for 0.2% growth. The index rose 4.7% year-over-year, also below the estimate of 4.9%.
• Core PPI, which strips out volatile food and energy items, rose 0.2% in July, coming in below the 0.3% forecast. On a year-over-year basis, it increased 4.2%, slightly exceeding expectations of 4.1%.
• Rate hike odds dipped following the report. The odds of a 25-bp hike at the September 16 Federal Open Market Committee (FOMC) dropped to 34.4% from 40.6% a day ago, according to the CME FedWatch tool.
• Elsewhere, initial jobless claims rose by 9,000 to 209,000 for the week ended August 8. That came in above expectations of 202,000. Continuing jobless claims, which trail initial claims by a week, declined by 22,000 to 1.777 million, below the estimate of 1.794 million.
• Workday (WDAY) surged after Reuters said that private equity firm Silver Lake is in talks to acquire the software giant.
• Advanced Micro Devices (AMD) is planning its largest-ever U.S. dollar investment-grade bond sale, aiming to raise up to $5 billion, according to Bloomberg.
• Cisco (CSCO) plunged after its second-quarter earnings showed its gross margins falling to 66.3% from 68.4% a year ago.
• Memory stocks continued to trend higher, with SanDisk (SNDK), Micron (MU), and Western Digital (WDC) posting significant gains.