NEW YORK, August 13, 2026, 14:24 EDT — US stock trading was underway.
- The Nasdaq Composite gained 0.89%, reaching 26,824.18 in the most recent snapshot.
- Based on a preliminary estimate, it stayed roughly 1.35% under its June intraday peak.
- The catch-up trade was driven by semiconductors, declining Treasury yields and softer oil prices.
The Nasdaq Composite rose 0.89% on Thursday afternoon but stayed under its all-time high. The S&P 500, meanwhile, marked a new intraday record. Technology investors now face a challenge: robust daily gains must still cover a record gap of about 1.35%.
The Nasdaq was last reported at 26,824.18 by Reuters. Its highest level for June was 27,190.21. The current gap is 366 points, equivalent to 1.35%.
| US benchmark | Latest level | Day change | Signal |
|---|---|---|---|
| Nasdaq Composite | 26,824.18 | +0.89% | Sits about 1.35% under its intraday high |
| S&P 500 | 7,804.26 | +0.72% | Touched a new intraday peak |
| Dow Jones Industrial Average | 53,884.17 | +0.21% | Trailed technology-focused counterparts |
The Nasdaq led the S&P 500 by 0.17 percentage point, outpacing the Dow by 0.68 point. Its edge stemmed from the segment of the market most responsive to long-term interest rates.
The yield on the 10-year Treasury declined by roughly 7.3 basis points to 4.619%. Investors are now pricing in a 65% probability that rates will remain unchanged in September, compared to 50% on Wednesday. Reduced discount rates benefit the current valuation of technology sector profits expected in the future.
| Nasdaq catalyst | Latest move | Investor relevance |
|---|---|---|
| PHLX semiconductor index | +1.8% | AI infrastructure dominance |
| S&P 500 information technology | +0.9% | Mega-cap names provide stability |
| 10-year Treasury yield | -7.3 basis points to 4.619% | Valuation discount rate eases |
| Brent crude | -2.54% to $86.72 | Near-term inflation concerns diminish |
| September Fed-hold probability | 65%, from 50% | Smaller chance of policy tightening |
Producer prices showed no change in July, as declines in goods costs offset a modest rise in services prices. The softer numbers came after subdued consumer inflation figures, leading traders to scale back expectations for a rate increase in September.
Chip and storage stocks provided the strongest boost to equities. Sandisk Corporation NASDAQ:SNDK advanced 15%, and Micron Technology, Inc. NASDAQ:MU climbed 5.6%. Microsoft Corporation NASDAQ:MSFT, NVIDIA Corporation NASDAQ:NVDA, and Apple Inc. NASDAQ:AAPL recorded more modest increases.
The shift was not consistent across the board. Cisco Systems, Inc. NASDAQ:CSCO slid roughly 9% even with a fiscal 2027 revenue forecast ahead of estimates. Investors were concerned about margin constraints. The response signals that the market continues to prioritise profitable AI expansion over revenue growth alone.
| Analyst or strategist | Recommendation | Verified rationale |
|---|---|---|
| Mohit Kumar, Jefferies Financial Group Inc. NYSE:JEF | Recommend overweight in AI sector | Infrastructure profits and capital expenditures are holding up well |
| Scott Chronert, Citigroup Inc. NYSE:C | Keep S&P 500 target unchanged at 8,100 | 2026 EPS projection moved to $365; expects further AI adoption across sectors |
| Samik Chatterjee, JPMorgan Chase & Co. NYSE:JPM | Overweight Salesforce, target price at $250 for December 2027 | Believes concerns on AI disruption are overstated; adoption to benefit software |
| Jonathan Krinsky, BTIG | Takes cautious stance on tech momentum | Sees potential for about 9%–10% pullback to a standard technical correction |
Jefferies economist Mohit Kumar noted that AI infrastructure earnings indicated “no signs of slowdown in Capex.” The firm kept an overweight stance on AI. Kumar also pointed to ample liquidity and steady Fed policy as factors backing risk assets. Reuters
The bullish outlook is backed by company-specific moves. J.P. Morgan began coverage of Salesforce, Inc. NYSE:CRM with an Overweight rating and set a $250 price target, saying that concerns about disruption are overstated. Meanwhile, Citi lifted its projection for 2026 S&P earnings to $365 but kept its 8,100 index target unchanged.
| Record-gap measurement | Points | Percent |
|---|---|---|
| June intraday peak | 27,190.21 | — |
| Most recent Nasdaq close | 26,824.18 | — |
| Unclosed gap | 366.03 | 1.35% |
| Thursday’s advance | 235.69 | 0.89% |
The Nasdaq Composite is a market capitalization-weighted index that tracks over 3,000 listed companies, according to Nasdaq. Tech stocks make up the majority of the index. This allows gains in large-cap and semiconductor shares to drive the index higher, even as numerous smaller stocks underperform.
Risks: The record gap may grow if Treasury yields climb again, oil prices recover, or AI earnings fall short. Technical strategists also caution that strong momentum in the technology sector can reverse rapidly.
The afternoon indicator shows positive signs, though remains unfinished. Closing above 27,093.90 would establish a record high at the close. Surpassing 27,190.21 would exceed the intraday high, confirming the upward move.
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