US stocks edged higher on Wednesday as semiconductor equipment manufacturer ASML provided a bullish outlook on artificial intelligence demand, complemented by a softer-than-anticipated wholesale inflation figure following Tuesday’s cooler consumer price data.
The Dow Jones Industrial Average (DJI) climbed approximately 0.3%, the S&P 500 (GSPC) gained 0.2%, and the Nasdaq Composite (IXIC) increased by 0.3%, continuing the upward trend from the previous session.
Technology stocks showed mixed performance following ASML’s upward revision of its annual sales forecast beyond Wall Street expectations, driven by strong AI demand, alongside its announcement to boost chipmaking equipment production capacity by 30%.
Economic indicators revealed that the Producer Price Index (PPI) indicated a faster-than-expected slowdown in wholesale inflation in June, mirroring the cooler Consumer Price Index data from the previous month, which marked the most significant monthly inflation decline since April 2020.
These positive trends counterbalanced rising oil prices amid statements from President Trump, who vowed to strengthen actions against Iran until it engages in negotiations, as reported by Fox News and Bloomberg.
Meanwhile, the earnings season gained momentum with reports from Morgan Stanley (MS), BlackRock (BLK), and Johnson & Johnson (JNJ) before the market opened, and United Airlines Holdings (UAL) scheduled to release its results post-market close.
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