Nasdaq Hits Record High, S&P 500 Climbs Ahead of Key Inflation Data

The Nasdaq Composite surged to a fresh record on Monday as U.S. investors brace for a pivotal week packed with economic data, including two closely watched inflation reports.

The tech-heavy Nasdaq rose 0.7%, touching an all-time intraday high. The S&P 500 gained 0.3%, while the Dow Jones Industrial Average added 87 points, or 0.2%.

AI and Chip Stocks Drive Momentum

The rally was fueled by strong gains in Broadcom (+3%) and Nvidia (+1%), which clawed back some of its recent losses. Big tech names including Meta, Amazon, and Microsoft also advanced.

“There’s great momentum in AI spending and infrastructure buildouts, and it’s no longer limited to just the Magnificent Seven. The broader tech sector is performing well,” said Ross Mayfield, investment strategist at Baird Private Wealth Management.

Key Economic Data This Week

Markets are awaiting:

• Producer Price Index (PPI) – Wednesday, Sept 10
• Consumer Price Index (CPI) – Thursday, Sept 11
• The reports follow a weaker-than-expected August jobs report, which has boosted investor hopes that the Federal Reserve may cut interest rates later this month, potentially by as much as half a point.
• “We’re in a catalyst vacuum until CPI,” Mayfield added, noting the possibility of “downside drift” during what is usually a seasonally weak period.

Treasury Secretary on Tariffs

U.S. Treasury Secretary Scott Bessent said he is confident the Trump administration’s tariff plan will survive a Supreme Court challenge. However, he warned that if the court strikes it down, the Treasury would need to issue refunds for nearly half the tariffs collected—“terrible for the Treasury,” he told NBC’s Meet the Press.

Sector Watch: Telecom Stocks Slide

Shares of telecom giants tumbled after EchoStar announced a $17 billion deal to sell spectrum licenses to SpaceX:

• T-Mobile fell over 3%
• AT&T dropped nearly 3%
• Verizon slipped 2%

The deal will also allow EchoStar’s Boost Mobile users to connect to Starlink Direct-to-Cell service.

Stocks on the Move

• EchoStar soared 23% premarket on the SpaceX deal.
• Robinhood and AppLovin jumped 8% each after being added to the S&P 500, effective September 22.
• Alibaba rose 4% after leading a $100 million investment in humanoid robotics startup X Square Robot.
• Nvidia saw its price target cut by Citi to $210 amid growing AI competition, though analysts maintained a Buy rating.

Market Snapshot (as of 11:30 AM EDT)

• Nasdaq Composite: +0.7% (Record High)
• S&P 500: +0.3%
• Dow Jones: +0.2%
• T-Mobile: –3.42%
• EchoStar: +16.12%