US stocks rose on Wednesday, lifted by gains in Big Tech, a bullish outlook from chip equipment maker ASML (ASML), and a softer-than-expected wholesale inflation reading.
The Dow Jones Industrial Average (^DJI) jumped 0.2% while the S&P 500 (^GSPC) rose 0.3%. The tech-heavy Nasdaq Composite (^IXIC) gained 0.6% following gains from the day before.
Shares of Alphabet (GOOGL, GOOG) rose nearly 3%, while Apple (AAPL) hit a record high after a report that the iPhone maker gained approval to launch its generative AI features in China.
On Wednesday, ASML raised its annual sales forecast above Wall Street forecasts, citing AI demand, and said it plans to increase its production capacity for chipmaking equipment by 30%. Chip stocks declined, however, with memory makers Micron Technology (MU) and SK Hynix (SKHY) tumbling more than 7%.
On the economic data front, the Producer Price Index showed that wholesale inflation slowed more quickly than expected in June, echoing cooler-than-expected Consumer Price Index data, which showed the largest single-month decline in inflation since April 2020.
That helped offset pressure from rising oil prices as President Trump said he would intensify attacks on Iran until the country relents.