Stocks Climb Near Record as Earnings Revive Faith in AI Trade

U.S. stocks edged toward record highs as the technology sector led gains after a subdued inflation reading eased concerns about rate hikes. The S&P 500 rose 0.4% by 2:38 p.m. in New York, while the Nasdaq 100 climbed 0.9% after earlier losses. The Cboe Volatility Index slid to its lowest level since January, as investors sought fewer crash hedges. Shares of Coreweave rose 20% and Nebius Group jumped nearly 29% after their results helped validate parts of the AI trade. Investors also digested July CPI data matching expectations and a jobs report that cooled, though analysts warned inflation risks remain tied to oil and core pressures.