Stock Market Today: Stocks Rise After PPI Report, Arm IPO
The main indexes closed comfortably higher, while Arm stock soared on its first day of trading.


Stocks opened higher Thursday following the latest inflation data and built on those gains as the session wore on. Investor sentiment also got a lift from Arm Holdings' (ARM) initial public offering (IPO), with the chipmaker sizzling on its first day of trading.
This morning's producer price index (PPI), which measures what businesses are charging suppliers for goods, painted a similar picture to yesterday's Consumer Price Index (CPI). Specifically, the Bureau of Labor Statistics said earlier the August PPI rose 0.7% month-over-month, faster than July's 0.4% increase, as gas prices spiked. Core PPI, which excludes volatile food and energy prices, was unchanged from the month prior, but rose at a quicker annual pace (3.0% vs July's 2.9%).
Also on the economic calendar was initial jobless claims, which edged up by a modest 3,000 last week to 220,000. Additionally, retail sales increased for a fifth straight month in August due to higher sales at gas stations.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
None of these data points does much to move the needle on expectations the Federal Reserve will pause rate hikes at next week's meeting. Indeed, futures traders are pricing in a 97% chance the central bank will keep interest rates unchanged at next week's meeting, according to CME Group.
Arm IPO comes in hot
The day's headlines did not solely revolve around the economy and interest rates, however. Another major news story was Arm's blockbuster IPO. The Softbank-owned chipmaker that was previously a Nvidia (NVDA, +0.2%) takeover target last night priced its IPO at $51 per share – the high end of its range – and opened today at $56.10. Shares reached $66.28 in intraday trading before settling at $63.59.
"The ARM IPO is the most hyped listing we've had in the markets for a while, with rising rates and volatility in equity markets dampening new listings over the past two years," says Kyle Rodda, senior market analyst at brokerage firm at Capital.com.
But not everyone is as excited as investors about the Arm IPO. David Trainer, CEO New Constructs, a research firm powered by artificial intelligence, says this offering creates "a valuation that is completely disconnected from the company’s fundamentals." As such, there's likely "very limited upside ahead" for ARM.
Buffett sells HPQ shares
Elsewhere, HP (HPQ) slumped 1.8% after a regulatory filing revealed Warren Buffett's Berkshire Hathaway (BRK.B, +0.5%) sold 5.5 million shares of the PC and printer maker. Buffett & Co. initiated a stake in HPQ in the first quarter of 2022 and owned 120.9 million shares at the end of Q2 2023, representing 1.1% of the Berkshire Hathaway equity portfolio.
As for the major indexes, the Nasdaq Composite rose 0.8% to 13,926, the S&P 500 gained 0.8% to 4,505, and the Dow Jones Industrial Average added 1.0% to 34,907.
Related content
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
The Best Aerospace and Defense ETFs to Buy
The best aerospace and defense ETFs can help investors capitalize on higher government defense spending or hedge against the potential of a large-scale conflict.
-
Walmart Takes on Prime Day With Competing July Deals Event
Walmart is launching its own multi-day sales event to rival Amazon Prime Day — and it could be a smart time to shop, even if you're not a member.
-
Stock Market Today: Another Quarter, More Mixed Price Action
"Up and to the right" remains the general trend despite persistent uncertainty around critical policy issues.
-
AI vs the Stock Market: How Did Alphabet, Nike and Industrial Stocks Perform in June?
AI is a new tool to help investors analyze data, but can it beat the stock market? Here's how a chatbot's stock picks fared in June.
-
Stock Market Today: S&P 500, Nasdaq Near New Highs
The S&P 500 hasn't hit a new high since February. It's been since December for the Nasdaq.
-
Stock Market Today: Stocks Struggle to Sustain Gains
Mixed messages from multiple sources continue to make for a messy market for investors, traders and speculators.
-
Stock Market Today: Stocks Chop as Chipmakers Decline
Several semiconductor stocks fell Friday on reports that the White House may consider revising license waivers for global chipmakers.
-
Stock Market Today: Stocks Rise on Less Deadly Concerns
Markets are forward-looking mechanisms, and it's good when price action shows there's a future to look forward to.
-
Stock Market Today: Stocks Stable as Inflation, Tariff Fears Ebb
Constructive trade war talks and improving consumer expectations are a healthy combination for financial markets.
-
Stock Market Today: Rally Extends on Good-Enough Expectations
Fiscal policy still has markets' attention, but taxes rather than tariffs and deficits rather than inflation are participants' primary focus.