Stocks rose after a cooler-than-expected August inflation report, with the personal consumption expenditures price index up 3.4% from a year earlier, down from 3.7% in July. Lower Treasury yields made bonds more attractive, according to the CNBC Investing Club recap. Nvidia is the main stock to watch: shares are approaching their May high of $236.54, and a breakout above that level could draw new buyers, while failure to clear it might raise doubts about the strength of the rally. The chipmaker also received a vote of confidence as CoreWeave announced plans to deploy Nvidia's Vera Rubin platform in its data centers.
Micron rose ahead of its earnings report, with investors expecting another strong quarter as AI-driven demand for memory continues to outstrip supply. The key question is how long that cycle can last. The report says investors will listen for how far management can extend its demand outlook, updates on long-term customer agreements, confirmation that Micron remains on track to ship chips from its Boise facility by Jan. 1, and progress on its planned New York facility.
Elsewhere, Boeing shares rose 2% after the Pentagon selected it to build the Navy's sixth-generation fighter jet, though the stock later reversed lower. Eli Lilly rose modestly after trial data showed its experimental combination treatment produced greater weight loss than a high dose of tirzepatide alone in patients with obesity and Type 2 diabetes. Because this is a single-source report, there are no independent or conflicting accounts to compare.