“Rate Watch and Risk-On: Bulls Eye CPI Print”

Major Indices Gained:

S&P 500 (SPX): −0.27%

Dow Jones (DJI): −0.43%

Russell 2000 (RUT): −0.48%.

U.S. markets rebounded Thursday, with the Dow Jones Industrial Average erasing early‑week losses and rising roughly 200 points, as investors grew increasingly confident that President Trump may delay or even roll back the new “reciprocal” tariffs set to start August 1.

Solid economic indicators—like lower-than-expected jobless claims (~227K)—and dovish hints from the Fed also helped support sentiment.

Meanwhile, the S&P 500 and Nasdaq continued their run to fresh record highs, buoyed by optimism around potential trade deal extensions, strong earnings from airlines like Delta, and sustained strength in tech names, notably Nvidia.

 Airlines fueled the market’s strength; the U.S. Global Jets ETF (JETS) also surged ~7%, hitting its highest level since February.

Delta Air Lines (DAL) jumped ~12%, United Airlines (UAL) rose ~14.3%, and American Airlines (AAL) +12.72%. Delta led after reporting stabilizing demand and upbeat Q3 guidance.

 WK Kellogg (KLG) surged ~30.6% following acquisition news from Ferrero.

Tech/Software: Losers included Autodesk, PTC, Fortinet, Palo Alto Networks, Axon, CrowdStrike—highlighting sector rotation.

2:00 pm- Monthly U.S. federal budget (median forecast -$20.5B vs previous -$66B).

The index gained +0.43% to close at 44,650.64.

Resistance for the day: 44,747.11, with potential downside levels at 44,561.60 and 44,479.48.

HSBC upgraded AMD to Buy and doubled its price target to $200, citing strong demand and premium pricing for its new MI350 AI chips, which could significantly boost FY26 revenue.

The stock jumped ~4% as analysts highlighted AMD’s growing edge over Nvidia in AI GPUs and hinted at further upside with the upcoming MI400 series.

The stock is trading around $143.40 pre-market. The potential upside levels are at $143.60 and $144.12, with support at $142.18.