Stocks rose Thursday following softer-than-expected wholesale inflation data for July and growing confidence that the Federal Reserve won't raise interest rates.

Sandisk gained 16% and was leading the S&P 500 after the memory supplier said at its investor day that it expects revenue to grow by mid-to-high-teen percentages annually between fiscal 2028 and 2030. The company added that adjusted gross margins should stabilize at around 80% over that period, with an adjusted free-cash-flow margin of about 50%.

Micron advanced 6.3% after a nearly 5% gain on Wednesday. While the stock remains up some 190% so far this year, it has dropped by almost a quarter since late June amid concerns including about the sustainability of chip pricing.

Cisco Systems fell 9.4% even after the tech hardware company beat earnings and revenue estimates for its fiscal fourth quarter. Cisco's gross margin fell a couple of points from a year ago, which may have spooked investors.

Ondas declined 8.9% after the autonomous drone maker and Palantir partner posted a wider-than-expected second-quarter loss, overshadowing a more than 1,200% increase in revenue.

Hertz Global dropped 6.4%. Bill Ackman's Pershing Square Capital Management disclosed that it had exited its position in the vehicle rental company due to an equity offering announced in late June.

Coherent fell 5.1%. The optical-networking company posted better-than-expected earnings, but the market had sky-high expectations following rival Lumentum's stellar results on Tuesday.

Cerebras Systems dropped 13% after the artificial-intelligence semiconductor maker, best-known for its dinner-plate-sized chips, posted a second-quarter loss. The company's backlog remained steady at about $25 billion, which was another sour note.

Intuitive Machines declined 1.4% after the maker of lunar landers and other space technology posted a surprise second-quarter loss and revenue that was below expectations. While revenue came in below the consensus view, it still grew 310%.

Infleqtion gained 1.5% after the quantum company reported a wider second-quarter loss. Revenue of $12.6 million rose 116% from the prior year.

StubHub dropped 14% after the ticket resale platform reported a second-quarter loss, as surging costs offset the boost in revenue that came from the 2026 FIFA World Cup.

JD.com fell 8.1%, despite the Chinese online retailer beating Wall Street's second-quarter earnings and revenue targets.

EnerSys rose 4.2%. The industrial energy-storage company's first-quarter earnings and quarterly guidance impressed Wall Street. EnerSys also raised its quarterly dividend by 10%.

SpaceX dropped 3.6%. The company launched Grok 4.6, the latest version of its artificial intelligence assistant to rival OpenAI's ChatGPT and Anthropic's Claude. Shares gained nearly 10% the previous session after CEO Elon Musk told employees "We must win in AI because the future is overwhelmingly AI and robots."

Tapestry fell 15% and was the worst stock in the S&P 500. The company reported slightly better-than-expected earnings but issued a soft fiscal 2027 revenue outlook.