Intel Extends Winning Streak; Tapestry Stock Plunges

Major U.S. equities indexes were little changed Thursday after a report showed the latest Producer Price Index, a key measure of wholesale inflation, rose more than economists expected in July.

The report raised concerns consumers could soon face steeper price increases as businesses deal with tariff-related cost pressures, and cast some doubts about whether the Federal Reserve will cut interest rates at its policy meeting in September.

The S&P 500 eked out a gain of less than 0.1%, securing an all-time closing high for the third straight session. The Nasdaq and the Dow finished fractionally lower.

Intel (INTC) shares gained the most of any S&P 500 stock on Thursday, surging more than 7% to extend the string of gains this week following Monday’s meeting between CEO Lip-Bu Tan and President Donald Trump. The stock got another boost Thursday from a report the Trump administration is in talks with Intel about potentially taking a stake in the struggling chipmaker.

Shares of Texas Pacific Land (TPL) climbed 3.4% after the real estate operator announced a dual listing of its stock on NYSE Texas, the recently launched, fully electronic equities exchange based in the Lone Star State. An owner of significant acreage in the oil-rich Permian Basin, Texas Pacific Land has been exploring opportunities to diversify its revenue stream beyond oil and gas royalties through projects including cryptocurrency mining and data centers.

Eli Lilly (LLY) said it would raise prices in Europe. Separately, the drugmaker said it will partner with Superluminal Medicines on the discovery of new weight-loss treatments using Superluminal’s artificial intelligence platform. Shares of the pharmaceutical giant ended 3.6% higher on Thursday.

Shares of Tapestry (TPR), parent company of the Coach, Kate Spade, and Stuart Weitzman brands, plunged over 15%, retreating from Wednesday’s record-high close to log the S&P 500’s weakest performance on Thursday. Although the maker of luxury handbags and other fashion accessories beat fiscal fourth-quarter sales and profit estimates, boosted by demand for Coach bags, Tapestry slashed its fiscal 2026 profit outlook, citing an anticipated $160 million negative impact from tariffs.

Global packaging company Amcor (AMCR) missed sales and profit estimates for its fiscal fourth quarter, and its shares dropped 11.9%. The company said its quarterly performance reflected integration costs related to Amcor’s acquisition of packaging rival Berry Global, which closed in April 2025. The company also pointed to operational challenges in its beverage business in North America and indicated that restrained consumer spending on discretionary items like snacks and sweets weighed on volumes for its rigid and flexible packaging solutions.

Shares of The Trade Desk (TTD), which provides tools to help advertisers optimize their digital campaigns, fell 6.6%. The downturn followed a report that Walmart (WMT) was modifying its partnership with the advertising technology firm, stepping away from an arrangement that required companies to use The Trade Desk’s platform to access customer data. The reported loss of exclusivity with the retail giant comes at a challenging time for The Trade Desk—the stock plummeted late last week after the firm fell short of estimates with its quarterly results, citing tariff-related uncertainty.