The S&P 500 closed at a record 7,798.99 points on Aug 13, up 0.65 per cent, as tame producer price inflation data boosted bets the Federal Reserve will hold interest rates steady in September. Memory chip makers Sandisk and Micron Technology surged 13.7 per cent and 4.2 per cent respectively, while Microsoft and Meta Platforms also advanced.

The Nasdaq gained 0.81 per cent to 26,803.03 points. Fresh data showed US producer prices unchanged in July, with goods prices falling and services costs rising marginally. Traders are pricing in a 63 per cent chance the Fed will keep rates unchanged at its September meeting, Reuters reports.