U.S. July PPI rose 4.7% year over year, down sharply from 5.5% in June. Combined with falling oil prices, market expectations for the Federal Reserve to keep raising rates cooled, and risk appetite rebounded. On Thursday, private equity giant Silver Lake (Silver Lake) was reported to be in talks to acquire human resources software company Workday. $WDAY surged as much as 30% intraday and triggered a temporary trading halt. It ultimately closed up about 18%, marking its best single-day performance since 2016, and also lifted the AI application software sector broadly. If the deal goes through, it would be one of the largest software acquisitions in history. Note that negotiations are still ongoing and the final agreement is not guaranteed to be reached. For informational purposes only and does not constitute investment advice.