S&P 500 Closes at a Record as a Workday Buyout Report Re-Rates Enterprise Software

S&P 500 close: 7,798.99 (+0.65%) Sectors higher: 8 of 11 Sentiment: bullish

The S&P 500 closed at a record 7,798.99 on 13 August 2026, up 0.65%, after Reuters reported that Silver Lake is in talks to buy Workday and the enterprise software group re-rated behind it. WDAY.US rose 17.78% to $206.45 and was halted for volatility, its biggest single-day gain on record, on a deal that would rank among the largest software buyouts ever done. July producer inflation of 4.7% year over year came in under the 4.9% consensus and pulled the US 10-year yield down 4 basis points to 4.641%.

What moved the index

• Enterprise software: IGV +3.10%, worth roughly 28 basis points of the 65 basis point index gain. The Silver Lake report put a takeout price under a group that spent 2026 derating on AI disruption fears, and the move spread wide: HUBS.US +14.46%, MDB.US +7.87%, INTU.US +7.04%, TEAM.US +6.92%, NET.US +6.22%, ADBE.US +4.54%, CRM.US +4.16%.
• Communication services: XLC +2.07%, about 20 basis points. NFLX.US +5.43% and META.US +2.78% supplied most of the sector's gain.
• Memory and storage: SNDK.US +13.67%, WDC.US +7.31%, STX.US +4.91% and MU.US +4.23%, together about 7 basis points.
• Networking: CSCO.US -8.40% and ANET.US -3.27% cost about 6 basis points. Cisco's fiscal Q4 revenue of $17.25 billion and adjusted EPS of $1.22 both beat, and its guidance of $18.0 billion to $18.2 billion ran well above the $16.8 billion consensus. Sellers keyed on the gross margin guidance instead.

Together those four account for roughly 46 of the 65 basis points. Broad participation supplied the residual: XLRE +1.42%, XLP +1.08% and XLF +0.59% all finished higher, and only Health Care (-0.04%), Industrials (-0.05%) and Materials (-0.51%) closed lower.

Session highlights

• 7,800 gave way intraday for the first time before the S&P 500 settled just under it at 7,798.99.
• CSCO.US -8.40% to $113.47 was the heaviest Dow drag, holding that index to +0.13% at 53,839.99 while the Nasdaq added 0.81% to 26,803.03.
• IGV +3.10% against SMH +0.73% put software more than four times ahead of semiconductors, reversing the AI hardware leadership that has run 2026.
• 209,000 initial jobless claims for the week ended 8 August landed above the 202,000 consensus and 9,000 above the prior week, reinforcing the softer PPI print.
• RUT.INDX +0.24% to 3,052.85 lagged the S&P 500 by 41 basis points, so large caps carried the record on their own.

Sector scorecard

• Best: Communication Services (+2.07%)
• Worst: Materials (-0.51%)
• Dispersion (best minus worst): 2.58 points
• Technology +1.01% covers the widest internal split of the day: software rose 3.10% while networking hardware fell, CSCO.US -8.40% and ANET.US -3.27%.

Top movers

After-hours earnings

AMAT.US reported fiscal Q3 revenue of $9.12 billion, up 25% year over year, and record non-GAAP EPS of $3.50, up 41%, after the 4:00pm ET close, then traded lower in the extended session. EPS beat the $3.45 estimate while revenue landed near consensus, and the Q4 guide of about $10.25 billion with EPS near $4.02 sits above the Street. CEO Gary Dickerson raised the calendar 2026 semiconductor systems outlook and pointed to another growth year in 2027, which leaves the after-bell decline sitting against a beat-and-raise quarter in a stock that entered the print well off its peak.

ETON.US posted Q2 EPS of $0.43 on revenue of $37.6 million and lifted its full-year revenue target above $145 million against a $121 million consensus; it traded higher after the bell. DLO.US delivered Q2 revenue of $399.7 million against a $364.65 million forecast, but EPS of $0.18 missed the $0.19 consensus and the stock traded lower after hours.

Notable announcements

• CLBT.US named Shiven Ramji chief executive effective immediately, succeeding Thomas E. Hogan, alongside the guidance cut. Ramji joined as president of products and technology in May 2026.
• REZI.US issued its first standalone outlook following the 3 August tax-free spin-off of ADI Global Distribution, so the revenue step-down reflects the smaller perimeter of the remaining Products and Solutions business.
• TPR.US grew fourth-quarter revenue 9% to $1.88 billion with Coach up 14%, and still guided FY27 below consensus as the Kate Spade turnaround runs long.
• WDAY.US carries a market value near $43 billion, and Silver Lake talks remain unresolved with no agreement guaranteed.

Next session catalysts (ET)

• Fri 08:30: July retail sales, consensus near +0.3% after +0.2%
• Fri 08:30: Core retail sales ex autos, consensus +0.2% after -0.2%
• Fri 09:15: Industrial production, capacity utilisation and the import price index
• Fri 10:00: University of Michigan consumer sentiment, consensus 54.1 after 55.2
• Fri: AMAT.US trades its first full session after the Q3 report

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