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US equities advanced on Thursday, with major indexes reaching new record intraday highs. The NASDAQ 100 climbed 1.2%, while the S&P 500 added 0.6% and the Dow Jones Industrial Average rose 0.4%. Gains focused on technology stocks, driven by optimism about monetary policy and corporate growth.
Intel Corp. surged 25%, marking its strongest single-day performance in nearly 40 years. The rally followed news that NVIDIA Corp. will invest $5 billion in Intel and co-develop chips for data centers and personal computers. NVIDIA shares rose 3.1%, while the Philadelphia Semiconductor Index jumped 3.5% to a record intraday level.
Broader markets also benefited. The Russell 2000 Index gained 1.6%, reflecting investor confidence in smaller companies that often perform well during policy easing. Overseas, European benchmarks closed higher, with Germany’s DAX up 1.3% and France’s CAC 40 gaining 1.1%. In Asia, Japan’s Nikkei 225 rose 1.2%, while Chinese markets fell.
The Federal Reserve reduced its benchmark interest rate by 0.25% points on Wednesday and signaled two additional cuts this year. Jobless claims data released Thursday showed a decline of 33,000 to 231,000, the steepest drop in nearly four years, underscoring labor market resilience.
Market strategists noted that lower borrowing costs are expected to support corporate activity. Robert Schein of Blanke Schein Wealth Management said that rate cuts during a period of record stock highs remain supportive for equities, especially in technology and financial sectors.
UBS Global Wealth Management projected another 75 basis points of cuts by the first quarter of next year, with additional support expected from earnings growth and AI-driven investment.
However, concerns about valuations persist. Analysts warned that the S&P 500’s reliance on a handful of large-cap technology stocks could leave the market vulnerable if momentum fades. Fawad Razaqzada of City Index noted that while investors continue to buy into strong technology results, broader market justification for high valuations remains less clear.
In addition to Intel and NVIDIA, corporate news also impacted trading. CrowdStrike Holdings climbed over 10% after posting optimistic guidance and collaborating with Salesforce. Novo Nordisk announced that Ozempic received a positive survey, and Cracker Barrel did not meet sales expectations.
In other sectors, brokerage stocks advanced alongside technology shares, while gold-related equities declined as spot gold fell 0.4% to $3,644.67 an ounce. In the bond market, the 10-year US Treasury yield rose to 4.12%, reflecting reduced demand for safe-haven assets.
Cryptocurrencies also performed well, with Bitcoin gaining 1.8% to reach $117,709.31 and Ether gaining 2% to reach $4592.71. At the same time, oil prices continued to climb, as West Texas Intermediate closed at $64.27 a barrel.
Also Read: US Stock Market Today: Dow Jones rises 0.7%, NASDAQ falls 0.4%, S&P 500 drops 0.1%, Bitcoin dips 1%
