Strong Tech Gains Propel Wall Street’s Rally Amid Mixed Market Signals
On Thursday, a wave of megacap tech stocks led Wall Street to significant gains, with all three major indexes extending their win streaks to three consecutive days. The Dow Jones Industrial Average and Nasdaq Composite both surged by over 450 points, overcoming remarks from China stating that there were no ongoing trade discussions with the U.S. The S&P 500 also saw a sharp increase, driven by positive comments from Amazon.com (AMZN) and Nvidia (NVDA), suggesting that demand for artificial intelligence (AI) data centers remains robust.
Additionally, Treasury Secretary Scott Bessent mentioned that a trade agreement with South Korea might be reached “as soon as next week.” Traders focused on disappointing existing home sales data for March along with several earnings reports ahead of tomorrow’s jobs data. In contrast, the Cboe Volatility Index (VIX) recorded a third consecutive decline, slipping below 30.
For more insights on today’s market, continue reading:
- This oil Stock shows signs of a potential rebound.
- Two chip stocks are staging a post-earnings rally.
- Plus, a look at blue-chip performances, airline sector updates, and Comcast’s subscriber decline.
5 Things to Know Today
- Russian strikes on Kyiv overnight resulted in 12 fatalities and 90 injuries, with President Trump urging Russian President Vladimir Putin to cease hostilities. (Wall Street Journal)
- Acting German Finance Minister Joerg Kukies stated that trust between Europe and the U.S. remains intact and expressed support for a zero-for-zero tariff deal. (CNBC)
- Despite strong quarterly results, shares of PG and MRK did not respond positively.
- Airline stocks gained traction despite an unclear economic outlook.
- Comcast’s stock faced pressure as broadband subscriber numbers declined.
Oil and Gold Prices Increase
Oil prices edged up slightly on Thursday as investors assessed the prospect of an output increase from the Organization of the Petroleum Exporting Countries and its allies (OPEC+), alongside mixed tariff developments and updates from the Russia-Ukraine conflict. Oil for June delivery rose by 16 cents, or 9.3%, closing at $62.43 per barrel.
Gold prices also moved higher, supported by a weakening dollar, with market participants keeping a close watch on China-U.S. trade discussions. June gold increased by 1.7% to settle at $3,348.60 an ounce.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
