The S&P 500 index briefly surpassed 5,500 points for the first time on Thursday, marking a new milestone in the market’s recent climb. However, the index edged slightly lower later in the session. The Dow Jones Industrial Average advanced, contrasting with a decline in the Nasdaq Composite.
Nvidia (NVDA) saw notable gains as investor enthusiasm swelled over advancements in artificial intelligence (AI). The tech giant’s shares contributed to the market’s bullish sentiment.
Dell Technologies (DELL) and Super Micro Computer (SMCI) also made gains following announcements by Elon Musk that both companies would supply hardware for his xAI startup. Dell CEO Michael Dell highlighted a collaboration with Nvidia for this initiative.
Accenture (ACN) experienced a significant surge in its stock price after reporting better-than-expected third-quarter profits, driven by strong growth in AI-related bookings.
Darden Restaurants (DRI) posted stronger-than-anticipated adjusted earnings, buoyed by its acquisition of Ruth’s Chris Steak House, leading to a rise in its shares.
Shares of Newmont Corporation (NEM) and other mining companies rallied alongside increases in gold, copper, and other metal prices.
Conversely, Kroger (KR) saw its shares decline as the supermarket chain halted its stock buyback program to focus on gaining approval for its planned acquisition of rival Albertsons (ACI).
Jabil (JBL) witnessed a notable drop after warning of market softness across several segments. This downturn impacted by Apple (AAPL), whose significant purchases constitute a substantial portion of Jabil’s revenue.
Oil futures and yields on the 10-year Treasury note rose during the session. The U.S. dollar strengthened against the euro, pound, and yen. Meanwhile, prices of major cryptocurrencies like Bitcoin and Ethereum experienced slight declines.
The mixed performance across sectors underscored ongoing volatility in the markets, influenced by developments in technology, commodities, and corporate earnings. Investors continue to monitor these dynamics closely amid evolving economic conditions and geopolitical uncertainties.
