A megacap tech rally powered Wall Street's gains on Thursday, with all three major indexes extending their win streaks to three days. The Dow and Nasdaq each added more than 450 points, brushing off remarks from China noting that no trade talks were happening with the U.S. The S&P 500 also rallied, after comments from Amazon.com (AMZN) and Nvidia (NVDA) indicated artificial intelligence (AI) data center demand remains strong.
Meanwhile, Treasury Secretary Scott Bessent said a trade agreement with South Korea could come “as soon as next week.” Traders also unpacked dismal existing home sales data for March and a slew of earnings reports before tomorrow's jobs data. Missing out on today's rally, the Cboe Volatility Index (VIX) marked a third-straight loss and slipped back below 30.
Continue reading for more on today's market, including:
- This oil stock looks primed for a rebound.
- 2 chip stocks staging post-earnings rallies.
- Plus, blue chips brush off quarterly wins; airline sector check-in; and Comcast's declining subscribers.
5 Things to Know Today
- Overnight Russian strikes on Kyiv killed 12 and injured 90, with President Trump urging Russian leader Vladimir Putin to stop the attacks. (Wall Street Journal)
- Acting German Finance Minister Joerg Kukies said trust between Europe and the U.S. is not yet broken, and that he favors a zero-for-zero tariff deal. (CNBC)
- Strong quarterly results didn't help PG or MRK.
- Airline stocks rise despite murky economic outlook.
- Broadband subscriber decline pressured Comcast stock.
Oil, Gold Prices Edge Higher
Oil prices settled slightly higher on Thursday, as investors weighed a potential output hike from the Organization of the Petroleum Exporting Countries and its allies (OPEC+), mixed tariff news, and Russia-Ukraine war updates. June-dated West Texas Intermediate (WTI) crude rose 16 cents, or 9.3%, to finish at $62.43 per barrel.
Gold prices also finished higher as the greenback eased, with all eyes on China-U.S. trade comments. June-dated gold added 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.
