NEW YORK (AP) — Thursday’s market action saw significant gains across the board, with tech leading the way and Nvidia’s 16% jump headlining the rally.
The S&P 500 closed 2.11% higher, and the Nasdaq Composite added nearly 3%, marking their best day in over a year. Tech led the day with a 4.35% gain, while industrials and health care each saw gains of over 1% and hit fresh record closes. Quanta Services in industrials and Moderna in health care were among the big winners, with each stock rising over 10%.
In extended trading, several companies made headlines, with financial software company Intuit pulling back roughly 1% after posting revenue of $3.39 billion in its fiscal second quarter. Live Nation Entertainment added about 1%, reporting revenue of $5.84 billion, surpassing analysts’ estimates of $4.79 billion. Booking Holdings fell more than 4% despite reporting a fourth-quarter earnings and revenue beat.
Stock futures were little changed following the record highs reached by the S&P 500 and Dow Jones following Nvidia’s blowout earnings report. Futures tied to the Dow Jones Industrial Average ticked down 9 points, or 0.02%, and S&P 500 futures pulled back 0.03%, while Nasdaq 100 futures slipped 0.09%.
The day’s rally was broad, with Nvidia’s surge and solid gains across various sectors, showing the market’s resilience and optimism. Despite some fluctuations in after-hours trading, the market’s overall positive performance reflects investors’ confidence and a strong start to the year.