Source: Sharecast
The Dow rose 0.3% to 46,142.42, the S&P 500 gained 0.5% to 6,631.96, while the Nasdaq jumped 1.0% to 22,470.73 – with all three indices topping their previous record highs reached over the past week.
Markets were still reacting to the Federal Reserve's move on Wednesday to lower interest rates by one-quarter of a percentage point.
However, FOMC chairman Jerome Powell tempered expectations for a prolonged rate-cutting cycle, describing the latest move as "risk management" rather than the start of an aggressive easing path. Policymakers now anticipate making two additional cuts in 2025, but only one in 2026, falling short of market expectations for as many as three reductions next year.
“The prospect of a gradual cut in US interest rates and the news that Nvidia is to invest a $5 billion stake in Intel have put investors in an upbeat mood,” said Dan Coatsworth, investment analyst at AJ Bell. “Signals that rates will gradually be reduced could make businesses more confident about spending money, including more clarity on their recruitment plans, and that’s why markets are looking bullish today."
In economic data, initial jobless claims dropped by 33,000 to a seasonally adjusted 231,000 in the week ended 13 September, pulling back after hitting their highest level in nearly four years the week before. The consensus forecast was 240,000.
Meanwhile, the Philly Fed manufacturing index rebounded sharply in September, rising to +23.2 from -0.3 in August — its strongest reading since January and well ahead of consensus forecasts for a modest uptick to 2.3.
Market movers
Intel shares surged 23% after Nvidia said it would invest $5bn in the chipmaker. The deal is part of a collaboration to jointly develop multiple generations of custom data centre and PC products "that accelerate applications and workloads across hyperscale, enterprise and consumer markets", said Nvidia, which gained 3.5% on the news.
Another high riser was clinical-stage biopharmaceutical company 89bio, which rocketed 85% after Swiss pharma giant Roche struck a deal to buy the outfit for up to $3.5bn.
Chemicals giant DuPont finished higher even after lowering its full-year sales target – though the move would not have come as a surprise as the company removed sold brands and discontinued operations from its projections.
Cracker Barrel shares fell after the restaurant chain missed fourth-quarter earnings forecasts at $0.74 per share. Revenues, however, beat expectations at $868m, versus a consensus of $855m.
Dow Jones - Risers
Intel Corp. (INTC) $30.57 22.77%
Caterpillar Inc. (CAT) $466.96 3.62%
International Business Machines Corporation (CDI) (IBM) $265.00 2.29%
American Express Co. (AXP) $341.67 1.69%
Cisco Systems Inc. (CSCO) $68.65 1.37%
Goldman Sachs Group Inc. (GS) $804.31 1.27%
Travelers Company Inc. (TRV) $278.27 1.04%
Salesforce.Com Inc. (CRM) $244.28 0.85%
Merck & Co. Inc. (MRK) $81.53 0.48%
Boeing Co. (BA) $215.72 0.48%
Dow Jones - Fallers
Visa Inc. (V) $338.18 -2.32%
Unitedhealth Group Inc. (UNH) $334.82 -1.99%
Procter & Gamble Co. (PG) $157.32 -1.88%
Dow Chemical Co. (DOW) $24.11 -1.75%
Johnson & Johnson (JNJ) $174.31 -1.72%
McDonald's Corp. (MCD) $301.14 -1.26%
Verizon Communications Inc. (VZ) $43.67 -1.22%
Walt Disney Co. (DIS) $114.86 -1.07%
Coca-Cola Co. (KO) $66.46 -0.87%
Chevron Corp. (CVX) $158.84 -0.78%
S&P 500 - Risers
Intel Corp. (INTC) $30.57 22.77%
Nektar Therapeutics (NKTR) $58.76 15.06%
Synopsys Inc. (SNPS) $480.11 12.86%
Applied Materials Inc. (AMAT) $189.76 6.53%
Jefferies Financial Group Inc. (JEF) $70.36 5.76%
KLA-Tencor Corp. (KLAC) $1,046.69 5.74%
Micron Technology Inc. (MU) $168.89 5.56%
Fluor Corp. (FLR) $42.42 5.16%
Cadence Design Systems Inc. (CDNS) $364.88 5.07%
Wynn Resorts Ltd. (WYNN) $128.68 4.38%
S&P 500 - Fallers
Darden Restaurants Inc. (DRI) $192.74 -7.69%
S&P Global Inc Com (SPGI) $507.80 -6.67%
Nucor Corp. (NUE) $134.30 -5.95%
Moody's Corp. (MCO) $483.26 -5.75%
Nasdaq Inc (NDAQ) $88.87 -4.54%
Advance Auto Parts (AAP) $60.14 -4.08%
Msci Inc. (MSCI) $557.01 -3.92%
Jack Henry & Associates Inc. (JKHY) $154.44 -3.34%
Monster Beverage Corp (MNST) $64.64 -2.83%
Philip Morris International Inc. (PM) $161.76 -2.73%
Nasdaq 100 - Risers
Intel Corp. (INTC) $30.57 22.77%
Qvc Group Inc Series A (QVCGA) $15.01 15.73%
Synopsys Inc. (SNPS) $480.11 12.86%
Applied Materials Inc. (AMAT) $189.76 6.53%
Asml Holdings N.V. (ASML) $927.80 6.37%
KLA-Tencor Corp. (KLAC) $1,046.69 5.74%
Micron Technology Inc. (MU) $168.89 5.56%
Cadence Design Systems Inc. (CDNS) $364.88 5.07%
Wynn Resorts Ltd. (WYNN) $128.68 4.38%
Western Digital Corp. (WDC) $105.15 4.17%
Nasdaq 100 - Fallers
NetEase Inc. Ads (NTES) $152.88 -4.05%
Monster Beverage Corp (MNST) $64.64 -2.83%
Comcast Corp. (CMCSA) $31.64 -2.44%
Charter Communications Inc. (CHTR) $262.17 -2.18%
Tesla Inc (TSLA) $416.85 -2.12%
Vodafone Group Plc ADS (VOD) $11.42 -2.06%
Booking Holdings Inc. (BKNG) $5,442.25 -2.01%
Baidu Inc. (BIDU) $135.25 -1.87%
Verisk Analytics Inc. (VRSK) $245.33 -1.75%
Netflix Inc. (NFLX) $1,207.78 -1.69%