- Tech led the stock market higher on Thursday as investors chase the growing hype around artificial intelligence.
- Shares of Nvidia surged 5% on no material news and top investors like Steve Cohen and Bill Ackman expressed bullishness towards the potential of AI.
- Investors are also looking toward progress on the debt ceiling negotiations and the potential for another Fed rate hike in June.
US stocks jumped on Thursday with technology companies leading the major averages higher thanks to the growing hype around artificial intelligence.
Shares of Nvidia surged 5% on no material news, with the company seen as a major beneficiary of the growth in AI, and top investors like Steve Cohen, Chase Coleman, and Bill Ackman have $4
Investors were also closely monitoring progress on debt ceiling negotiations, with the June 1 "X-date" now less than two weeks away. While President Biden traveled to Japan for the G7 summit, he said he would cut his trip early and return to Washington, D.C. to continue the debt ceiling negotiations.
The potential for another rate hike in June appeared more likely on Thursday following comments from Dallas Fed President Lorie Logan, who said that while the Fed made some progress towards taming inflation, "as of today, though, we aren't there yet." Fed President James Bullard also said on Thursday that another rate hike in June is possible.
Here's where US indexes stood at the 4:00 p.m. ET close on Thursday:
- S&P 500>$4: 4,198.05, up 0.94%
- Dow Jones Industrial Average>$4: 33,535.91, up 0.34% (115.14 points)
- Nasdaq Composite>$4: 12,688.84, up 1.51%
Here's what else happened today:
- Investors $4 thanks to expectations of a Federal Reserve pivot and the craze around artificial intelligence, according to a Bank of America survey.
- Artificial intelligence technology $4 over the next decade, according to a senior strategist at Goldman Sachs.
- Nvidia CEO $4 as investor excitement around AI gave the chipmaker's stock a huge boost.
- $4 after earnings came in mixed but guidance hints Grand Theft Auto 6 will be released in 2024.
- $4 after it said its new advertising-based subscription plan has amassed 5 million active users since its launch.
- Weekly jobless claims fell by 22,000 to 242,000, below economists' estimates of 254,000.
In commodities, bonds and crypto: