Nasdaq 100: Intel Soars 30% on Nvidia Deal, Lifting Tech Stocks and US Indices Today

Tech Surge Lifts Stock Futures as Fed Rate Cut Sparks Rotation

Stock futures climbed sharply Thursday morning as investors poured back into technology stocks following the Federal Reserve’s quarter-point rate cut.

Nasdaq-100 futures gained 1.1%, S&P 500 futures added 0.9%, and Dow Jones futures rose 326 points, or 0.7%. The rally reflects growing optimism around rate-sensitive sectors, despite Fed Chair Jerome Powell’s tempered tone on further easing.

Powell labeled the cut “risk management,” reinforcing the Fed’s cautious stance. While policymakers penciled in two additional cuts this year, they forecast just one in 2026 — a less aggressive path than markets anticipated. Investors are watching upcoming inflation and labor market data to gauge the next move.

Intel and Nvidia Lead Tech Comeback—Will the AI Trade Reignite?

Intel surged 30% in premarket trading after Nvidia committed $5 billion to co-develop AI-powered data center and PC chips. Nvidia itself jumped 3%, recovering from Wednesday’s 2.6% slide. The deal renews enthusiasm around semiconductor plays after a choppy summer for AI-related names.

Other chip stocks moved higher, including Broadcom and Palantir, each up over 1%. Tesla added more than 1% as well. However, Advanced Micro Devices fell 5% premarket, potentially reflecting competitive pressure or positioning shifts following the Nvidia-Intel partnership.

Broader Tech and AI Stocks Rally—Can the Momentum Hold?

Quantum-related names extended gains on Thursday. IonQ rose 5.7% after striking a deal with the Department of Energy to develop quantum tech for space applications. Quantum Computing gained 4.8%, Rigetti Computing added 4%, and D-Wave Quantum advanced 2.5%.

CrowdStrike jumped 5% after issuing upbeat guidance and unveiling an AI-driven cybersecurity partnership with Salesforce. The company also acquired AI security firm Pangea, deepening its footprint in next-gen enterprise protection.

Corporate Updates: Novo Nordisk, Bullish, and PayPal Make Waves

Novo Nordisk climbed 7.6% after its once-daily obesity pill delivered “significant” weight loss in late-stage trials, comparable to its blockbuster Wegovy injection. Cryptocurrency exchange Bullish popped 7.3% on its first earnings report since going public, posting 93 cents EPS on $57 million in adjusted revenue.

PayPal added 2.5% after announcing a multi-year collaboration with Alphabet to integrate AI and digital payments into Google platforms. Vaccine makers Moderna, BioNTech, and Pfizer all ticked higher on AHIP’s confirmation of continued insurance coverage.

Weak Earnings Hit Darden and Nucor—Are Consumer and Industrials Losing Steam?

Darden Restaurants fell 6.4% after missing Q1 expectations, reporting adjusted EPS of $1.97 versus the expected $2.00. Cracker Barrel also dropped 7.2% after falling short on earnings, despite a revenue beat. Nucor slid 3.7% after guiding Q3 EPS between $2.05 and $2.15, below consensus estimates of $2.57.

StubHub declined nearly 1% following its rocky public debut, shedding 6.4% on Wednesday. Amer Sports bucked the trend, gaining 7% after raising its Q3 revenue growth outlook to the high-20% range.

Market Outlook: Focus Turns to Data After Fed’s Cautious Tone

While the Fed’s 25 basis point cut was widely expected, the measured forward guidance cooled hopes for rapid easing. The futures rally suggests traders are comfortable with slower cuts — for now.

With jobless claims dropping to 231,000 and continuing claims easing to 1.92 million, the labor market still shows resilience. The market now pivots to upcoming inflation reports and Fed commentary for cues on rate timing and depth. Traders should monitor Treasury yields and Fed speakers for confirmation of the new easing cycle’s pace.

More Information in our Economic Calendar.