Nasdaq 100: Nvidia Fuels Tech Surge, Intel and CrowdStrike Lead US Indices Higher

Wall Street Sets New Records on Fed Easing Signals; Intel and Nvidia Lead Tech Surge

Wall Street’s major indexes hit record intraday highs on Thursday as the Federal Reserve’s dovish tone fueled optimism around further interest rate cuts.

The S&P 500 rose 0.8%, the Nasdaq jumped 1.3%, and the Dow Jones Industrial Average added 0.6%, all lifted by strength in technology and renewed rate-cut bets. Traders responded positively after the Fed lowered rates by 25 basis points and signaled more reductions may follow.

The S&P 500 posted 28 new 52-week highs, while the Nasdaq recorded 111 new highs and 30 new lows.Breadth was strong, with advancers outpacing decliners by over 2-to-1 on the Nasdaq.

Fed Rate Cut Sparks Rally in Equities

Federal Reserve Chair Jerome Powell underscored concerns about a softening labor market following the central bank’s widely anticipated rate cut. The market is now pricing in roughly 43.3 basis points of additional easing by year-end, according to LSEG. The small-cap Russell 2000 surged 1.7% as lower borrowing costs are seen benefiting domestically focused firms.

Intel, Nvidia, and Semiconductors Drive Technology Sector Higher

Intel shares exploded 29% after Nvidia announced a $5 billion investment in the company—marking Intel’s biggest one-day gain since 1987. Nvidia rose 3.4%, rebounding from losses tied to China demand fears.

Advanced Micro Devices slipped 3.1%, while Applied Materials, Lam Research, and Micron Technology rallied between 4.5% and 7%.

The Philadelphia Semiconductor Index hit a new record, propelling the broader tech sector 1.6% higher.

Sector Performance Mixed Despite Market Gains

Technology and industrials led the S&P 500 sectors, gaining 1.27% and 1.05% respectively. Real estate and communication services also edged higher. Meanwhile, consumer staples and energy lagged, losing 0.75% and 0.42% respectively. Materials were flat on the session, while health care and financials posted marginal gains.

Stock Standouts: CrowdStrike and Nucor Move on News

CrowdStrike rallied 10% after at least nine analysts boosted their price targets following strong performance updates. On the flip side, Nucor dropped 4.4% after warning of a decline in Q3 profits across all divisions.

Market Outlook Remains Bullish with Caution Near Highs

With the Fed leaning dovish and economic data not signaling an imminent downturn, markets are positioned for further upside. However, traders are increasingly wary of how much optimism is already priced in. The rally, supported by AI momentum and rate cut expectations, may face near-term tests from upcoming inflation reports and Fed speakers, which could shift rate path expectations.

More Information in our Economic Calendar.