The Nasdaq 100 index posted its fourth consecutive session in the green on Thursday, closing up 0.6% at 19,576 points and reaching new all-time highs as tech stocks drive broader market gains.
The S&P 500 also recorded its fourth straight positive day, rising 0.2% to a record closing level of 5,433 points, rebounding from a morning dip caused by disappointing unemployment claims data.
In the afternoon, traders regained confidence in risky assets after U.S. Treasury Secretary Janet Yellen expressed optimism about continued progress in disinflation. While Yellen noted easing labor market pressures, she emphasized that the job market remains strong.
The market anticipates a rate cut in September with a probability nearing 70%, and is currently pricing in over 50 basis points of cuts by the end of the year, equivalent to two fully priced rate cuts.
Thursday’s performance among the eleven sectors of the S&P 500 saw technology leading, up 1%, followed by real estate, up 0.5%, both supported by growing expectations of interest rate cuts.
Energy was the biggest laggard, down 0.9%, followed by communication services, down 0.7%.
| Sector | 1-day %chg |
|---|---|
| Technology Select Sector SPDR Fund XLK | 1.02% |
| Real Estate Select Sector SPDR Fund XLRE | 0.52% |
| Utilities Select Sector SPDR Fund XLU | 0.19% |
| Consumer Discretionary Select Sector SPDR Fund XLY | 0.13% |
| Consumer Staples Select Sector SPDR Fund XLP | 0.12% |
| Materials Select Sector SPDR Fund XLB | -0.03% |
| Health Care Select Sector SPDR Fund XLV | -0.04% |
| Financial Select Sector SPDR Fund XLF | -0.10% |
| Industrials Select Sector SPDR Fund XLI | -0.64% |
| Communication Services Select Sector SPDR Fund XLC | -0.73% |
| Energy Select Sector SPDR Fund XLE | -0.93% |
Nasdaq 100’s Top 5 Risers
| Name | Last | Chg % |
| Broadcom Inc. AVGO | 1,679.29 | 12.29% |
| NVIDIA Corporation NVDA | 129.37 | 3.33% |
| Tesla, Inc. TSLA | 182.33 | 2.84% |
| Exelon Corporation EXC | 35.40 | 1.86% |
| Micron Technology, Inc. MU | 143.08 | 1.66% |
Nasdaq 100’s Top 5 Fallers
| Name | Last | Chg % |
| Warner Bros. Discovery Inc. WBD | 7.31 | -6.40% |
| MongoDB, Inc. MDB | 218.14 | -4.85% |
| Atlassian Corporation TEAM | 156.04 | -4.17% |
| Zscaler, Inc. ZS | 181.00 | -4.15% |
| Sirius XM Holdings Inc. SIRI | 2.53 | -3.93% |
S&P 500’s Top 5 Risers
| Name | Last | Chg % |
| Super Micro Computer Inc. SMCI | 871.16 | 12.45% |
| Broadcom Inc. | 1,678.90 | 12.26% |
| Arista Networks, Inc. ANET | 331.67 | 6.53% |
| Incyte Corporation INCY | 62.68 | 4.57% |
| Qorvo, Inc. QRVO | 113.36 | 4.27% |
S&P 500’s Top 5 Fallers
| Name | Last | Chg % |
| Paramount Global PARA | 10.35 | -6.92% |
| Warner Bros. Discovery Inc. | 7.31 | -6.40% |
| Etsy, Inc. ETSY | 60.15 | -4.93% |
| Generac Holdings Inc. GNRC | 136.17 | -4.58% |
| Albemarle Corporation ALB | 108.23 | -3.92% |
Now Read: Goldman Sachs Reaffirms September Rate Cut Forecast, Downplays Fed’s ‘Hawkish Surprise’
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