Stocks soared on Thursday, with the technology and communications services sectors leading the charge. The Magnificent 7 stocks, including Nvidia and Meta Platforms, saw impressive gains, propelling the Nasdaq Composite to a 1.5% surge.
Nvidia, the standout performer of the day, rose 4.5%, while Meta Platforms followed with a 3.3% gain. However, Apple experienced a slight dip of 0.1%, extending its losing streak to seven days.
The positive momentum in the market also lifted the S&P 500 by 1.0% and the Dow Jones Industrial Average by 0.3%. General Electric (GE) made headlines with a 4.4% jump after announcing a $15 billion stock buyback program for its GE Aerospace division.
On the flip side, Victoria’s Secret (VSCO) had a rough day, plummeting 29.7% after issuing weak revenue guidance for the first quarter and full year. CEO Martin Waters cited ongoing pressures in the intimates market in North America but remains optimistic about sales improving in the second half of the year.
Federal Reserve Chair Jerome Powell concluded his congressional testimony, reiterating the Fed’s cautious approach to potential rate cuts. As investors await the February jobs report, initial jobless claims remained unchanged at 217,000.
Overall, Thursday was a day of mixed performances in the stock market, with some companies soaring to new heights while others faced significant challenges. Stay tuned for more updates on the ever-changing financial landscape.
