Wall Street was enjoying a bullish Thursday afternoon, propelled by AI stocks and tech giants, as investors grew increasingly optimistic about the disruptive technology.
Advanced Micro Devices Inc. (NASDAQ:AMD) surged by 8% following news that Microsoft Corp. (NASDAQ:MSFT) and Meta Platforms Inc. (NASDAQ:META) will harness AMD’s new AI chip, Instinct MI300X, in a challenge to Nvidia Corp.‘s (NASDAQ:NVDA) market dominance.
Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) soared by 6% as Wall Street celebrated the launch of Gemini, a new artificial intelligence model with the potential to close the gap in its race against Microsoft-backed OpenAI.
The Nasdaq 100 was up 1.4%, on track to deliver its best daily performance since Nov. 14.
Treasury yields remained stable on Thursday, with the market temporarily pausing its focus on monetary policy, awaiting more insights into the job market’s health with the November jobs report set to be released Friday morning.
The dollar index (DXY), as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), declined by 0.8%, primarily driven by a 2.6% drop of the greenback against the Japanese yen, the most significant movement since Dec. 20, 2022.
Gold remained steady at $2,020 per ounce, while oil continued its downward trend, slipping by 0.5% and heading for its sixth consecutive negative session.
Bitcoin (CRYPTO: BTC) experienced a 1% decline following negative remarks from JPMorgan CEO, Jamie Dimon.
Thursday’s Performance of Major US Indices & ETFs
| Major Indices | Price | Change | % Change |
|---|---|---|---|
| Nasdaq 100 | 16,017.51 | +229.46 | +1.5% |
| S&P 500 | 4,583.74 | +34.40 | +0.8% |
| Russell 2000 | 185.06 | +1.00 | +0.5% |
| Dow Jones | 36,118.93 | +64.50 | +0.2% |
The SPDR S&P 500 ETF Trust (ARCA: SPY) edged 0.77% higher to $458.23.
The SPDR Dow Jones Industrial Average ETF (NYSE:DIA) was 0.2% higher to $361.97.
The Invesco QQQ Trust (NASDAQ: QQQ) rallied 1.4% to $390.53
The iShares Russell 2000 ETF (NYSE:IWM) rose 0.5% to $184.96, according to Benzinga Pro data.
Chart Of The Day: Yen Takes Revenge
Sector, Industry ETF Performance
Communication services and technology led gains, with the Communication Services Select Sector SPDR Fund (NYSE:XLC) and the Technology Select Sector SPDR Fund (NYSE:XLK) up by 2.4% and 1.1% respectively.
Energy continued to lag, with the…
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