U.S. stocks posted a second straight day of gains on Thursday, though at a far more measured pace than Wednesday’s blockbuster rally. Investors continued to ride the wave of optimism from the U.S.-Iran ceasefire, but fresh doubts about the agreement’s durability kept a lid on the advance. The session’s real energy came from the technology sector, where a massive new AI infrastructure deal and broad semiconductor strength powered the Nasdaq to a market-leading gain.
The Dow Jones Industrial Average added 275.88 points, or 0.58%, to close at 48,185.80. The S&P 500 gained 41.85 points, or 0.62%, finishing at 6,824.66. The Nasdaq Composite outperformed with a 187.42-point advance, or 0.83%, closing at 22,822.42. The gains were notably more restrained than Wednesday’s 2%-plus surge, as midday reports that Iran accused the U.S. of violating the ceasefire agreement injected fresh uncertainty into energy and equity markets. Oil prices continued their retreat but at a slower pace, hovering near $94 a barrel as traders weighed the geopolitical back-and-forth.
Notable Movers
CoreWeave (NASDAQ:CRWV) was the story of the day after announcing an expanded, long-term agreement to provide AI cloud infrastructure for Meta Platforms through December 2032, valued at roughly $21 billion. The stock spiked as much as 8% in premarket trading before pulling back sharply after the company simultaneously announced a $4.25 billion debt offering — $1.25 billion in senior notes and $3 billion in convertible debt — diluting some of the initial enthusiasm. Meta (META) rose roughly 3% on the deal, which underscores its commitment to scaling AI inference capacity using Nvidia’s next-generation Rubin architecture.
Semiconductor stocks continued to shine for a second session. ASML (ASML) surged about 7.8%, Applied Materials (AMAT) gained 6.8%, and Taiwan Semiconductor (TSM) rallied approximately 6% as the combination of lower oil costs and renewed AI spending confidence lifted the group. Airlines extended Wednesday’s fuel-cost relief rally, building on the crude price collapse that has reshaped the sector’s near-term earnings outlook.
On the downside, Atlassian (TEAM) tumbled after Guggenheim slashed its price target by nearly 40% to $115, citing artificial intelligence as a potential near-term headwind to the company’s core collaboration software business. The downgrade highlighted a growing divide in the tech sector between companies that are building AI infrastructure and those whose existing products could be disrupted by it.
Looking Ahead
The fourth-quarter GDP third estimate and February PCE prices data released Thursday will take time to digest, but the market’s attention is already turning to Friday’s March CPI report and the preliminary April University of Michigan Consumer Sentiment reading — both of which will offer a clearer picture of how elevated fuel costs have filtered through to consumers. Big bank earnings season begins in earnest next week, with Goldman Sachs reporting Monday and JPMorgan Chase, Wells Fargo, Citigroup, and BlackRock following on Tuesday. The ceasefire’s two-week clock is ticking, and any escalation from Tehran could quickly reverse the recent relief rally that has lifted the S&P 500 more than 3% off its recent lows.