Tech Giants Rally for a Winning Day

US stocks rose closer to their all-time highs on Thursday following reports on the economy that came in close to expectations.

• The Dow rose 235 points, or 0.5%, to 41,096.
• The S&P 500 rose 41 points, or 0.7%, to 5,595, marking a four-day win streak for the benchmark index, per CNBC.
• The Nasdaq rose 174 points, or 1%, to 17,569.

Nvidia was the strongest force lifting the market and rose another 3% after jumping 8.1% the day before. The chip company's stock has stabilized recently after falling more than 20% during the summer on worries investors had taken it too high in their frenzy around artificial-intelligence technology, per the AP. It and other Big Tech stocks helped offset an 11.9% slump for Moderna after the vaccine maker said it expects to break even in 2028, pushing out its earlier prediction of 2026. Treasury yields also held steady in the bond market following reports on layoffs and inflation that included few surprises. The data did little to change the overriding belief in the market that the economy is slowing, along with inflation, and that the Federal Reserve will deliver a cut to interest rates next week in hopes of protecting the job market and preventing a recession.

In the markets, Kroger climbed 5.8% after reporting stronger profit for the latest quarter than analysts expected. The grocer's revenue fell short, but it raised the floor of its forecasted range for a key revenue measure for the full year. Alaska Air Group rose 1.2% after raising its forecast for profit in the summer quarter. The airline said an important underlying measure of revenue will likely be up about 2% from a year earlier, better than the "flat to positive" forecast it gave earlier. American Airlines gained 1.6% after its flight attendants voted to approve a labor contract and avert a possible strike.

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