US Stock Market Today: Nasdaq, S&P 500 Jump On Back Of Tech Boost; Micron Stock Up 16%
Nvidia was trading 1.73% higher at $173.93, whereas Palantir Technologies Inc. jumped nearly 4% to $183.50.
US stock market indices S&P 500 and Nasdaq Composite opened in the green on Thursday, climbing on the back of strong tech earnings.
The tech-heavy Nasdaq opened 1.5% or 340.72 points up at 23,034.05, whereas S&P 500 opened 1.02% or 68.25 point up at 6,789.68. Dow Jones Industrial Average traded 0.81% or 386.70 points higher at 48,272.67 after a muted a start.
Shares of Micron Technology Inc. rose nearly 16% at open after the company posted strong quarterly results.
The surge had a ripple effect on other chipmakers with Mag7 company Nvidia trading 1.73% higher at $173.93, Palantir Technologies Inc. jumping nearly 4% to $183.50, and the stock of Advanced Micro Devices Inc. or AMD also trading nearly 4% higher at $205.13.
Earlier in the day, IT major Accenture also released its financial results and reported a nearly 6% year-on-year growth in revenue in the first quarter of the financial year 2026, driven by robust demand for its artificial intelligence-driven IT services.
The bottomline rose to $18.7 billion, compared to Bloomberg consensus estimate of $18.52. Despite this, Accenture's stock fell as low as 4.5%.
Financial services firm Baird called the results "strong" but added that guidance for the rest of year implied slower growth. Jefferies echoed this view and said, "we were surprised that FY2026 guidance was not raised given the strength of the quarter.
However, the American Depositary Receipts or ADRs of Indian tech titans Wipro and Infosys rose over 1% on the back of these strong tech earnings.
The American Depository Receipt (ADR) is a tool for multinationals/foreign companies (primarily based outside the US) or organisations to trade on US stock markets, just like regular shares of US companies.
In theory, an ADR is similar to a special certificate issued by a US bank. It is a negotiable certificate representing shares in a foreign company traded on US stock exchanges.
After the US markets opened, spot gold prices were trading 0.10% lower at $4,334.34 an ounce. Crude oil prices rose with West Texas Intermediate trading 0.88% up at $56.30 a barrel, and Brent crude trading 0.6% higher at $60.05 a barrel.
US dollar weakened against other currencies and fell 0.1%. The euro was unchanged at $1.1741 and the British pound rose 0.3% to $1.3419. The Japanese yen also rose 0.2% to 155.39 per dollar.
