The US stock market continued its bullish run on Thursday, with S&P 500 and Nasdaq Composite clocking fresh record highs at the opening bell. The Dow Jones Industrial Average also ticked higher, crossing the 50,000-mark.
The S&P 500 advanced 0.13% to 7,376.78 minutes after the start of trade, whereas the tech-heavy Nasdaq was up 0.3% at 25,921.02. Dow Jones rose 219 points, or 0.45%, to 50,130.2.
Companies with strong quarterly results gained an edge in early trade, with DoorDash shares surging 8% and Fortinet climbing 19%. Chipmakers, who led the rally on Wednesday, witnessed profit-booking as AMD stock slipped 1.47%, and Intel was down 1.1%.
Nvidia, however, continued to climb, with the scrip trading 1.13% higher at 9:55 am EST. Among others in the Mag 7 pack, Tesla was up 3.2%, after the Elon Musk-led EV maker posted a 36% spike in China sales. Amazon and Alphabet stocks were down by about 1%, whereas Meta Platforms was up nearly 1.5%.
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Crude oil prices continued to slump as the Wall Street opened, with Brent futures trading nearly 4% lower at $97.1 an ounce. The US West Taxes Intermediate futures were down 3.8% at $91.48.
The cooling of crude had an effect on the currency market, as the dollar turned softer. The Bloomberg Dollar Spot Index was down 0.2%, whereas the 10-Year Treasury yield fell by two basis points to 4.3%.
Bullion market, on the other hand, continued to log gains. Silver advanced at a faster pace as compared to gold, with US spot market rates rising by 5.2% to $81.36 an ounce. US spot gold rose by 1.16% to $4,745.41 per ounce.
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