Dow, S&P 500, Nasdaq Hit Fresh Record Highs; Fed Rate Fallout; Nvidia, Tesla, Intel, Meta, More Movers

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Stocks were roaring to record levels on Thursday as Wall Street held a delayed celebration for yesterday’s rate cut.

The Dow Jones Industrial Average rose 144 points, or 0.3%. The S&P 500 was up 0.6%. The Nasdaq Composite was up 1.1%. All three were on track for closing highs after setting fresh intraday record highs.

Intel was leading a chip stock rally after Nvidia announced a big investment and partnership with the struggling semiconductor firm. Riskier stocks, momentum, and small-caps were leading the charge.

At the sector level, tech, industrials, utilities, financials, communication services, and real estate were on top, while consumer staples and energy were lagging.

Daniel Skelly, head of Morgan Stanley’s wealth management market research & strategy team, writes that the question for markets following the cut is “what’s next.”

“The Fed acted because of a weakening labor market, but there are fundamental reasons to believe the inflationary impacts of tariffs have simply been delayed, not avoided entirely,” Skelly writes. “Given the stock market’s high valuations, investors should continue to emphasize diversification and careful stock selection, with an eye on opportunities in financials, AI infrastructure, and health care, balanced by real assets like gold.”

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