The Dow Jones Industrial Average jumped 342.87 points, or 0.77%, to 44,711.43 on Thursday. The S&P 500 climbed 1.04% to 6,115.07, and the Nasdaq Composite advanced 1.50% to 19,945.64. Stocks rose as new inflation data and updates on U.S. tariff plans eased concerns around inflationary pressures and global trade tensions.
The Dow hit session highs after President Trump held off on imposing new tariffs on foreign nations, instead hinting at future trade policy changes, including potential levies on auto imports. A jump in big-name tech stocks fueled Thursday’s gains. Nvidia gained about 3.2% after it shipped its first solution using its Blackwell chip.
Palantir, the best-performing U.S. tech stock last year, soared 24% on strong earnings, and Alphabet rose 5.8%. Treasury yields fell after the inflation data, with the 10-year yield down about 10 basis points to 4.531%. “The components that feed into PCE is where we’re getting the celebration today.
That’s helping bring yields down a little bit as well,” said Adam Turnquist, chief technical strategist at LPL Financial. “We’re watching 4.5% as the line in the sand for this upturn that’s been in place since September. A break below that would be a welcome sign for equity markets,” he added.
Casino stocks rose in tandem on Thursday after MGM Resorts posted a fourth-quarter earnings and revenue beat.
Stocks surge amid easing inflation concerns
MGM topped analysts’ estimates on both the top and bottom lines, benefiting from a boost in business from China and optimism over demand in 2025.
Shares of MGM surged nearly 18%, marking their best day since March 2020. Fellow casino operators Wynn Resorts and Las Vegas Sands saw their shares rise by about 8% and 1%, respectively. Shares of several defense contractors slipped after President Trump indicated that defense spending could be halved.
Lockheed Martin and Northrop Grumman each shed more than 1%, while Raytheon Technologies lost 1.5%. Boeing was down 0.7%. Cybersecurity firm SailPoint began trading on the Nasdaq on Thursday after going private two years ago.
The company priced its shares at $23 each for its initial public offering. As of the latest trading, shares were holding steady around the IPO price at $23.03. Shares of Arm Holdings spiked nearly 8% Thursday afternoon following a report that the semiconductor designer plans to launch its own chip this year.
The company could unveil its first in-house produced chip as early as this summer. Shares of the digital trading platform Robinhood jumped 11% following stronger-than-expected fourth-quarter revenue of $1.01 billion, beating the consensus estimate of $944.6 million. Hanesbrands fell around 18% after fourth-quarter revenue missed expectations, and the company announced CEO Steve Bratspies will step down.
The apparel company posted $888.5 million in revenue, below the $899.2 million expected by analysts.