Thursday’s trading session witnessed the evaporation of any lingering apprehension as NVIDIA Corp.’s (NASDAQ: NVDA) outstanding earnings report helped propel the S&P 500 index futures to new all-time highs.
The after-hours rally on Wednesday, triggered by NVIDIA’s stellar earnings, paved the way for a bullish onslaught that carried over into Thursday’s session. The momentum built steadily overnight and continued into the premarket, positioning the index for an opening just shy of all-time highs. Despite an initial dip after the opening bell, the index swiftly reversed course, slicing through previous all-time highs within the first 20 minutes of the regular session. The bears attempted to reclaim ground by challenging the new highs for the remainder of the morning, but robust support kept the index’s gains intact.
By the start of the lunch hour, the bulls had firmly reasserted control, eventually driving the index futures past the 5100 mark. Resistance emerged at 5107.75, setting the stage for a tug-of-war around the 5100 level for the session’s final 90 minutes. Ultimately, the index futures ended the day at a new all-time closing high of 5097.75, marking an impressive gain of 101.50 handles.
NVIDIA Corp. (NASDAQ: NVDA) dominated the session, not just as the significant gainer among top components but as a market mover, establishing new all-time highs and closing up an astonishing $110.66 or 16.40% at $785.38.
That performance was more than sevenfold the cash index’s advance of 2.07%.
The robust rally spread to all the top components, making the biggest loser the smallest gainer. UnitedHealth Group Inc (NYSE: UNH) claimed this title, with a slight gain of $4.53 or 0.87%, closing at $526.50. This movement reflected a shift in investor focus toward sectors and companies directly benefiting from technological advancements and AI integration, as evidenced by NVIDIA’s performance.
