Technology Stocks Lead U.S. Stock Indexes Higher
On Thursday, gains in technology stocks pushed major U.S. stock indexes higher. The S&P 500 rose by 0.9%, the Nasdaq Composite gained 1.3%, and the Dow Jones rose by 0.5%, ending three consecutive days of losses.
The best-performing sector in the S&P 500 was information technology, which saw a 2% increase. Chip stocks also rose following a positive outlook from major chip supplier Taiwan Semiconductor. The Philadelphia Exchange Semiconductor Index rose 3.4%, led by companies like Qualcomm and Lam Research. Apple shares also saw a significant increase, closing at their highest level since 2024 with a rise of 3.3%.
After a dramatic rise in 2023, the major stock indexes have been relatively flat since the beginning of the year. The KBW Nasdaq Bank Index, however, fell for a seventh consecutive session, dropping by 0.5%. Discover Financial Services’ results fell short of expectations, leading to an 11% drop in their shares.
Additionally, health insurance stocks sold off following a warning from Humana regarding rising health care costs impacting its financial results. Humana shares fell by 8%, and other companies in the industry, such as CVS Health and Elevance Health, also experienced downturns.
In other news, Spirit Airlines saw a 7.2% drop after reports emerged that the airline is considering restructuring options due to a federal judge’s block of JetBlue Airways’ deal to acquire the budget airline, according to The Wall Street Journal.
Overall, it was a positive day for technology stocks and major U.S. stock indexes, with several sectors experiencing gains and losses.