The S&P 500 ended higher on Thursday after a strong outlook from Oracle fueled optimism around artificial intelligence, offsetting worries about tension in the Middle East and a drop in Boeing shares.
Market Snapshot
The S&P 500 climbed 0.38% to end the session at 6,045.26 points. The Nasdaq gained 0.24% to 19,662.49 points, while the Dow Jones Industrial Average rose 0.24% to 42,967.62 points.
Market Movers
Chime Financial, Inc. shares jumped 37% in their Nasdaq debut on Thursday after the provider of online banking services sold shares in an IPO that valued the company at $11.6 billion.
Boeing tumbled 4.8% after an Air India plane carrying 242 passengers crashed near an airport in the western Indian city of Ahmedabad. Several officials, including the city police commissioner and a representative from the state health department, said one passenger survived, according to multiple media reports.
The plane was an 11-year-old Boeing 787, according to data from the flight-tracking service Flightradar24. "We are in contact with Air India regarding Flight 171 and stand ready to support them," Boeing said in an emailed statement. "Our thoughts are with the passengers, crew, first responders, and all affected."
Shares of GE Aerospace were down 2.3%. The company's GEnx engines powered the Air India 787.
Oracle reported fiscal fourth-quarter adjusted earnings of $1.70 a share, better than analysts' estimates of $1.64. Revenue came in strong as well, particularly at Oracle's cloud infrastructure business, which recorded a 52% increase. CEO Safra Catz said Oracle anticipates its cloud infrastructure growth rate to jump to more than 70% in fiscal 2026. The stock surged 13%.
RH shares surged up 20% after hours, after the retailer reported a surprise adjusted profit during the first quarter, kept its full-year outlook and said it was moving more furniture production out of China.
Oxford Industries sank 14% after the owner of the Tommy Bahama and Lilly Pulitzer brands cut its fiscal-year outlook, citing additional tariff costs. Oxford said it expects fiscal-year adjusted earnings of $2.80 to $3.20 a share, down from a previous projection of $4.60 to $5. Analysts had been calling for adjusted profit of $4.35 a share.
BioNTech agreed to acquire smaller biotechnology company CureVac in a $1.25 billion all-stock deal in a push to advance its cancer drug portfolio. CureVac stock soared 38% to $5.60 while U.S.-listed shares of BioNTech fell 0.5%.
Voyager Technologies fell 12% on Thursday to $49.50, a day after the defense and space tech company made its trading debut. The stock opened Wednesday at $69.95, 126% higher than its initial offering price of $31, and ended the session up 82% at $56.48.
Shares of Palantir Technologies, the artificial-intelligence data analytics company, were down 0.9% on Thursday after rising 2.7% on Wednesday and closing at a record high of $136.35. While shares have gained 80% this year, Citi Research questioned Palantir's ability to "grow into its valuation."
The stock's surge has been fueled by a committed base of retail investors, last month's strong first-quarter earnings report, and Palantir's significant relationship with the U.S. Department of Defense.
Oklo was down 5.2% after trading sideways for most of the session. The nuclear start-up announced a $400 million offering of common stock that would be used for general corporate purposes and potential future investments. The stock ended Wednesday up 29% after Oklo was conditionally selected to provide power to an Air Force base in Alaska after a nearly two-year delay.
GameStop cratered 22% after the videogame retailer said it plans to offer $1.75 billion worth of convertible notes. The company intends to use proceeds from the offering for "general corporate purposes, including making investments in a manner consistent with GameStop's Investment Policy and potential acquisitions." GameStop updated that policy in March to say that it will hold Bitcoin as a so-called treasury reserve asset.
Cardinal Health rose 4.6% after the healthcare-products distributor boosted its outlook for the current fiscal year. The company said it expects adjusted earnings of $8.15 to $8.20 a share, up from a previous estimate for $8.05 to $8.15. Analysts forecast adjusted profit of $8.13 a share.
Market News
AMD unveils AI server as OpenAI taps its newest chips
Advanced Micro Devices AMD.O CEO Lisa Su on Thursday unveiled a new artificial intelligence server for 2026 that aims to challenge Nvidia's NVDA.O flagship offerings as OpenAI's CEO said the ChatGPT creator would adopt AMD's latest chips.
Su took the stage at a developer conference in San Jose, California, called "Advancing AI" to discuss the MI350 series and MI400 series AI chips that she said would compete with Nvidia's Blackwell line of processors.
Nvidia to exclude China from forecasts amid US chip export curbs
Nvidia will no longer include the China market in its revenue and profit forecasts following stringent U.S. trade restrictions on chip sales to the region, CEO Jensen Huang told CNN on Thursday.
When asked if the United States would lift the export controls after the trade discussions with China in London this week, Huang said he was not counting on it.
