Major stock indexes concluded the trading session on Thursday with a mixed performance. The Dow Jones Industrial Average and S&P 500 achieved record highs, while the Nasdaq experienced a decline, influenced by Oracle’s results which negatively impacted shares associated with AI. The Dow surged 1.3%, or nearly 650 points, to set a new closing record after reaching an all-time intraday high earlier in the session, as investors flocked to shares of non-tech blue-chip companies such as Visa, Home Depot, and UnitedHealth Group. The benchmark recovered from previous declines to conclude 0.2% higher, establishing a new closing record, while the tech-heavy Nasdaq concluded the trading session with a decline of 0.3%.

Yesterday, the Dow, S&P 500, and Nasdaq concluded the trading session with gains of 1.1%, 0.7%, and 0.3%, respectively, following the Federal Reserve’s decision to reduce its key rate by a quarter-percentage point to a range of 3.5% to 3.75%. However, after the closing bell Wednesday, Oracle reported higher capital spending and lower revenue and operating income than analysts expected. Shares of the cloud infrastructure giant experienced a significant decline of nearly 11% on Thursday, adversely affecting other AI-related firms, including chipmakers Nvidia and Micron Technology, which saw their shares close down by 1.5% and 2%, respectively.

Shares of Broadcom were down 1.6% ahead of its earnings report after the closing bell Thursday, while those of Costco Wholesale, which also reports results after markets close today, were up 1.2%. Coca-Cola stock slipped 1.6% following the announcement that CEO James Quincey would step down in March, with operating chief Henrique Braun set to succeed him. Walt Disney shares rose 2.4% following the announcement of a $1 billion investment in ChatGPT maker OpenAI and the decision to permit the use of its copyrighted characters in the short-form AI video platform Sora.

Following an unexpected increase in weekly jobless claims and a decline in the U.S. trade deficit to its lowest monthly level since the pandemic, the 10-year Treasury yield, a key determinant of interest rates across various commercial and consumer loans, decreased to approximately 4.10% from 4.15% at Wednesday’s close, before rebounding to 4.15% by 4 pm. Bitcoin was trading at approximately $91,800, a decline from the overnight peak of nearly $92,800. The U.S. dollar index, which measures the value of the greenback against a selection of foreign currencies, declined by 0.5% to 98.31, marking its lowest point since October. Gold futures increased nearly 2% to $4,305 per ounce, whereas West Texas Intermediate futures, the U.S. crude oil benchmark, declined by 1.2% to $57.80 per barrel.