Wall Street entered full rally mode on Thursday, with the Nasdaq 100 extending its record-setting climb and the S&P 500 approaching its February peak, as easing geopolitical fears and renewed hopes for a dovish Federal Reserve lifted investor sentiment.

By midday in New York, the S&P 500 was up 0.7% to 6,136, just nine points shy of its all-time high of 6,145. The Nasdaq 100 rose another 0.7% to 22,400, marking yet another intraday record.

Meanwhile, small caps surged, with the Russell 2000 jumping 1%, outperforming the broader market.

On the macro front, the first-quarter GDP was revised downward to -0.5% from the previous -0.2% figure, primarily due to a widening goods trade deficit linked to weaker exports. Yet, other data released Thursday painted a more positive picture.

Factory orders in May soared by 16.4% month-over-month to $343.6 billion, marking the biggest increase since July 2014. That followed a revised 6.6% drop in April and smashed market expectations of an 8.5% gain. Weekly jobless claims fell by 10,000 to 236,000 in the week ending June 21, while economists had forecast no change — another sign of labor market resilience.

Currency markets added fuel to the equity rally. The U.S. dollar index fell to 97, its lowest level since February 2022, as traders increasingly bet that the next Fed chair nominee — with a shortlist reportedly down to four or five names — will favor a dovish stance, potentially setting the stage for deeper rate cuts in 2026.

All S&P 500 sectors traded in the green, except real estate. Energy stocks outperformed, rebounding after sharp down days as crude oil prices rose 2% to $66 per barrel.

Other commodities — especially metals — also rose, fueled by dollar weakness. Silver rose 1.2%, while palladium and platinum spiked 6.1% and 4.3%, respectively. Copper rose 2.8% hitting a three-month high, while gold held steady at $3,330 per ounce.

Bitcoin BTC/USD was unchanged at $107,220.

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Thursday’s Performance In Major U.S. Indices, ETFs

According to Benzinga Pro data:

• The Vanguard S&P 500 ETF VOO rose 0.66% to $563.41.
• The SPDR Dow Jones Industrial Average DIA rose 0.8% to $433.26.
• The tech-heavy Invesco QQQ Trust Series QQQ soared 0.7% to $544.72.
• The iShares Russell 2000 ETF IWM rallied 1% to $214.05.
• The Energy Select Sector SPDR Fund XLE outperformed, up 1.5%; the Real Estate Select Sector SPDR Fund XLRE lagged, down 0.8%.

Thursday’s Stock Movers

• Nvidia Corp. NVDA surged past $155 per share to hit record highs, becoming the world's most valuable company at $3.8 trillion.
• Micron Technology Inc. MU slipped 1.1%, even after delivering stronger-than-expected quarterly earnings.
• Other stocks reacting to earnings included Acuity Inc. AYI, up 7.1%; McCormick Company Inc. MKC, up 5.2% and Walgreens Boots Alliance Inc. WBA, up 0.8%.
• Freeport-McMoRan Inc. FCX jumped 8%, lifted by rising metal prices, with industry peers Southern Copper Corp. SCCO, Albemarle Corp. ALB, and Alcoa Corp. AA all rallying between 7% and 8%.
• Equinix Inc. EQIX sank 8% after unveiling a long-term growth outlook that underwhelmed investors.
• Nike Inc. NKE will report earnings after the close.

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