US stocks extended gains on Thursday. S&P 500 up 0.9%, Nasdaq up 1.4%.

US tech stocks rose in Thursday trading. SMCI up 5%; Palantir, Micron up 4%; Tesla, Oracle, Netflix up 3%; Nvidia, Microsoft up 2%; Meta, Alphabet up 1%.

Wall Street investors weighing the impacts of President Donald Trump’s trade war on Corporate America sent stocks climbing on speculation the Federal Reserve could cut rates sooner than many anticipate to prevent a recession.

A renewed rally in big tech lifted the S&P 500 for a third straight day. Alphabet Inc. will to set the tone for the industry’s earnings season after the closing bell. Treasury yields dropped across the curve after Fed Bank of Cleveland President Beth Hammack told CNBC officials could move as early as June if it has clear evidence of the economy’s direction.

President Trump’s tariffs are more likely to hurt growth than spur inflation, Myles Bradshaw at JPMorgan Asset Management told Bloomberg Television. He expects the US central bank will eventually need to cut rates more aggressively, having kept policy on hold for longer.

Economic data, however, helped recover some sentiment. Reports showed a moderate rise in weekly jobless claims and a much larger-than-expected jump in March orders for durable goods.