The S&P 500 stock index and the Nasdaq Composite both finished at record highs on Thursday, as investors embraced strong economic data and earnings reports that showed American consumers remained willing to spend.

Market Snapshot

The Dow Jones Industrial Average rose 229.71 points, or 0.52%, to 44,484.49, the S&P 500 rose 33.66 points, or 0.54%, to 6,297.36 and the Nasdaq Composite rose 155.16 points, or 0.75%, to 20,885.65.

Market Movers

Lucid Group soared 36% after the luxury-vehicle maker announced a self-driving partnership with Uber Technologies and Nuro. The service is expected to launch later next year in a major U.S. city, the companies said. Uber aims to deploy 20,000 or more Lucid vehicles equipped with Nuro self-driving technology over six years. Uber shares fell 0.3%.

U.S.-listed shares of Taiwan Semiconductor Manufacturing rose 3.4% to a new high as the world's largest contract chip maker reported a record profit in the second quarter as robust chip demand for artificial-intelligence applications held up despite currency headwinds and uncertainty about U.S. tariff policy. Other chip stocks also jumped after TSMC's record quarterly profit. Broadcom up 2% while Nvidia up 1% to new highs.

Crypto shares jumped in after-hours. GameSquare up 8.7%; BTCS up 7%; Upexi, Bit Digital up 3%; BIT Mining up 2%. Congress delivered a watershed victory for the crypto industry on Thursday, passing the first federal legislation to regulate stablecoins and clearing the way for broader use of the technology in everyday finance.

Drone makers shined. PALLADYNE AI up 31%; Archer Aviation up 11%; SES AI up 10%; Kratos, Joby Aviation up over 8%. The US Commerce Department previously launched investigations into imports of drones, parts for unmanned aerial vehicles and for polysilicon, a key material for solar power, setting the stage for possible tariffs on those goods.

United Airlines was reported second-quarter adjusted earnings of $3.87 a share that beat analysts' expectations of $3.81. The stock rose 3.1%. The carrier also revised its full-year guidance. United said that while it has seen an acceleration in demand and double-digit acceleration in business demand starting in early July, which it attributed to "less geopolitical and macroeconomic uncertainty," it was updating its per-share profit guidance for 2025 to between $9 and $11.

Shares of PepsiCo climbed 7.5% after the beverage and snack company reported second-quarter adjusted earnings of $2.12 a share, beating analysts' expectations of $2.03. PepsiCo said it now expects adjusted earnings to decrease by 1.5% in 2025, better than the 3% decline it had previously forecast.

Elevance Health fell 12% after the health insurer slashed its full-year earnings guidance, citing higher medical spending. Elevance said it expects 2025 adjusted earnings of $30 a share, down from prior guidance of between $34.15 and $34.85.

GE Aerospace was down 2.2%. The jet-engine maker posted better-than-expected second-quarter earnings and raised its guidance for 2025.

Abbott Laboratories declined 8.5%. The medical-device maker reported better-than-expected second-quarter sales but lowered the top end of its full-year profit guidance range. Abbott said it expects adjusted earnings this year of $5.10 to $5.20 a share, compared with prior guidance of $5.05 to $5.25.

Sarepta Therapeutics said it will undergo a restructuring that will cut 36% of its workforce, or 500 employees, and save the gene-therapy company about $120 million in 2026. Sarepta also named Ryan Wong chief financial officer, succeeding Ian Estepan, who will become chief operating officer. The stock surged 20%.

Shares of MP Materials gained 2.9% to $60.26 after falling earlier in the session. The rare-earths miner said it would sell $500 million of common stock in a public offering. MP Materials ended Wednesday's session up 0.6% at a record high of $58.55. On Thursday, Deutsche Bank analyst Corinne Blanchard kept a Hold rating on the stock but raised her price target to $67 a share from $20.

Market News

Donald Trump Set to Open US Retirement Market to Crypto Investments

Donald Trump is preparing to open the $9tn US retirement market to cryptocurrency investments, gold, and private equity in a move that would spur a radical shift in the way Americans’ savings are managed.

Trump is expected to sign an executive order as soon as this week that would open up 401k plans to alternative investments beyond traditional stocks and bonds, according to three people who have been briefed on the president’s plans.

These investments would run a broad spectrum of asset classes, from digital assets to metals and funds focused on corporate takeovers, private loans and infrastructure deals.