S&P 500, Nasdaq hit new closing highs on rate cut hopes
But the market reflected weakness in some technology stocks after the previous day's strong gains.
Signs that U.S. tariffs on imports have not fully filtered into headline consumer prices came as a relief for investors this week as they seek insight on the impact of trade uncertainty on the economy.
Some large technology stocks including Nvidia, Alphabet and Microsoft - among the so-called Magnificent Seven stocks — were lower as investors searched for new growth drivers.
'Valuations are elevated. I do think, though, at the end of the day, the key will be the delivery of earnings, and that's what we're seeing,' said Katherine Bordlemay, co-head of client portfolio management, fundamental equities at Goldman Sachs Asset Management.
She said the dispersion of stock-level returns in the U.S. is at one of the higher levels of the last 30 years.
Apple rose as Bloomberg News reported the company is plotting expansion into AI-powered robots, home security and smart displays.
According to preliminary data, the S&P 500 .SPX gained 21.01 points, or 0.33%, to end at 6,466.77 points, while the Nasdaq Composite .IXIC gained 32.08 points, or 0.15%, to 21,713.99. The Dow Jones Industrial Average .DJI rose 469.10 points, or 1.06%, to 44,927.71.
The Russell 2000 index, which tracks rate-sensitive small-cap companies, added more gains to hit a six-month high.
Traders are now fully pricing in a 25 basis-point interest rate cut, according to the CME's FedWatch Tool. The central bank last lowered borrowing costs in December.
Treasury Secretary Scott Bessent said on Wednesday he thought an aggressive half-point cut was possible, given recent weak employment numbers.
Investors were also taking notice of other sectors following the recent tech-led rally in U.S. stocks that has pushed valuations of the S&P 500 above long-term averages.
Healthcare stocks, which have been beaten down for much of the year, led gains among the 11 S&P 500 sectors.
Chicago Federal Reserve President Austan Goolsbee said on Wednesday the U.S. central bank is grappling with understanding whether tariffs will push up inflation just temporarily or more persistently, which would inform its decision on when to cut interest rates.
CoreWeave, which is backed by Nvidia, fell sharply after the AI data center operator reported a bigger-than-expected quarterly net loss.
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Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited, in thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Operating expenses: Research and development $ 16,182 $ 15,025 $ 31,596 $ 26,498 General and administrative 6,467 6,412 12,715 12,607 Total operating expenses 22,649 21,437 44,311 39,105 Loss from operations (22,649 ) (21,437 ) (44,311 ) (39,105 ) Other income (expense), net: Interest income 1,730 2,694 3,726 4,140 Other expense, net (87 ) (55 ) (101 ) (319 ) Total other income, net 1,643 2,639 3,625 3,821 Net loss $ (21,006 ) $ (18,798 ) $ (40,686 ) $ (35,284 ) Net loss per share - basic and diluted $ (0.55 ) $ (0.52 ) $ (1.06 ) $ (1.20 ) Weighted-average common stock outstanding - basic and diluted 38,461,619 36,132,616 38,406,339 29,361,710 Comprehensive loss: Net loss $ (21,006 ) $ (18,798 ) $ (40,686 ) $ (35,284 ) Other comprehensive income (loss): Unrealized (loss) gain on available-for-sale investments, net of tax (177 ) 51 (341 ) 64 Comprehensive loss $ (21,183 ) $ (18,747 ) $ (41,027 ) $ (35,220 ) Acrivon Therapeutics, Inc. Condensed Consolidated Balance Sheets (unaudited, in thousands) June 30, December 31, 2025 2024 Assets Cash and cash equivalents $ 41,895 $ 39,818 Investments 105,727 144,751 Other assets 10,961 12,019 Total assets $ 158,583 $ 196,588 Liabilities and Stockholders' Equity Liabilities $ 15,546 $ 19,802 Stockholders' Equity 143,037 176,786 Total Liabilities and Stockholders' Equity $ 158,583 $ 196,588 Sign in to access your portfolio
