Thursday turned into a quiet but confident rally as investors digested a cooler-than-expected Producer Price Index reading, which showed wholesale inflation ticking down 0.1% in May. That gave the Federal Reserve more breathing room to hold rates steady — and possibly cut later this year — sending equities broadly higher across all three major indexes.
Tech led the charge, with the Nasdaq gaining nearly 1% as AI-related names found fresh momentum. Nvidia was the standout, surging 3.4% after reports of a large institutional buyer entering the stock. Semiconductor peers like AMD and Broadcom also logged modest gains, keeping the sector firmly in the green.
Energy stocks were mixed as crude oil held near $74.60 a barrel — not enough to spark a sector rally but steady enough to prevent a selloff. Gold touched $3,215, reflecting lingering demand for safe-haven assets even on a risk-on day. The VIX dipped to 17.4, signaling that fear is fading but investors aren't fully complacent.
On the downside, CVS Health was the session's most notable loser, falling 4.1% after slashing its profit outlook. Healthcare broadly underperformed as investors rotated into growth names benefiting from the softer rate narrative.