Stocks climbed modestly on Thursday as investors grew more comfortable with the Federal Reserve's wait-and-see posture heading into the summer. Weekly jobless claims came in slightly above expectations at 228,000, which paradoxically pleased traders — softer labor data keeps the door open for rate cuts later in 2026 without signaling outright economic distress.
Technology led the charge, with Nvidia rallying 3.1% after enterprise cloud spending headlines reinforced the AI buildout narrative that has defined much of this bull run. The Nasdaq outperformed its peers, climbing 0.6% to close above 19,100. Semiconductor names broadly participated, lifting the Philadelphia Semiconductor Index alongside the broader tech complex.
Energy stocks lagged as crude oil slipped toward $74 a barrel, pressured by a larger-than-expected build in U.S. crude inventories reported by the EIA. Healthcare also weighed on sentiment after CVS Health's guidance cut rattled managed care and pharmacy benefit names across the sector.
Gold held near $2,318 an ounce, reflecting a market that remains cautious beneath the surface optimism. The VIX dipped to 17.4, suggesting traders aren't pricing in significant near-term shocks — though Friday's options expiration could introduce some volatility into tomorrow's session.