Thursday was a banner day for equity markets, with the Nasdaq leading a broad-based rally, surging 3.30% to close at 24,812.87 — its best single-session performance in months. The S&P 500 added 1.68% to finish at 7,424.32, while the Dow Jones Industrial Average climbed 1.18% to 51,822.45. Even small-caps joined the party, with the Russell 2000 rising 1.39% to 2,914.2.
The undisputed hero of the session was Microsoft, which rocketed 15.51% to $451.10 after delivering quarterly results that left analysts scrambling to raise price targets. The tech giant's performance single-handedly lifted sentiment across the broader technology sector and gave the Nasdaq the fuel it needed for its outsized move.
Not every megacap shared in the celebration. Meta Platforms dropped 7.95% to $539.03, serving as a stark reminder that earnings season cuts both ways. Meta's decline was notable given its size, though it was not enough to derail the broader market's enthusiasm.
Gold held firm at $4,118.59, continuing its role as a steady store of value even as risk appetite dominated the equity landscape. Overall, Thursday's session reinforced the theme that AI-driven earnings power remains the dominant force shaping market direction in 2026.