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Key Takeaways
- The Nasdaq recorded 128 new 52-week highs and the S&P 500 posted 30, driven by AI-linked tech stocks, with Dell surging over 15% and HP climbing roughly 14% after Lenovo reported 84% growth in AI-related revenue.
- Brent crude rebounded approximately 3% to near $98.40 per barrel after the U.S. launched additional strikes in southern Iran, with Secretary of State Rubio indicating negotiations with Tehran could take several more days.
- AI-linked crypto tokens showed mixed performance, with Render posting a 30.75% 30-day gain and NEAR holding a 66.97% 30-day gain, while DeXe slipped 6.95% over the same period.
Wall Street pushed to multi-month highs Thursday, with the Nasdaq Composite recording 128 new 52-week highs and the S&P 500 posting 30, as AI-linked technology stocks surged and oil prices spiked following new U.S. strikes in Iran. Advancing stocks outpaced decliners by more than three-to-one on the New York Stock Exchange.
Lenovo Results and Wells Fargo Price Target Upgrade Drive Hardware Stocks Higher
Technology shares were among the session’s standout performers. Dell Technologies surged more than 15% and HP climbed roughly 14%. Lenovo reported quarterly revenue of $21.6 billion, a 27% year-over-year increase, with adjusted profit more than doubling and AI-related revenue rising 84% during the period. Wells Fargo raised its price target on Dell to $270 from $180, citing stronger demand for AI infrastructure products.
Broader earnings context supported the move. S&P 500 companies posted more than 28% profit growth for the first quarter, which industry analysts described as the strongest earnings expansion since late 2021. Dell and HP are scheduled to report earnings in the coming sessions.
Brent Crude Rebounds 3% After U.S. Strikes in Southern Iran Revive Supply Concerns
Energy markets remained volatile throughout the session. Brent crude rebounded approximately 3% to trade near $98.40 per barrel after the United States launched additional strikes in southern Iran, partially reversing a sharp decline from the prior session.
U.S. Secretary of State Marco Rubio stated that negotiations with Tehran may require several more days. Iranian media reports indicated that Tehran is seeking access to nearly $24 billion in frozen overseas funds as part of any potential arrangement. Treasury yields dipped as oil prices rebounded, though rate expectations shifted little. CME data showed a 97.3% probability of a Federal Reserve rate hike by June 2026, while the Fed’s preferred inflation gauge is due Thursday ahead of the central bank’s next policy meeting.
South Korea’s KOSPI Surges to Record Close While Japan and India Post Declines
Asian markets delivered uneven performance. South Korea’s KOSPI surged 2.55% to a record closing high of 8,047.51 following a market holiday. Japan’s Nikkei 225 slipped 0.25% to 64,996.09 as traders locked in profits after the index recently touched all-time highs.
Indian equities weakened, with the Nifty 50 falling below the 23,900 level and the Sensex declining around 0.7%. China’s CSI 300 added 0.53%, while Hong Kong’s Hang Seng index remained largely unchanged.
AI-Linked Crypto Tokens Post Mixed Performance, With NEAR and DeXe Declining
Cryptocurrency markets showed diverging price action. Bittensor’s TAO token traded near $283.31 with a modest daily gain of 0.22% and a 10.12% 30-day increase, according to CoinMarketCap data.
Render climbed to $2.36 and posted a 30.75% 30-day gain. Internet Computer traded near $2.70 with little change over the prior day but recorded an 8.82% 30-day gain. NEAR Protocol traded at $2.72 after declining 2.43% over the past 24 hours, though the token still holds a 66.97% 30-day gain. DeXe traded near $16.18 after slipping 6.95% over the 30-day period, while maintaining a 15.52% advance, according to CoinMarketCap data.
