The Dow Jones Industrial Average hit an all-time peak on Thursday even as Nvidia's (NVDA) shares declined, while oil prices headed for their third straight day of decline.
The Dow rose 0.6% to settle at 50,285.7, logging a record closing high and marking the second consecutive day of gains. The S&P 500 added 0.2% to 7,445.7, while the Nasdaq Composite edged up 0.1% to 26,293.1. Most sectors ended in the green, led by utilities, while consumer staples saw the biggest drop.
Shares of Nvidia fell 1.8%, the third-worst performer on the Dow.
The chipmaking giant late Wednesday reported fiscal first-quarter revenue above Wall Street's estimates as data center sales outperformed expectations amid an artificial intelligence boom.
For the current quarter, Nvidia said it anticipates revenue of $91 billion, plus or minus 2%. The consensus indicated $87.29 billion.
"Nvidia has become so important that good is not enough," Saxo Bank said in a report. "Investors want proof that the cycle extends into 2027 and beyond, that margins can stay high, and that customers are not simply ordering ahead before the next chip transition."
West Texas Intermediate crude oil was last down 0.3% at $97.82 a barrel and Brent fell 0.5% to $104.55, both on course for their third consecutive decline.
"The oil market remains overly sensitive to Iran-related headlines, with participants continuing to pin considerable hope on reports that talks between the US and Iran are progressing," ING Bank said in a report.
"We've been in this situation multiple times before, which ultimately led to disappointment," ING said. "Yet the market is still reactive, likely reflecting the significance of ongoing supply disruptions."
Iran's Supreme Leader, Ayatollah Mojtaba Khamenei, has issued a directive that the country's uranium should remain within the country, Reuters reported Thursday, citing two senior Iranian sources.
President Donald Trump reportedly said Thursday that the US will eventually recover Iran's stockpile of highly enriched uranium. Retrieving the uranium is a key objective of Trump's war on Iran.
Trump told reporters on Wednesday that negotiations with Iran had reached the final stages, though he warned of further attacks if Tehran backed out, according to several media outlets.
Iran is discussing setting up a permanent toll system with Oman to formalize its control of the Strait of Hormuz, Bloomberg News reported Thursday.
Treasury yields were mixed, with the two-year rate last up 1.1 basis points at 4.08% and the 10-year yield rate falling 2.3 basis points to 4.57%.
Switching to monetary policy, Richmond Fed President Tom Barkin said lifting interest rates may not be an appropriate response to curb price pressures.
"Raising rates to weaken demand doesn't address the root cause behind supply shock-driven inflation. It doesn't free up trade routes, reopen factories or melt ice," he said in prepared remarks for an event in North Carolina. "That said, I've been asking myself whether we've entered an era where supply shocks will become more frequent."
"With inflation above our 2% target for over five years now, it's worth asking whether the cumulative impact of so many waves risks loosening the anchor," Barkin said.
At their April policy meeting, Federal Reserve officials flagged the possibility of higher interest rates if the Middle East conflict drags on and keeps inflation above the 2% goal, minutes from the meeting showed on Wednesday.
In other corporate news, Ralph Lauren (RL) jumped nearly 14%, the top gainer on the S&P 500. The luxury apparel maker outlined a full-year revenue guidance that implied a slowdown annually, while the company reported better-than-expected fiscal fourth-quarter results.
Spotify (SPOT) advanced 13% after the audio-streaming platform outlined its long-term financial targets and signed licensing agreements with Universal Music Group for fan-made remixes.
Walmart (WMT) shares slumped 7.3%, the steepest decline on the Dow and third-biggest on the S&P 500. The retail giant issued a fiscal second-quarter earnings outlook below market estimates, while it reported better-than-expected revenue in the previous three-month period.
Intuit's (INTU) stock plunged 20%, the worst performer on the S&P 500. The financial technology platform late Wednesday reported better-than-expected fiscal third-quarter results and disclosed plans to reduce its workforce by about 17%.
Deere's (DE) fiscal second-quarter results exceeded analysts' expectations, while the company on Thursday affirmed its soft full-year earnings outlook amid continued pressure in global agricultural markets. The stock lost 5.2%, among the worst performers on the S&P 500.
Gold was last up 0.2% at $4,544.70 per troy ounce, while silver rose 1.1% to $77.01 per ounce.
