Stock Market Today: Nasdaq Soars as Magnificent 7 Stocks Rally
A strong day for the all but one of the Magnificent 7 stocks fueled upside in the main indexes.
Stocks opened higher Thursday and stayed there through the close. The technology and communications services sectors outperformed as several Magnificent 7 stocks rallied, most notably Nvidia (NVDA).
The red-hot chipmaker rose 4.5% Thursday, easily the best performer of the mega-cap stocks. Meta Platforms (META) came in a distant second with its 3.3% gain. Apple (AAPL), on the other hand, slipped 0.1%, with the Dow Jones stock extending its losing streak to seven days.
The strength in most of the Mag 7 stocks helped the tech-heavy Nasdaq Composite surge 1.5% to 16,273, while the S&P 500 jumped 1.0% to 5,157 and the Dow Jones Industrial Average added 0.3% to 38,791.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
GE rallies on stock buyback news
In other single-stock news, General Electric (GE) jumped 4.4% after the company's GE Aerospace division disclosed a new $15 billion stock buyback program. GE Aerospace will become a standalone unit on April 2 when the former industrial conglomerate splits into two separate companies.
GE Vernova, which houses General Electric's gas power and renewable units, will trade under the ticker GEV, while GE Aerospace will continue under the GE ticker. GE HealthCare Technologies (GEHC, -0.5%) was spun off in January 2023.
GE stock, which was once the longest-serving member of the Dow Jones Industrial Average, has done well on the price charts recently as Wall Street cheers the upcoming spin-off. Over the past 12 months, shares are up more than 88%.
Victoria's Secret has its worst day ever
Victoria's Secret (VSCO) was another notable mover, plunging 29.7% after earnings. While the women's apparel and beauty products retailer reported higher-than-expected fourth-quarter earnings on in-line revenue, it gave weak first-quarter and full-year revenue guidance.
The company's forecast "assumes the broader intimates market in North America will remain pressured throughout the first and second quarters," said Martin Waters, CEO of Victoria's Secret, in the earnings call. VSCO anticipates that sales trends will improve in the second half of the year, Martin adds.
Powell wraps up congressional testimony
In economic news, Federal Reserve Chair Jerome Powell wrapped up his two-day congressional testimony. Today's commentary in front of the Senate Banking Committee was little changed from Wednesday's testimony before the House Financial Services Committee.
Specifically, Powell maintained his message that the Fed must be confident that inflation is making a sustainable move toward its 2% target before it considers rate cuts, though he added that it's "not far" from having the confidence to do so.
Meanwhile, ahead of tomorrow's February jobs report, data from the Labor Department showed initial jobless claims were unchanged last week at 217,000.
Related content
- The Reddit IPO Is Almost Here: Should You Buy Reddit Stock?
- State of the Union: Healthcare Costs Likely To Be A Focus
- Kiplinger's Economic Calendar for This Week
-
Dow, S&P 500 Rise to New Closing Highs: Stock Market TodayWill President Donald Trump match his Monroe Doctrine gambit with a new Marshall Plan for Venezuela?
-
States That Tax Social Security Benefits in 2026Retirement Tax Not all retirees who live in states that tax Social Security benefits have to pay state income taxes. Will your benefits be taxed?
-
QUIZ: What Type Of Retirement Spender Are You?Quiz What is your retirement spending style? Find out with this quick quiz.
-
Dow, S&P 500 Rise to New Closing Highs: Stock Market Today
Will President Donald Trump match his Monroe Doctrine gambit with a new Marshall Plan for Venezuela?
-
This Is How Early Retirement Losses Can Dump You Into Financial Quicksand (Plus, Tips to Stay on Solid Ground)Sequence of returns — experiencing losses early on — can quickly deplete your savings, highlighting the need for strategies that prioritize income stability.
-
How an Elder Law Attorney Can Help Protect Your Aging Parents From Financial MistakesIf you are worried about older family members or friends whose financial judgment is raising red flags, help is out there — from an elder law attorney.
-
Q4 2025 Post-Mortem From an Investment Adviser: A Year of Resilience as Gold Shines and the U.S. Dollar DivesFinancial pro Prem Patel shares his take on how markets performed in the fourth quarter of 2025, with an eye toward what investors should keep in mind for 2026.
-
'Donroe Doctrine' Pumps Dow 594 Points: Stock Market TodayThe S&P 500 rallied but failed to turn the "Santa Claus Rally" indicator positive for 2026.
-
Is Your Emergency Fund Running Low? Here's How to Bulk It Back UpIf you're struggling right now, you're not alone. Here's how you can identify financial issues, implement a budget and prioritize rebuilding your emergency fund.
-
An Expert Guide to How All-Assets Planning Offers a Better RetirementAn "all-asset" strategy would integrate housing wealth and annuities with traditional investments to generate more income and liquid savings for retirees.
-
7 Tax Blunders to Avoid in Your First Year of Retirement, From a Seasoned Financial PlannerA business-as-usual approach to taxes in the first year of retirement can lead to silly trip-ups that erode your nest egg. Here are seven common goofs to avoid.
