Post-Bell | Wall Street Indexes Notch Record-High Closes as Intel Soars 23% on Nvidia Stake; Bullish Rises 21%; CrowdStrike Climbs 13%; Novo Nordisk up 6%; Tesla down 2%

Wall Street's main indexes posted record-high closes on Thursday, a day after the U.S. Federal Reserve delivered a quarter-point interest rate cut, while chipmaker Intel rose after Nvidia decided to build a stake in the company.

Market Snapshot

The Dow Jones Industrial Average rose 124.10 points, or 0.27%, to 46,142.42, the S&P 500 gained 31.61 points, or 0.48%, to 6,631.96 and the Nasdaq Composite gained 209.40 points, or 0.94%, to 22,470.73.

Market Movers

Intel soared 23% to $30.57 after Nvidia said it would invest $5 billion in Intel at a purchase price of $23.28 a share as part of an agreement that will see the technology companies co-develop "multiple generations of custom data center and PC products."

Rival chip makers Advanced Micro Devices and Arm Holdings were down 0.8% and 4.5%, respectively, while U.S.-listed shares of Taiwan Semiconductor Manufacturing were up 2.2%. Nvidia CEO Jensen Huang, on a call with reporters Thursday, indicated the company would continue using TSMC as its primary chip foundry, rather than Intel.

NVIDIA, meanwhile, rose 3.5% to end a three-session losing streak. The leading maker of artificial-intelligence chips fell 2.6% on Wednesday after a report from the Financial Times said China's internet regulator had banned the country's biggest tech companies from buying Nvidia's AI chips.

While Nvidia has been pressured as of late, shares of memory chip maker Micron Technology set a record closing high Wednesday at $159.99. The stock rose another 5.6% on Thursday to $168.90 to close higher for a 12th consecutive session.

Nucor tumbled 6% after the steel company cut guidance for the current third quarter, saying it expects profit of between $2.05 and $2.15 a share. Nucor previously guided for "nominally lower" earnings than the second-quarter's $2.60 a share. The company said earnings were expected to decrease across all three of its operating segments from the second quarter of 2025.

89Bio, Inc. soared 85% to $14.96 after Roche announced it was buying the small-cap biopharmaceutical company for $3.5 billion. As part of the deal, 89bio shareholders will receive up to $20.50 a share in cash, which includes $14.50 a share at closing and a non-tradeable contingent value right of up to $6 a share.

Shares of Bullish, the institutional crypto exchange that also operates the news site CoinDesk, rose 21% after the company swung from a year-earlier loss to post second-quarter earnings of 93 cents a share. It was the first earnings report from Bullish since becoming a publicly traded company in August.

U.S.-listed shares of Novo Nordisk were up 6.3% after a study in people with Type 2 diabetes and cardiovascular disease found that semaglutide, sold under the brand name Ozempic, was shown to reduce the risk of heart attack, stroke, and death by 23% compared with dulaglutide, an injectable from Eli Lilly that's branded as Trulicity. Lilly was up 0.4%.

CrowdStrike climbed 13%. The cybersecurity company reiterated that net new annual recurring revenue growth will reaccelerate to 40% or more in the second half of fiscal 2026. The company also predicted 20% growth or better in fiscal 2027.

StubHub Holdings fell 6.8%. The popular marketplace for ticket resales made its trading debut Wednesday at $25.35, but finished down 6.4% at $22, below the initial public offering price of $23.50.

Tesla was down 2.1%. Shares of the electric-vehicle maker have closed higher for seven straight sessions, gaining about 23% over the span. The stock made a late move Wednesday, finishing up 1% at $425.86, after the Federal Reserve cut interest rates.

Quantum computing shares rallied. Rigetti Computing rose 13%, D-Wave Quantum Inc. rose 7%, Arqit Quantum Inc. rose 6%, Quantum Computing Inc. rose 4%.

Darden Restaurants fell 7.7% after the operator of Olive Garden and LongHorn Steakhouse narrowly missed fiscal first-quarter earnings expectations.

Market News

Novo Nordisk Cuts US Obesity Education Team as Layoffs Begin, Say Sources, Online Posts

Wegovy maker Novo-Nordisk A/S has cut a U.S. sales team focused on obesity and diabetes education for healthcare providers, according to two sources close to the company and LinkedIn posts reviewed by Reuters, an early sign of the drugmaker's push to cut costs and regain ground on rival Eli Lilly.

The team, known internally as cardiometabolic educators, sat within Novo Nordisk's commercial division and included several hundred staff, sources said. The team was told last week that their roles would be terminated, they said.

Nvidia Spent over $900 Million to Hire Enfabrica CEO, License Technology, CNBC Reports

NVIDIA has spent over $900 million to hire Enfabrica CEO Rochan Sankar and other staff at the artificial intelligence hardware startup and to license the company's technology, CNBC reported on Thursday.

The AI chip giant is paying in cash and stock, CNBC said, citing two people familiar with the arrangement. The deal closed last week and Sankar has already joined Nvidia.