Stocks rose Thursday as investor worries eased driven by a pullback in bond yields and lower odds of an interest-rate hike from the Federal Reserve.
Nvidia rose 1.4% after CEO Jensen Huang announced the AI chip maker would buy Hugging Face, the popular artificial-intelligence developer platform, for $12.9 billion. The deal was widely expected after the Information first reported on the agreement last week.
Tesla gained 7% as Elon Musk's electric-vehicle maker is set to host a Cybercab event in Austin, Texas, late Thursday. Cybercab, Tesla's purpose-built robo-taxi without pedals or a steering wheel that went into mass production earlier this year, is the culmination of years of work on autonomous driving technology.
Ultragenyx Pharmaceutical plummeted 44% following a slew of downgrades from major firms after its rare-disease drug candidate failed to meet the main goal in a late-stage trial. Some analysts, however, have not given up on the drugmaker yet.
Broadcom fell 3% after the chip maker reported solid third-quarter earnings, but failed to ease concerns about data-center financing and major customer Google's design deal with rival Marvell.
Snowflake advanced 22% after the software company smashed Wall Street's second-quarter targets. Snowflake remains on track to break even next year, CEO Sridhar Ramaswamy told Barron's.
Hewlett Packard Enterprise dropped 4% after the business hardware provider beat expectations for its third-quarter earnings, but not by enough to power shares higher after a 116% gain so far this year.
NetApp fell 2.7% after the data storage company topped analysts' estimates for its first-quarter earnings but reported a 35% decline in its free cash flow.
Robinhood Markets advanced 15% and was the best-performing S&P 500 stock. Palantir Technologies rose 7.8% and was the third-best S&P 500 component on the day. Palantir shares dropped 5.8% in the previous session.
Ciena fell 9.6% and was the worst-performing S&P 500 stock on Thursday, even as the networking company reported better-than-expected quarterly earnings and raised fiscal-year revenue guidance as AI continued to boost product demand.
Five Below dropped 1% after the discount retailer raised its guidance for the second time this year and beat Wall Street's second-quarter sales guidance.
Victoria's Secret declined 13% after fiscal second-quarter sales missed expectations even as the lingerie retailer posted stronger-than-expected earnings. Comparable sales increased 9% but decelerated sequentially.
Campbell's fell 9.3% after the soup and snack maker reported "unacceptable" earnings, while Tyson Foods tumbled 7% after the meatpacker lowered its revenue growth forecast. Other food stocks, like Kraft Heinz, PepsiCo, and Hormel Foods also traded lower.