Tech Surge Leads U.S. Stock Market to Unprecedented Highs

U.S. stocks made significant gains for a third consecutive day, particularly driven by technology shares. Optimistic corporate earnings and potential de-escalation in the U.S.-China tariff dispute fueled growth. Notably, ServiceNow's impressive results boosted tech stocks, while Procter & Gamble and PepsiCo faced challenges due to consumer uncertainty.

U.S. stocks continued their upward trend on Thursday, marking the third straight day of gains. This rally was primarily fueled by strong performances in the technology sector, as investors reviewed mixed corporate earnings reports and looked for any progression in the ongoing U.S.-China tariff discussions. All major indexes recorded sizeable increases, with the Nasdaq leading due to the 'magnificent seven' artificial intelligence-oriented firms.

In a move that could ease market tensions, Beijing has urged the removal of U.S. tariffs on Chinese imports. This follows signs from U.S. Treasury Secretary Scott Bessent suggesting the White House might reconsider its stance. Paul Nolte, a market strategist at Murphy & Sylvest in Illinois, remarked that any reduction in trade disputes between the U.S. and China would significantly strengthen the technology sector.

Corporate forecasts, however, showed a mixed picture. Companies such as ServiceNow, which exceeded profit expectations due to sustained AI-driven software demand, experienced share price surges, unlike Procter & Gamble and PepsiCo that witnessed declines over consumer caution. As earnings season unfolds, the impact of ongoing trade uncertainties on business and consumer confidence is becoming evident.

(With inputs from agencies.)