Stocks fell Thursday while bond yields continued to rise after notching their largest quarterly gain since 1994.
Accenture jumped 22%. The consulting company reported stronger-than-expected earnings for its fiscal fourth quarter, brushing off concerns that artificial-intelligence could disrupt the consulting industry. The stock was heading for its best day on record, according to Dow Jones Market Data.
Micron dropped 2.8%. While the company posted a stellar fiscal fourth-quarter earnings report, the memory chip maker's industry tends to be boom and bust, and investors remain skeptical about how much longer the artificial-intelligence boom can drive up sales.
Alphabet fell 0.4%. Google introduced its newest AI model on Wednesday. Dubbed Gemini 4 Argon, the new model will be rolled out to a set of cybersecurity companies before making it available to developers, customers, and consumers at a later date.
Paramount Skydance declined 3.7% and Warner Bros. Discovery traded flat. The media companies said late Wednesday they expect to close their $81 billion merger on Oct. 6, subject to customary closing conditions.
Synopsys gained 13%. The company announced it had secured two separate chip deals with OpenAI and Amazon at its investor summit Thursday.
IBM rose 5.5%. Accenture's quarterly earnings gave IBM stock a boost as the figures signaled momentum in the consulting business. IBM stock was track to snap a five-day losing streak Thursday, according to Dow Jones Market Data. Shares of peer Cognizant Technology Solutions jumped 11% following Accenture's earnings release.
Constellation Energy rose 3.4%. The electricity provider and Amazon.com agreed to a $3 billion deal to expand a nuclear plant in Maryland. The 20-year deal will expand the plant's capacity by about 190 megawatts.
Vicor advanced 10%. The power module manufacturer raised its third-quarter sequential growth guidance to 20% from 10%, citing royalties from a recently announced licensing deal.
Madison Square Garden Sports fell 2.4%. The sports holding company's board approved spinning off the New York Rangers from the New York Knicks, with the transaction expected to be completed on Oct. 26.