US equity markets turned positive, with the S&P 500 and Nasdaq each rising 0.3% and the Dow Jones advancing 0.1%.

Market performance at a glance

All three major US indices moved into positive territory, reflecting a broad-based uptick across large-cap and technology-heavy benchmarks. The table below summarises the latest moves across the indices.

The S&P 500 and Nasdaq posted identical gains of 0.3% each, while the Dow Jones recorded a more modest advance of 0.1%, indicating relatively stronger momentum in growth and technology-oriented segments compared to the broader blue-chip index.

The S&P 500 slipped 0.2% to 7,639 at midday Thursday as Micron Technology (NASDAQ: MU) fell 1.6% despite reporting record fiscal fourth-quarter revenue above $54 billion.

Investors weighed the memory chipmaker's results against rising bond yields, with the 10-year Treasury yield hovering near 5.25%. Meanwhile, Accenture plc (NYSE: ACN) surged 18.2% on a blowout earnings report, lighting up IT services and AI-linked optical names. West Texas Intermediate crude futures gained 2.5% to $92.65 per barrel as Middle East risk premia remained firmly in energy prices.

Market indices and sector performance

The broader market faced headwinds from elevated yields, though energy led sector gains. The Dow Jones Industrial Average dropped 145 points, or 0.3%, to 50,761, while the Nasdaq 100 slipped 0.2% to 30,355. The Russell 2000 was little changed at 2,795.

Sector-wise, the Energy Select Sector SPDR Fund (NYSE: XLE) rose 1.5%, driven by oil prices. Industrials gained 0.3%, while Utilities and Technology edged up 0.2% and 0.1%, respectively. On the downside, Materials fell 1.2%, Health Care lost 1.0%, and Communication Services dropped 0.9%.

Accenture beats estimates, lifts IT services

Accenture reported fiscal fourth-quarter adjusted EPS of $3.29 versus the $3.18 consensus, on revenue of $18.68 billion versus the $18.03 billion estimate. Bookings reached $22.17 billion. The company guided fiscal 2027 revenue growth of 3% to 6% in local currency and EPS of $14.39 to $14.81.

The read-across lifted IT services peers, with Cognizant Technology Solutions (NASDAQ: CTSH) up 6.7%. Synopsys (NASDAQ: SNPS) climbed 8.8% after announcing a licensing deal worth more than $1 billion with Amazon Web Services and a partnership with OpenAI on AI chip design.

AI hardware and optical stocks rally

AI networking stocks also rallied. Coherent Corp. (NYSE: COHR) rose 11.0% after unveiling its PhotonLink integrated-optics platform for AI data centers. Lumentum Holdings (NASDAQ: LITE) gained 9.2%, helped by fiscal fourth-quarter revenue of $1.006 billion, up 109% year over year.

Vicor Corp. (NASDAQ: VICR) jumped 11.0% after raising its third-quarter sequential revenue growth guidance to above 30% from above 20%, citing higher Vertical Power Delivery royalties. Fair Isaac Corp. (NYSE: FICO) rebounded 10.5%, bouncing after Tuesday’s roughly 26% plunge on mortgage credit-scoring rule changes.

What the numbers show

A divergence emerged between Micron and Accenture performance relative to expectations. While Micron posted record revenue above $54 billion and guided first-quarter revenue to $61.5 billion, its stock fell 1.6%, suggesting investors focused on yield sensitivity rather than top-line strength. Conversely, Accenture’s beat on both EPS ($3.29 vs $3.18 consensus) and revenue ($18.68 billion vs $18.03 billion estimate) drove an 18.2% surge, indicating that clear operational beats are currently rewarded more than record highs amidst high-rate environments.

Commodities and other movers

Gold edged higher, with SPDR Gold Shares (NYSE: GLD) up 0.4% and gold futures near $4,195 per ounce. Bitcoin held steady near $84,200, while iShares Bitcoin Trust ETF (NASDAQ: IBIT) rose 0.7%.

Among decliners, Fermi Inc. (NASDAQ: FRMI) fell 5.3% to a fresh 52-week low following price-target cuts from Mizuho and Stifel. Tempus AI Inc. (NASDAQ: TEM) slid 4.7%, giving back part of a sharp rally earlier this month. AppLovin Corp. (NASDAQ: APP) lost 4.5%, and Alnylam Pharmaceuticals (NASDAQ: ALNY) dropped 4.5% in line with health care weakness.