05:06 PM EDT, 09/18/2025 (MT Newswires) -- Wall Street's main equity indexes notched fresh all-time highs on Thursday in a technology-led advance powered by Intel ( INTC ) and Nvidia ( NVDA ) , a day after the Federal Reserve signaled further cuts in interest rates later this year.

The tech-heavy Nasdaq Composite rose 0.9% to 22,470.7, the S&P 500 climbed 0.5% to 6,632, and the Dow Jones Industrial Average increased 0.3% to 46,142.4 -- all notching fresh record closing highs. Among sectors, tech led the gainers with a 1.4% jump, while consumer staples saw the biggest drop.

In company news, Intel ( INTC ) shares surged nearly 23%, the top gainer on the S&P 500, while Nvidia ( NVDA ) was the second-best performer on the Dow, with a 3.5% jump. The chipmaking giant agreed to invest $5 billion in Intel ( INTC ) as the two companies will jointly develop new data centers and personal computer chips.

The deal comes about a month after Intel ( INTC ) said that the Trump administration would invest $8.9 billion in the company.

"This is a game changer deal for Intel ( INTC ) as it now brings them front and center into the (artificial intelligence) game," Wedbush Securities said in a Thursday note.

FactSet Research Systems ( FDS ) slumped 10%, the worst performer on the S&P 500. The financial data provider issued a downbeat annual adjusted earnings outlook following a fiscal fourth-quarter bottom-line miss.

Darden Restaurants ( DRI ) followed FactSet on the index, down 7.7%. The Olive Garden ( DRI ) parent reported fiscal first-quarter earnings below market expectations, though the restaurant operator lifted its full-year sales growth outlook.

Equities remain "relatively expensive" overall, Wedbush analyst Seth Basham said in a separate report.

"As rate cuts, tax incentives and AI-driven productivity build, we continue to see opportunities in this high-liquidity, stock-pickers market," Basham said.

US Treasury yields were higher, with the 10-year rate rising three basis points to 4.12% and the two-year rate adding 0.8 basis point to 3.58%.

On Wednesday, the US central bank's Federal Open Market Committee reduced its benchmark lending rate by 25 basis points, noting increased downside risks to employment and signaling further policy easing later in 2025. At his post-meeting press conference, Fed Chair Jerome Powell characterized the latest policy move as a "risk management cut."

"We continue to expect that the Fed will cut again in October and December, 25 (basis points) apiece," Jefferies Chief US Economist Thomas Simons said in a note e-mailed to MT Newswires. "Heading into next year, we expect that the data will solidify, which will limit the extent of the Fed's rate cutting cycle unless there is a broad change in thinking among policymakers about a lower neutral rate."

Newly appointed Fed Governor Stephen Miran preferred a 50-basis-point reduction at the Wednesday meeting, and was the sole dissenter.

"While the Fed has yet to achieve price stability, the committee's focus appears to be shifting from prices to employment, with the majority of officials anticipating two more rate cuts this year and one next," Stifel said in a Thursday note.

In economic news on Thursday, applications for unemployment insurance in the US declined more than expected last week, dropping from a nearly four-year high reached in the week prior, government data showed.

West Texas Intermediate crude oil was down 0.6% at $63.70 a barrel in Thursday late-afternoon trade.

"Oil prices fell as traders weighed the start of looser monetary policy against concerns about the US economy," D.A. Davidson said in a note.

Gold was down 1% at $3,679.60 per troy ounce, while silver lost 0.1% to $42.12 per ounce.