NEW YORK, New York - U.S. stock markets closed higher Thursday, with the Nasdaq Composite and Standard and Poor's 500 each hitting new all-time highs.

A strong earnings outlook from Snowflake drove its shares nearly 40 percent higher at one stage, underpinning the tech sector.

The market was also buoyed by expectations of a ceasefire deal being finalised between the U.S. and Iran. "The market has been expecting some type of MOU — memorandum of understanding — here," sDavid Wagner, head of equities at Aptus Capital Advisors told CNBC Thursday. "You're going to see the discretionary names run as a first knee-jerk reaction to a lot of this news, which can drive the market higher."

All 3 major indices closed higher on Thursday, led by the sharp rally in technology shares, as investors shrugged off mixed economic data and focused on the strong gains in the Nasdaq Composite. The Dow Jones Industrial Average managed only a marginal advance, while the S&P 500 posted a solid gain.

The Standard and Poor's 500 rose 43.31 points to end the session at 7,563.67, an increase of 0.58 percent. Trading volume for the index reached 3.113 billion shares. The benchmark index traded between a low of 7,508.04 and a high of 7,568.72, remaining well above its 52-week trough of 5,843.66 and flirting with its peak of 7,568.72.

The Dow Jones Industrial Average closed at 50,668.97, adding just 24.69 points for a gain of 0.05 percent. The blue-chip index saw volume of 488.092 million shares, moving within a range of 50,314.34 to 50,764.04. The Dow continues to trade far above its 52-week low of 41,828.35 and remains near its high of 50,830.41.

The NASDAQ Composite was the day's standout performer, surging 242.74 points to finish at 26,917.47, a gain of 0.91 percent. The tech-heavy index saw robust volume of 7.029 billion shares, reflecting broad-based strength in technology and growth stocks.

U.S. Dollar Slips Against Major Peers on Thursday as Euro, Pound, and Commodity Currencies Advance

The U.S. dollar traded mostly lower against a basket of major currencies on Thursday, as profit-taking and shifting interest rate expectations weighed on the greenback, while the euro, British pound, and commodity-linked currencies such as the Australian and New Zealand dollars posted good gains.

In a session marked by thin holiday-affected liquidity in some markets, the euro strengthened against the dollar. The EUR/USD pair was last seen trading at 1.1650, up 0.21 percent on the day. The euro moved within a range of 1.1627 to 1.1661, holding above its 1.1586 session low.

The British pound also edged higher Thursday. GBP/USD rose 0.11 percent to 1.3441, after touching an intraday peak of 1.3450 and a low of 1.3424. The pair remained well above its recent trough of 1.3367, supported by expectations that the Bank of England may take a slower approach to rate cuts than some of its peers.

Against the Japanese yen, however, the dollar posted a modest decline. USD/JPY slipped 0.19 percent to 159.22, retreating from a high of 159.65. The pair traded between 159.53 and 159.11, with traders monitoring any signs of official intervention near the 160 level.

The Swiss franc continued its recent strength. USD/CHF fell 0.43 percent to 0.7836, having dropped from a peak of 0.7899 to a low of 0.7833. The move reflected ongoing demand for safe-haven currencies other than the dollar.

The Canadian dollar gained ground as oil prices steadied. USD/CAD declined 0.45 percent to 1.3777, falling from an earlier high of 1.3869 to a session bottom of 1.3773.

Commodity currencies outperformed notably. The Australian dollar rose 0.33 percent against its U.S. counterpart, with AUD/USD climbing to 0.7164 after hitting a low of 0.7097. The New Zealand dollar posted one of the day's strongest gains: NZD/USD advanced 0.54 percent to 0.5932, rebounding from a low of 0.5864 to reach a high of 0.5936.

Meanwhile, the Chinese yuan held virtually steady. USD/CNY inched up just 0.01 percent to 6.7797, with the pair trading in an exceptionally narrow band between 6.7795 and 6.7800, reflecting continued stability signals from China's central bank.

Global Markets Close Mixed on Thursday as Asian Losses Offset European Caution

Global stock markets concluded Thursday's trading session with a predominantly negative tone, as steep declines in Hong Kong and Australia outweighed modest losses across Canada and Europe. Investors continued to digest a mix of corporate earnings and economic signals ahead of key U.S. inflation data due later in the week.

In Canada, the S&P/TSX Composite Index finished in positive territory, rising 105.65 points to close at 34,517.70, a gain of 0.31 percent on volume of 264.742 million shares.

London's FTSE 100 finished at 10,425.96, dropping 79.05 points, or 0.75 percent. 

In Europe, major indices closed lower but with losses contained. Frankfurt's DAX P fell 85.55 points to settle at 25,092.25, a decline of 0.34 percent, while in Paris, the CAC 40 slipped 19.02 points to 8,188.87, equating to a loss of 0.23 percent.

The broader EURO STOXX 50 Index ended at 6,055.11, down 15.43 points (0.25 percent), and the Euronext 100 Index closed nearly flat at 1,844.64, off by just 0.36 points or 0.02 percent.

In Belgium Thursday, the BEL 20 finished at 5,603.03, a decline of 10.55 points (0.19 percent).

Asian markets saw sharper selling pressure. Hong Kong's HANG SENG INDEX tumbled 322.07 points to 25,006.16, a loss of 1.27 percent.

In Singapore, the STI Index dropped 39.61 points to 4,989.19 (0.79 percent).

Japan's Nikkei 225 ended lower, dropping 306.29 points to 64,693.12, a decline of 0.47 percent.

Australia's benchmarks also fell significantly: the S&P/ASX 200 sank 124.80 points to 8,592.90, down 1.43 percent, while the broader ALL ORDINARIES lost 125.60 points to end at 8,819.60, a decline of 1.40 percent. Across the Tasman, New Zealand's S&P/NZX 50 INDEX slipped 21.70 points to 13,206.11 (0.16 percent).

Elsewhere in Asia, India's S&P BSE SENSEX eased 141.91 points to 75,867.80 (0.19 percent).

The IDX COMPOSITE in Indonesia fell 76.16 points to 6,130.19, a drop of 1.23 percent, while in Malaysia, the FTSE Bursa KLCI shed 14.09 points to close at 1,684.93 (0.83 percent).

South Korea's KOSPI Composite Index gave up 43.41 points to end at 8,185.29, a loss of 0.53 percent, while in Taiwan Thursday,  theTWSE Capitalization Weighted Stock Index suffered a sharp decline of 620.36 points to 43,636.44, down 1.40 percent.

Going against the trend, Mainland China's SSE Composite Index posted a modest gain, adding 4.91 points to close at 4,098.64, an increase of 0.12 percent on turnover of 1.988 billion shares. 

In the Middle East and Africa, Israel's TA-125 fell 33.88 points to 4,399.06 (0.76 percent).

In Egypt, the EGX 30 Price Return Index closed at 52,658.80, down 202.70 points or 0.38 percent on volume of 386.02 million. However, the Top 40 USD Net TRI Index in South Africa bucked the trend, rising 23.02 points to finish at 7,081.64, a gain of 0.33 percent.

(This report incorporates quotes retrieved with the assistance of artificial intelligence).

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