US stocks moved higher on Thursday as investors turned their attention back to artificial intelligence opportunities ahead of SK Hynix’s planned Nasdaq debut, overlooking renewed tensions between the US and Iran that tested a fragile ceasefire in the Middle East.
The Nasdaq Composite rose 1.3%, while the S&P 500 gained 0.8% and the Dow Jones Industrial Average added more than 0.2% after Wall Street ended the previous session mixed.
Markets largely absorbed reports of further US-Iran strikes, with the US launching airstrikes against Iranian targets and Iran responding with attacks on locations in US-allied countries across the region.
Investors instead focused on the artificial intelligence sector, with South Korean memory chip manufacturer SK Hynix preparing for its US market debut after strong demand for its offering, which was reportedly oversubscribed by seven times.
The listing comes after a recent decline in chip stocks raised questions around valuations linked to the AI boom, although demand for companies connected to artificial intelligence infrastructure remains a key focus for investors.
Economic data also remained in view, with weekly US initial jobless claims showing little change from the previous week, providing another indicator as markets assess the outlook for interest rates.
PepsiCo’s latest results showed consumers were becoming more cautious with spending due to economic concerns, although revenue exceeded expectations.
In London, the FTSE 100 closed lower as a steep decline in AstraZeneca shares outweighed gains from mining companies, leaving the UK benchmark behind European counterparts. The index fell 0.2%, while the FTSE 250 advanced 1.0%.
AstraZeneca dropped 6.2% after announcing that its Wainua cardiovascular drug, developed alongside Ionis Pharmaceuticals, failed to achieve its primary endpoint in a phase 3 trial. The treatment, also known as eplontersen, was being tested in patients with transthyretin-mediated amyloid cardiomyopathy, but results showed no reduction in mortality or cardiovascular clinical events compared with a placebo over 140 weeks.
JPMorgan analysts said the outcome could remove much of the $3.3bn risk-adjusted peak sales forecast linked to the drug, while also raising concerns about confidence in previous management expectations for the trial.
Mining stocks helped limit the broader decline, supported by stronger commodity prices. Antofagasta rose 5.4%, Anglo American gained 5.8% and Glencore increased 4.2%, while gold climbed to $4,126.64 an ounce from $4,022.15 on Wednesday, with silver rising 3.5% and copper gaining 2.7%.
Computacenter was among the strongest FTSE 100 performers, rising 7.2% after the technology services provider said it expects full-year results to exceed market expectations following stronger second-quarter trading. The company highlighted growth in North America driven by higher demand from hyperscaler customers and said adjusted pre-tax profit should surpass the current market forecast of £313.7m.
On the FTSE 250, Playtech jumped 14% after forecasting better-than-expected 2026 results, supported by strong US performance during the first half. The gambling software company expects adjusted EBITDA of €270m, above analyst estimates ranging from €205m to €225m.
Capita was among the biggest fallers, dropping 21% after warning that problems with its Civil Service Pension Scheme contract could cut adjusted operating profit by up to £40m this year, with Chief Executive Adolfo Hernandez acknowledging that service delivery had fallen short.
Meanwhile, Bango shares climbed 21% after the digital payments firm said it remained confident of meeting 2026 expectations, with first-half revenue forecast at $25.9m, compared with $25.2m a year earlier.
