In a turbulent session ahead of Friday's options expiry, technology stocks powered the equity market to a record.

The S&P 500 reached its 66th all-time high, putting the benchmark index on track to set the second-highest number of annual records in history, trailing only 1995. The tech-heavy NASDAQ 100 outperformed after global chipmaker Nvidia raised its outlook, while Apple surged after it was reported the corporation is accelerating the development of its electric automobile. Macy's Inc. and Kohl's Corp. led retail advances after indicating that consumer demand remains strong.

According to Mark Haefele, Chief Investment Officer at UBS Global Wealth Management, the S&P 500 might reach 5,200 in the next six months in an environment of less monetary stimulus and outperformance by cyclical companies. That would imply an 11% gain from Wednesday's close.

Bitcoin fell for the fifth straight day on Thursday, retreating from record highs. Since the five days that concluded on May 16th, the world's largest cryptocurrency hasn't dropped that far. Crypto assets, unlike regular assets, trade on the weekend, therefore the streak encompasses Saturday and Sunday.

JPMorgan Chase & Co. economists said they now expect the Federal Reserve to raise interest rates in September, becoming the latest on Wall Street to abandon a forecast for the Fed to remain on hold until 2022. Analysts at Goldman Sachs Group Inc. predicted a Fed rate hike in July last month. Morgan Stanley analysts believe officials will continue to hold steady on interest rates for the rest of the year.