A rally from the “magnificent seven” tech stocks perhaps predictably fueled the rally, but this surprise name was the S&P 500’s biggest gainer Thursday.

U.S. stocks rose after the Federal Reserve lowered its benchmark interest rates by 50 basis points to a range of 4.75% to 5%. That was the first rate cut in over four years that marked the beginning of a monetary-easing cycle in the world's largest economy.

Wall Street's main indexes surged, with the S&P 500 and Dow reaching record highs following the Federal Reserve's initiation of a monetary easing cycle. Key growth stocks and tech sectors led the rally,

Nvidia’s stock historically has made dramatic moves in the year after initial Fed interest-rate cuts, and it has outperformed the S&P 500 on average when looking at all rate cuts since the IPO.

Dow Jones futures jumped 500 points Thursday after the big Fed rate cut Wednesday. Nvidia and Tesla rallied to key levels.