The Dow Jones Industrial Average closed sharply higher on Thursday, regaining much of the ground lost in the previous session. The market rebound was fueled by strong performances from tech giants like Tesla and Intel, while athletic apparel giant Nike suffered a significant drop in after-hours trading following its disappointing earnings report.

The Dow Jones surged 322 points, representing a 0.9% increase as the trading day came to a close. Semiconductor stocks, in particular, experienced a boost, with Intel leading the way with a 2.9% gain. Salesforce and American Express also contributed to the index's strong performance, rising 2.7% and 2.3% respectively.

However, it was Nike's earnings report that caught the attention of investors. The sportswear company's stock initially ended the session with a 0.9% gain but tumbled more than 5% in after-hours trading. Nike reported earnings per share of $1.03, surpassing expectations, but fell short on revenue, posting $13.39 billion. In addition, the company announced plans to cut costs by $2 billion over the next three years.

Nike's Chief Financial Officer, Matthew Friend, expressed concerns about the company's sales outlook, stating, "As we look ahead to a softer second-half revenue outlook, we remain focused on strong gross margin execution and disciplined cost management." Analysts had predicted a slight decrease in earnings to 84 cents per share and projected revenue to rise by 0.6% to $13.4 billion.

While Nike's financial performance disappointed, the so-called "Magnificent Seven" stocks mostly saw gains. Tesla, one of the members of this group, led the way with a 3% increase. The electric vehicle manufacturer has been trading above its moving averages and is below a second-stage double-bottom base with a buy point of 278.98.

Other Magnificent Seven members, such as AI stock Nvidia, Meta Platforms, and Google parent Alphabet, saw gains of 1.8%, 1.4%, and 1.5% respectively. E-commerce giant Amazon closely followed with a 1.1% rise, trading above its buy zone from a 145.86 entry.

On the flip side, Microsoft enjoyed a gain of 0.8% and remained within a buy zone above a 366.78 entry. Apple, however, lagged behind the other tech giants with a slight decline of 0.1%. Nonetheless, it continued trading within a buy zone above a 192.93 cup-with-handle entry.

Beyond the Dow Jones, a few stocks made progress towards potential buy points. Following its earnings report, Carnival stock soared 6.2% and approached the buy point of 19.55. Southern Copper and ASML also inched closer to their respective cup base entries of 87.59 and 771.98.

Southern Copper, a first-stage pattern stock, rose 3.2% as it neared its buy point, while ASML experienced a 3.5% increase on its weekly chart, offering a higher buy point after extending from a cup-with-handle entry on the daily chart.

Overall, the stock market exhibited resilience as major indexes rebounded, with the Nasdaq composite leading the way with a gain of 1.3%, followed closely by the benchmark S&P 500, which jumped 1%. Although breakouts were limited, consumer discretionary and healthcare sectors performed well, while energy and utilities saw slimmer gains.

As investors continue to closely monitor earnings reports and market trends, the stock market remains a dynamic and ever-changing landscape, presenting opportunities for growth and challenges to overcome.