Wall Street ripped gains on Thursday, with market participants taking confidence from the Federal Reserve's bumper half-point rate cut the previous day and jumping back into growth stocks. With a night to digest the Fed's decision,

Weekly active user growth, revenue growth, and adjusted EBITDA margin growth all accelerated in the second quarter. After a few years of unimpressive performance, Nextdoor is projecting 11% year-over-year revenue growth for 2024, as well as an adjusted EBITDA loss that is less than half of 2023's.

"This would be the third time that stocks entered a cycle where annual returns compound at high teens," Fundstrat's Tom Lee said.