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Wall Street strongly rebounded Thursday after Wednesday’s slump, driven by stronger-than-expected economic growth in the last quarter, countering concerns of a slowdown.
The U.S. economy posted a notable 2.8% real growth in the second quarter, doubling the first quarter’s pace and exceeding the 2% growth estimate.
Adding to the positive outlook, the Personal Consumption Expenditure (PCE) price index showed cooling price pressures, dropping from 3.4% to 2.6%, signaling progress toward the 2% target.
At midday, major U.S. averages traded positively, with all eleven sectors of the S&P 500 posting gains. The S&P 500 index was up 1%, and the Dow gained a robust 1.3%. The tech-heavy Nasdaq 100 inched 0.9% higher, while small caps, tracked by the iShares Russell 2000 ETF (NYSE:IWM), rallied 2.4%.
Treasury yields fell significantly, with the 30-year yield down 6 basis points to 4.48%, boosting the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) by 1.8%.
Gold fell 1.6%, likely impacted by the rebound in riskier assets, silver plummeted 3.7%, while oil prices rose 0.7% to $77.80.
Bitcoin (CRYPTO: BTC) fell 1% to $64,750, marking its fourth straight session of losses.
Major Indices | Price | 1-day %chg |
Russell 2000 | 2,252.16 | 2.4% |
Dow Jones | 40,361.96 | 1.3% |
S&P 500 | 5,480.26 | 1.0% |
Nasdaq 100 | 19,202.70 | 0.9% |
According to Benzinga Pro data:
Stocks moving on earnings were:
Those reporting after the close include: SkyWest, Inc. (NASDAQ:SKYW), Juniper Networks, Inc. (NYSE:JNPR), Deckers Outdoor Corporation (NYSE:DECK), Boyd Gaming Corporation (NYSE:BYD), BJ’s Restaurants, Inc. (NASDAQ:BJRI) and VeriSign, Inc. (NASDAQ:VRSN).
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