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U.S. stocks traded higher toward the end of trading, with the S&P 500 gaining around 1.5% on Thursday.
The Dow traded up 1.23% to 40,501.91 while the NASDAQ jumped 2.28% to 17,584.56. The S&P 500 also rose, gaining, 1.52% to 5,538.34.
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Leading and Lagging Sectors
Consumer discretionary shares climbed by 2.9% on Thursday.
In trading on Thursday, real estate shares fell 0.4%.
Top Headline
Alibaba Group Holding Limited (NYSE:BABA) reported downbeat sales for its fiscal first quarter.
The Jack Ma co-founded e-commerce giant reported fiscal first-quarter 2024 revenue growth of 4% year-on-year to $33.47 billion, missing the analyst consensus estimate of $34.81 billion. Adjusted earnings per ADS of $2.26 beat the analyst consensus estimate of $2.13.
Equities Trading UP
Equities Trading DOWN
Commodities
In commodity news, oil traded up 1.4% to $78.09 while gold traded up 0.6% at $2,493.80.
Silver traded up 4.1% to $28.46 on Thursday, while copper rose 2.7% to $4.1490.
Euro zone
European shares were higher today. The eurozone's STOXX 600 rose 1.15%, Germany's DAX rose 1.66% and France's CAC 40 rose 1.23%. Spain's IBEX 35 Index rose 1.23%, while London's FTSE 100 rose 0.80%.
The British economy grew by 0.9% year-over-year in the second quarter, recording the biggest annual growth rate since the third quarter of 2022. Labor productivity in the UK increased 0.3% on quarter during the second quarter. The UK’s trade deficit narrowed to £5.32 billion in June versus a revised £5.77 billion in the earlier month. Industrial production in the UK climbed 0.8% month-over-month for June.
Asia Pacific Markets
Asian markets closed mixed on Thursday, with Japan's Nikkei 225 jumping 0.78%, Hong Kong's Hang Seng Index falling 0.03% and China's Shanghai Composite Index gaining 0.94%.
Industrial production in Japan fell by 4.2% month-over-month during June, while Japanese economy expanded by 3.1% on an annualized basis in the second quarter. China’s retail sales climbed by 2.7% year-over-year in July versus market estimates of 2.6%. China's industrial production rose by 5.1% year-over-year in July.
Economics
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