U.S. stocks broadly surged on Thursday, marking a two-day rebound after the Tuesday market turmoil triggered by a stronger-than-expected inflation report. Investors honed in on robust corporate earnings data while drawing positive insights from a disappointing January retail sales report, reigniting speculation about potential Fed interest rate cuts.
The S&P 500 surged back above 5,000 points, while the Nasdaq 100 paused for a breather at 17,800.
Small caps outshined large caps, with the iShares Russell 2000 ETF (NYSE:IWM) rallying 1.4% on top of Wednesday’s 2.4% surge.
The dollar moved slightly lower, causing commodities to regain some ground. Gold, as tracked by the SPDR Gold Trust (NYSE:GLD), surged back above $2,000, while silver rallied 2.3%.
Crude oil prices, as tracked by the United States Oil Fund (NYSE:USO), rose 1.9% to $78 a barrel.
Thursday’s Performance In Major Indices, ETFs
| Major Indices & ETFs | Price | 1-day % |
| Russell 2000 | 2,020.13 | 1.5% |
| Dow Jones | 38,620.08 | 0.5% |
| S&P 500 | 5,011.47 | 0.2% |
| Nasdaq 100 | 17,784.05 | -0.1 |
The SPDR S&P 500 ETF Trust (NYSE:QQQ) held at $433.15, according to Benzinga Pro data.
The Energy Select Sector SPDR Fund (NYSE:XLK) was the laggard, down 0.5%.
Thursday’s Stock Movers
- Tesla Inc. (NASDAQ:TSLA) rose 4% amid rising optimism that the Biden administration could enact proposed Environmental Protection Agency regulations next month that might speed up the electric vehicle transition.
- Wells Fargo & Company (NYSE:WFC) rose over 6% after the bank announced the the Office of the Comptroller of the Currency concluded a 2016 consent order over its sales practices misconduct.
- CBRE Group Inc. (NYSE:CBRE) rallied 8% on stronger-than-expected fourth-quarter results.
- Shares of Deer & Company (NYSE:DE) fell 6% as the company unveiled a disappointing outlook for the first quarter.
- Other companies reacting to earnings are Antero Resources Corp. (NYSE:TRIP), up 10%.
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Illustration created using artificial intelligence via MidJourney.
