US stocks rose on Thursday, with major indexes heading for consecutive gains after a batch of strong economic data as investors waited to hear from Federal Reserve Chairman Jerome Powell.
How are shares traded?
S&P 500 SPX,
It rose 18 points, or 0.6%, to 4,163 points.
Dow Jones Industrial Average DJIA,
It advanced 22 points, or 0.1%, to 32,984.
Nasdaq Composite Corporation,
It advanced 93 points, or 0.8%, to 12526.
On Wednesday, the Dow Jones Industrial Average rose 60 points, or 0.18%, to 32,969, the S&P 500 increased 12 points, or 0.29%, to 4,141, and the Nasdaq Composite rose 50 points, or 0.41%, to 12,432. The 500 rose 12.9% from its mid-June low, but It’s still down 13.1% for the year so far.
What is driving the markets
US stocks rose mostly on Thursday after revised readings of the performance of the US and German economies during the second quarter, along with news of more Fiscal stimulus measures from China. However, the low trading volume contributed to the exaggerated volatility during the day.
The revised GDP reading in the second quarter showed the German reading The economy grew 0.1% in the second quarter, which was better than economists expected. Meanwhile, in the United States, the The first review of GDP for the second quarter Figures showed the economy shrank by just 0.6%, better than the 0.9% contraction from the original reading.
Eric Deaton, president and managing director of Wealth Alliance, said US stocks have good reason to celebrate the latest reading of second-quarter GDP.
“The fundamental data is not showing a recession, which is very ideal for this market because this market is calling for a soft landing,” Deaton said.
Stocks also compete with low trading volume, which has helped to amplify volatility in the market. Wednesday’s session saw only 8.8 billion shares traded across various Wall Street exchanges. It was the lowest volume so far this year and is down 26% from the 2022 daily average, according to Dow Jones data.
Market strategists blamed low trading volume on seasonal factors, as well as some investors’ reluctance to make bold bets before Powell spoke Friday at the Federal Reserve’s annual Economic Symposium in Kansas City in Jackson Hole, UT.
Investors will be dissecting Powell’s comments for clues about the direction of Fed policy, an issue that has largely defined the market’s trajectory lately.
But Louis Navellier of Navellier & Associates said Thursday that markets believe the Fed is succeeding in making a “soft landing” for the US economy.
“The market appears to be more comfortable that higher interest rates will not skew profits from a serious recession any time soon,” Navlier said.
The market got another taste of Thursday’s Fed talk When the President of the Federal Reserve Bank of Philadelphia Patrick Harker said: He would like to see the Fed raise the benchmark rate north of 3.4% and then let it “sit for a while”.
In other economic news, the number of Americans who filed for unemployment benefits last week fell to a one-month low of 243,000, indicating that layoffs remain near record lows.
Investors were also dealing with a mixed batch of earnings reports from a handful of tech companies that were released after the closing bell on Wednesday. Participate in sales force
Decreased by about 7% snowflake
On the other hand, it is up more than 16% after its numbers and forecasts were well received.
while, Tesla Corporation
Stocks traded slightly lower, Wiping their gains from the pre-market sessionThe stock split took effect upon opening. The EV Maker Board approved a 3-for-1 split on August 5.
Focus on stocks
US-listed Chinese stocks rose after a The Wall Street Journal report US and Chinese regulators are close to concluding an agreement to allow US auditors to travel to Hong Kong to inspect the registry of Chinese companies listed in New York. shares Alibaba Group Holdings Limited.
rebounded more than 7%. shares iQiyi company
Gained 6.9%, of shares JD.com Company
Bilibili and Huya Inc.
Each rose more than 8%. Electric car company shares NIO . company. NIO,
gained more than 5%.
shares Peloton Interactive Inc.
It fell nearly 20% after the company posted a big loss for her last quarter. A day ago, the stock rebounded after news that the company would start selling its products on Amazon.com.
- nvidia company NVDA Stocks traded higher Despite disappointing profits Released Wednesday night. Other semiconductor companies have also benefited, b Advanced Micro Devices Inc. AMDAnd the Micron Technology Co. moBoth are among the top gainers in the S&P 500 with gains of more than 4%.
Provider of enterprise data, storage and cloud management, It rose more than 6% after a strong earnings report.
Royal Caribbean Group
And the Norwegian Cruise Line Holdings
They rose 3.9% and 4.5%, respectively.
How are the other assets?
Oil futures fell as US CL.1 crude fell,
It fell 1% to $94.96 a barrel.
10-Year Treasury Bond Yield TMUBMUSD10Y,
It fell 2.9 basis points to 3.083%.
ICE DXY dollar index,
It fell 0.2% to 108.50, while GC00 gold,
It rose 0.4 percent to $ 1768 an ounce.
It advanced 1.8% to $21,746.
Asia markets got an extra boost from the latest stimulus in China. Hang Seng HSI in Hong Kong,
It rose 3.6% and the Shanghai Composite Index SHCOMP,
jumped 1%. In Europe, Euro Stoxx 600 SXXP,
It rose 0.4%.
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