U.S. stock markets closed higher on Thursday, with the Dow Jones Industrial Average leading the charge with a surge of over 200 points. The tech-heavy NASDAQ also experienced a positive day, rising 1.15%, while the broad-based S&P 500 gained 0.82%.
Several factors contributed to the market’s positive performance. Communication services shares were a standout performer, rising 1.2% on the day. On the other hand, real estate shares faced a slight dip, falling 0.8%.
One notable headline that impacted the market was Signet Jewelers Limited’s (SIG) better-than-expected second-quarter earnings and strong third-quarter revenue outlook. While Signet’s sales declined year-over-year, they exceeded analysts’ expectations, and their adjusted EPS beat the consensus estimate.
Several individual stocks also saw significant movement. NETGEAR, Inc. (NTGR) shares soared 31% following the company’s announcement of a settlement agreement with TP-Link Systems and an upward revision to their third-quarter revenue guidance. Visionary Holdings Inc. (GV) witnessed a remarkable surge of 144% after signing an MoU with Saudi Arabia’s Public Investment Fund for a $120 million investment in its industry projects. Smart for Life, Inc. (SMFL) also saw gains, rising 32% after HRT Financial LP acquired a new stake in the company.
However, not all stocks experienced upward movement. ModivCare Inc. (MODV) shares plummeted 53% after announcing a $200 million mixed securities shelf offering. Fulcrum Therapeutics, Inc. (FULC) saw a 61% drop after their Phase 3 trial for losmapimod failed to achieve its primary endpoint. Oncternal Therapeutics, Inc. (ONCT) also fell 57% following the announcement of termination of its clinical studies and exploration of strategic alternatives.
Commodities also saw positive movement. Oil prices climbed 3.3%, reaching $69.53 per barrel, while gold gained 1.3% to $2,576.20. Silver and copper also saw significant gains, rising 3.9% and 1.1%, respectively.
Looking across the globe, European markets also closed higher on Thursday. The Eurozone’s STOXX 600 index gained 0.80%, with Germany’s DAX and France’s CAC 40 also experiencing positive growth. Spain’s IBEX 35 Index rose 1.08%, and London’s FTSE 100 climbed 0.57%. Spain’s annual inflation rate eased to 2.3% in August, while Germany’s wholesale prices fell 1.1% year-over-year.
Asian markets also showed mixed performance. Japan’s Nikkei 225 index jumped 3.41%, Hong Kong’s Hang Seng Index gained 0.77%, and India’s BSE Sensex surged 1.77%. China’s Shanghai Composite Index, however, dipped 0.17%. Hong Kong’s manufacturing production increased 0.7% year-over-year in the second quarter, while Japan’s producer prices rose 2.5% year-over-year in August.
In the United States, economic data also provided some positive signals. U.S. producer prices rose 0.2% month-over-month in August, slightly exceeding market estimates. Initial jobless claims rose by 2,000 to 230,000 for the week ending September 7. U.S. natural-gas stocks saw a 40 billion cubic feet increase during the week ended September 6.
