US stocks traded higher on Thursday, with the Dow Jones Industrial Average gaining over 100 points. The positive sentiment was driven by a surge in information technology shares, with the sector climbing 0.7% on the day. The Nasdaq Composite Index rose 0.44% to 17,997.28, while the S&P 500 gained 0.36% to 5,641.14.
One of the key drivers of the market’s positive performance was the strong second-quarter financial results reported by BJ’s Wholesale Club Holdings, Inc. (BJ). The company beat analyst expectations on both revenue and earnings, with revenue growing 4.9% year-over-year to $5.205 billion. Total comparable club sales increased by 3.1%, while comparable club sales excluding gasoline sales rose by 2.4%.
Several individual stocks also saw significant price movements on Thursday. Staffing 360 Solutions, Inc. (STAF) shares surged 171% to $3.19 after a significant decline on Wednesday. SRIVARU Holding Limited (SVMH) shares rose 90% to $0.2243 following the company’s announcement of the launch of the PRANA 2.0 electric motorcycle in Chennai, India. The company also stated its goal to increase production capacity to nearly 10,000 units per month by the end of 2024. Air Industries Group (AIRI) shares also saw a significant boost, gaining 67% to $6.31 after the company announced a $110 million contract for the production of Thrust Struts used in the GTF aircraft jet engine.
Meanwhile, some stocks experienced downward pressure. Revelation Biosciences, Inc. (REVB) shares dropped 32% to $1.4150 after the company announced an agreement to exercise 2.55 million warrants at $1.50 per share. Cyclo Therapeutics, Inc. (CYTH) shares were down 34% to $0.83 after the company announced a merger with Rafael Holdings. Oblong, Inc. (OBLG) shares fell 26% to $0.0877 following a 1-for-40 reverse stock split.
In commodity markets, oil traded up 0.3% to $72.11, while gold traded down 0.8% at $2,528.10. Silver traded down 0.1% to $29.51 on Thursday, while copper fell 0.6% to $4.1650.
European markets also closed higher on Thursday, with the eurozone’s STOXX 600 gaining 0.6%. Germany’s DAX rose 0.4%, and France’s CAC 40 gained 0.4%. Spain’s IBEX 35 Index rose 0.7%, while London’s FTSE 100 rose 0.1%.
The S&P Global UK composite PMI climbed to 53.4 in August, notching the highest level since April. The HCOB Eurozone composite PMI surged to 51.2 in August from 50.2 a month ago. The HCOB France composite PMI rose to 52.7 in August from 49.1 in the previous month, while Germany’s composite PMI fell to 48.5 in August from July’s reading of 49.1.
Asian markets closed higher on Thursday, with Japan’s Nikkei 225 gaining 0.68%, Hong Kong’s Hang Seng Index gaining 1.44%, China’s Shanghai Composite Index falling 0.27%, and India’s BSE Sensex rising 0.18%. The HSBC India Composite PMI slipped to 60.5 in August versus 60.7 in the previous month, while Japan’s composite PMI climbed to 53.0 in August from 52.5 a month ago.
US economic data released on Thursday provided a mixed picture. The Chicago Fed National Activity Index declined to -0.34 in July versus a revised reading of -0.09 in June. U.S. initial jobless claims rose by 4,000 from the prior week to 232,000 in the week ending August 17th, compared to market expectations of 230,000.
