US stocks soared on Thursday, with the Dow Jones index gaining nearly 250 points. The positive market sentiment was fueled by a combination of strong earnings reports and optimism surrounding China’s potential economic stimulus package.
Jabil Inc., a print manufacturing company, emerged as a significant gainer after exceeding fourth-quarter earnings expectations. The company reported revenue of $6.96 billion, surpassing analyst estimates of $6.59 billion. Jabil’s adjusted earnings per share (EPS) also came in higher than anticipated, reaching $2.30 compared to the expected $2.22. This strong performance led to a surge in Jabil’s share price, climbing by 11.2% to $126.18.
Several other companies experienced substantial gains throughout the trading day. SBC Medical Group Holdings Incorporated saw its shares jump by 25.4% to $10.01, while Gaotu Techedu Inc. surged by 25.4% to $3.65. Adaptive Biotechnologies Corporation witnessed a 24.1% increase, reaching $4.9650, and TAL Education Group gained 21.7%, closing at $10.13.
Ispire Technology Inc. experienced a remarkable 18.6% surge to $6.91 after releasing its financial results for fiscal year 2024. Studio City International Holdings Limited also saw a significant rise of 17.8%, reaching $7.43, and KE Holdings Inc. surged by 17.4% to $19.22.
The positive momentum extended to Chinese stocks, driven by reports suggesting that China plans to issue up to $284 billion in sovereign debt as part of a stimulus package aimed at boosting economic growth. H World Group Limited climbed by 16.7% to $36.60, while New Oriental Education & Technology Group Inc. gained 14.4% to $71.19.
Micron Technology, Inc., a semiconductor company, also benefited from strong quarterly results, with its share price climbing by 14.2% to $109.37. Yum China Holdings, Inc. followed suit, experiencing a 14.2% jump to $43.60.
The Estée Lauder Companies Inc., a cosmetics giant, saw its shares increase by 10% to $100.78. Southwest Airlines Co. witnessed a 9.9% climb to $31.19 after announcing a $2.5 billion share repurchase program and providing positive third-quarter revenue per available seat mile (RASM) guidance. The company also announced it reduced headcount through controlled hiring and attrition, and secured contracts with all labor groups.
Alibaba Group Holding Limited, a leading e-commerce company, gained 9.7% to $104.73 following reports of China’s planned stimulus package. Trip.com Group Limited, a travel booking platform, rose by 9.1% to $55.74.
Celanese Corporation, a chemical company, ended the day with a 6.6% increase, reaching $138.71. The company’s strong performance likely stemmed from its focus on essential materials and its ability to navigate global economic challenges effectively.
