US stocks ended Thursday’s trading session on a positive note, with the S&P 500 gaining approximately 1.5%. The Dow Jones Industrial Average climbed 1.23% to close at 40,501.91, while the NASDAQ surged 2.28% to reach 17,584.56. The S&P 500 also experienced a strong day, closing up 1.52% at 5,538.34.
The consumer discretionary sector led the charge on Thursday, registering a 2.9% increase. This positive performance contrasted with the real estate sector, which saw a slight decline of 0.4%.
One of the day’s top headlines involved Alibaba Group Holding Limited (BABA), which reported underwhelming sales for its fiscal first quarter. The e-commerce giant, co-founded by Jack Ma, announced a 4% year-on-year revenue growth to $33.47 billion, falling short of analyst expectations of $34.81 billion. However, the company’s adjusted earnings per ADS of $2.26 surpassed the analyst consensus estimate of $2.13.
Several equities experienced significant price changes throughout the day. Cingulate Inc. (CING) shares soared 147% to $4.5802 after the company secured a European patent for its lead asset, CTx-1301, intended for the treatment of ADHD. AST SpaceMobile, Inc. (ASTS) shares also saw a substantial boost, jumping 47% to $30.53 following the company’s announcement that its first five commercial satellites are on track for an orbital launch in the first half of September. Gambling.com Group Limited (GAMB) shares also gained momentum, rising 26% to $11.12 due to better-than-expected second-quarter financial results.
Conversely, several equities experienced declines. Turnstone Biologics Corp. (TSBX) shares plummeted 59% to $0.8975 after the company reported disappointing second-quarter EPS results. Shares of SIGA Technologies, Inc. (SIGA) fell 26% to $8.82 after the National Institutes of Health’s National Institute of Allergy and Infectious Diseases disclosed preliminary analysis results from the PALM 007 trial of Tecovirimat for Monkeypox virus. The trial did not meet its primary endpoint. Terran Orbital Corporation (LLAP) shares dropped 41% to $0.2363 after Lockheed Martin revealed plans to acquire the company.
In commodity markets, oil prices increased by 1.4% to reach $78.09, while gold prices rose 0.6% to $2,493.80. Silver prices surged by 4.1% to $28.46, and copper prices climbed 2.7% to $4.1490.
Across the Atlantic, European shares ended the day in positive territory. The eurozone’s STOXX 600 index climbed 1.15%, Germany’s DAX rose 1.66%, and France’s CAC 40 gained 1.23%. Spain’s IBEX 35 index also saw a 1.23% increase, while London’s FTSE 100 rose 0.80%. The British economy experienced a 0.9% year-over-year growth in the second quarter, marking the highest annual growth rate since the third quarter of 2022. Labor productivity in the UK increased by 0.3% on a quarterly basis during the second quarter. The UK’s trade deficit narrowed to £5.32 billion in June, down from a revised £5.77 billion in the previous month. Industrial production in the UK climbed 0.8% month-over-month for June.
Asian markets closed with a mixed performance on Thursday. Japan’s Nikkei 225 index surged 0.78%, while Hong Kong’s Hang Seng Index dipped slightly by 0.03%. China’s Shanghai Composite Index registered a 0.94% gain. Industrial production in Japan decreased by 4.2% month-over-month during June, while the Japanese economy expanded by 3.1% on an annualized basis in the second quarter. China’s retail sales climbed by 2.7% year-over-year in July, exceeding market estimates of 2.6%. China’s industrial production rose by 5.1% year-over-year in July.
The US economy showed a mixed performance based on economic data released on Thursday. US retail sales gained 1% month-over-month in July, exceeding market estimates of a 0.3% increase. The Philadelphia Fed Manufacturing Index declined to -7 in August from 13.9 in July, falling short of market estimates of 7. The NY Empire State Manufacturing Index, however, rose to -4.7 in August, reaching its highest level in six months. Export prices increased by 0.7% month-over-month in July, while import prices rose 0.1%. US initial jobless claims declined by 7,000 to 227,000 in the week ending August 10, beating market estimates of 235,000. US industrial production decreased by 0.6% from the prior month in July compared to a revised 0.3% gain in June. The NAHB/Wells Fargo Housing Market Index declined to 39 in August, marking the lowest level so far in 2024. Total business inventories increased by 0.3% month-over-month in June compared to a 0.5% rise in the preceding month. US natural-gas supplies decreased by 6 billion cubic feet during the week ended August 9.
