The S&P 500 Index closed up 0.81% on Thursday, while the Dow Jones Industrial Average rose 0.27%, and the Nasdaq 100 increased by 1.62%. South Korea’s SK Hynix saw a robust demand with its ADRs being more than seven times oversubscribed during a U.S. offering expected to raise around $24.5 billion, the second-largest by a foreign company. Additionally, U.S. weekly initial unemployment claims fell by 2,000 to a six-week low of 215,000.
In the backdrop of escalating tensions in the Middle East, which saw the U.S. and Iran exchange attacks for a second day, the market remained resilient. The decline in crude oil prices contributed positively to airline and cruise line stocks. However, existing home sales for June declined by 2.4% month-over-month to 4.09 million, falling short of expectations for a rise to 4.20 million. Meanwhile, forecasts suggest Q2 earnings may increase by 23%, significantly driven by AI-related infrastructure.
Overseas markets also saw gains, with the Euro Stoxx 50 up 1.28% and China’s Shanghai Composite rising 1.65%. U.S. Treasury yields fell, with the 10-year T-note yield dropping to 4.539%, influenced by a strong demand during a $22 billion 30-year bond auction, which had a bid-to-cover ratio of 2.44.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
