Tech Stocks Rebound, Tesla Marks Best 1-Day Gain Since March 2021, Gold Rises As Treasury Yields Ease: What's Driving Markets Thursday?

Tech stocks outperformed on Thursday, driven by Tesla Inc. TSLA, which skyrocketed 18% in midday trading following stronger-than-expected quarterly financial results.

The electric vehicle giant is on track for its best session since March 2021.

Despite Tesla’s spectacular rally, broader market sentiment remained cautious, reflecting recent trends of subdued risk appetite.

In macroeconomic news, weekly jobless claims dropped significantly, coming in below expectations and suggesting ongoing resilience in the labor market.

Meanwhile, private sector activity surveys revealed better-than-expected conditions in both services and manufacturing this month and a further reduction in price pressures.

Both the S&P 500 and Russell 2000 traded flat, while the Dow Jones fell 0.6%. The consumer discretionary sector led gains, heavily influenced by Tesla's stellar performance.

The U.S. dollar softened slightly, and Treasury yields edged lower, easing pressure on gold. The SPDR Gold Trust GLD rose 0.6%.

Oil prices dropped 1%, heading for a second consecutive day of losses. Meanwhile, Bitcoin BTC/USD gained 1.8%.

Thursday’s Performance In Major US Indices, ETFs

Major Indices	Price	1-day %change
Nasdaq 100	20,164.58	0.5%
S&P 500	5,796.37	0.0%
Russell 2000	2,207.55	0.0%
Dow Jones	42,259.72	-0.6%

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust SPY flattened at $577.32.
• The SPDR Dow Jones Industrial Average DIA fell 0.7% to $422.33.
• The tech-heavy Invesco QQQ Trust Series QQQ rose 0.4% to $489.81.
• The iShares Russell 2000 ETF IWM inched 0.1% down to $218.88.
• The Consumer Discretionary Select Sector SPDR Fund XLY outperformed, up by 2.5%, predominately affected by Tesla. The Materials Select Sector SPDR Fund XLB lagged, down 1.4%.

Thursday’s Stock Movers

Stocks reacting to earnings results include:

• T-Mobile US Inc. TMUS, up over 4%,
• International Business Machines Corp. IBM, down over 6%,
• ServiceNow Inc. NOW, up over 5%,
• Lam Research Corp. LRCX, up 3.8%,
• Newmont Corp. NEM, down over 9%,
• United Rentals Inc. URI, down 2%,
• Las Vegas Sands Corp. LVS, up 1.3%,
• Raymond James Financial Inc. RJF, up over 7%,
• S&P Global Inc. SPGI, down 2.4%,
• Union Pacific Corp. UNP, down 5%,
• Honeywell International Inc. HON, down 4.4%,
• KKR & Co. Inc. KKR, up 3.4%,
• United Parcel Service Inc. UPS, up 5.1%,
• Carrier Global Corp. CARR, down 7%,
• Nasdaq Inc. NDAQ, up 1.6%,
• Valero Energy Corp. VLO, up 0.7%,
• CBRE Group Inc. CBRE up by over 9%,
• Dow Inc. DOW, down 1.1%,

• Southwest Airlines Company LUV dropped over 3%, despite posting better-than-expected results and reaching a deal with Elliott Investment Management on the board’s composition. However, the CEO warned of potential delivery delays due to Boeing Co.‘s BA ongoing machinist strike.

Large-cap companies slated to report results after the close include Capital One Financial Corp. COF, Ameriprise Financial Inc. AMP, Edward Lifesciences Corp. EW, ResMed Inc. RES, DexCom Inc. DXCM, and Deckers Outdoor Corp. DECK.

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Image created using artificial intelligence via MidJourney .