Wall Street Rally Extends Into Third Day: What's Driving Markets Thursday?

U.S. equities are pushing higher for a third straight session, eyeing the longest winning streak since the Trump tariff announcement on April 2, as optimism over corporate earnings and easing trade tensions boosts risk sentiment.

Positive quarterly results and robust guidance from U.S. firms is fueling hopes the economy can weather the ongoing tariff headwinds and avoid a recession.

Meanwhile, signs of a potential thaw in the U.S.-China trade conflict emerged, with the White House reportedly considering exceptions for certain Chinese auto parts.

At midday trading in New York, the Nasdaq 100 surged 2.2%, climbing above the 19,000 mark for the first time in two weeks. The S&P 500 advanced 1.5%, while the Dow Jones Industrial Average underperformed, rising 0.9%.

Technology stocks broadly outperformed, with strength concentrated in the Magnificent Seven and the semiconductor space.

Among major movers, ServiceNow Inc. NOW soared 15% after reporting results that beat Wall Street expectations and issuing bullish forward guidance. In contrast, shares of International Business Machines Corp. IBM slumped 8% as the tech giant showed lower-than-expected non-GAAP earnings.

In the consumer staples sector, Procter & Gamble PG dropped more than 5% after missing revenue estimates.

Treasury yields continued to ease, with yields on the 10-year Treasury down 5 basis points to 4.33%.

Gold rebounded modestly after suffering a 2.7% slide on Wednesday. Natural gas prices extended their losing streak, plunging 4.9% and heading for a tenth consecutive negative session.

In the crypto market, Bitcoin BTC/USD eased 0.5% to trade at $93,300.

Thursday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust SPY rose 1.5% up to $543.71.
• The SPDR Dow Jones Industrial Average DIA rose 0.9% to $399.51.
• The tech-heavy Invesco QQQ Trust Series QQQ rallied 2.1% to $464.72.
• The iShares Russell 2000 ETF IWM rallied 1.5% to $193.08.
• The Technology Select Sector SPDR Fund XLK outperformed, up 3%; the Consumer Staples Select Sector SPDR Fund XLP lagged, down 0.8%.

Thursday’s Stock Movers

Stocks reacting to earnings included:

• Chipotle Mexican Grill, Inc. CMG: up 0.6%
• O'Reilly Automotive, Inc. ORLY: down 3.1%
• Raymond James Financial, Inc. RJF: up 0.7%
• Molina Healthcare, Inc. MOH: down 6.4%
• Texas Instruments Incorporated TXN: up 6.0%
• FirstEnergy Corp. FE: up 0.4%
• ServiceNow, Inc. up 14.9%
• Lam Research Corporation LRCX: up 5.5%
• ResMed Inc. RMD: up 10.0%
• Discover Financial Services DFS: up 3.6%
• International Business Machines Corporation IBM: down 7.6%
• Newmont Corporation NEM: up 3.6%
• Rollins, Inc. ROL: up 1.2%
• United Rentals, Inc. URI: up 8.9%
• Tyler Technologies, Inc. TYL: down 3.0%
• Edwards Lifesciences Corporation EW: up 7.1%
• Las Vegas Sands Corp. LVS: up 5.2%
• Alaska Air Group, Inc. ALK: down 9.7%
• American Airlines Group Inc. AAL: up 2.3%
• PepsiCo, Inc. PEP: down 4.1%
• CBRE Group, Inc. CBRE: up 2.5%
• Entergy Corporation ETR: up 0.4%
• The Procter & Gamble Company: down 5.3%
• Bristol-Myers Squibb Company BMY: down 0.2%
• Southwest Airlines Co. LUV: down 0.2%
• Valero Energy Corporation VLO: down 1.8%
• Comcast Corporation CMCSA: down 5.3%
• Dow Inc. DOW: up 2.1%
• Willis Towers Watson Public Limited Company WTW: down 5.2%
• Tractor Supply Company TSCO: down 4.8%
• Hasbro, Inc. HAS: up 16.1%
• CMS Energy Corporation CMS: up 2.3%
• Xcel Energy Inc. XEL: down 1.8%
• CenterPoint Energy, Inc. CNP: up 1.8%
• LKQ Corporation LKQ: down 10.7%
• PG&E Corporation PCG: down 0.8%
• Keurig Dr Pepper Inc. KDP: down 0.6%
• Freeport-McMoRan Inc. FCX: up 5.5%
• Merck & Co., Inc. MRK: down 0.6%
• Nasdaq, Inc. NDAQ: down 0.4%
• L3Harris Technologies, Inc. LHX: up 0.4%
• Pool Corporation POOL: down 6.1%
• Dover Corporation DOV: up 1.8%
• West Pharmaceutical Services, Inc. WST: down 2.2%
• Ameriprise Financial, Inc. AMP: down 0.2%
• Fiserv, Inc. FI: down 16.4%
• The Interpublic Group of Companies, Inc. IPG: up 3.4%
• Allegion plc ALLE: up 9.7%
• Union Pacific Corporation UNP: down 3.1%

Stocks slated to report earnings after the bell include T-Mobile US, Inc. TMUS, VeriSign, Inc. VRSN, Eastman Chemical Company EMN, Principal Financial Group, Inc. PFG, Physicians Realty Trust DOC, The Hartford Financial Services Group, Inc. HIG, Weyerhaeuser Company WY, Republic Services, Inc. RSG, Digital Realty Trust, Inc. DLR, Gilead Sciences, Inc. GILD, Erie Indemnity Company ERIE, Alphabet Inc. GOOGL, and Intel Corporation INTC.

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