On Thursday, stocks experienced gains as optimism over easing inflation and advancements in the tech sector helped Wall Street recover from earlier losses in the week. The Dow Jones Industrial Average rose by 0.3%, the Nasdaq Composite increased by 1.4%, and the S&P 500 climbed 1% to reach a new all-time high. The surge in the S&P 500 was led by information technology and communication services stocks, with Intel standing out as the top performer in the Dow with a gain of over 3%.
In other news, Victoria's Secret's shares plummeted by 28% after reporting mixed quarterly results and disappointing guidance. On the brighter side, Novo Nordisk's U.S.-listed shares surged nearly 9% following positive trial results for an obesity treatment. New York Community Bancorp's shares also saw a 6% rise in volatile trading, recovering from a significant drop during Wednesday's session after announcing a $1 billion capital raise.
Investors are now looking forward to Friday's U.S. jobs report for further insights into the labor market's resilience amid higher interest rates.
Movers of the hour:
Mind Medicine is up 44.11% at $8.56.
Ocean Biomedical is up 34.65% at $5.44.
CompoSecure is up 33.19% at $6.26.
MoneyLion is up 30.45% at $68.55.
Celularity is up 25.12% at $5.38.