An impressive round of earnings reports provided tailwinds on Thursday
The major indexes enjoyed a strong rebound of Thursday, with the Dow settling with a more than 614-point gain, nabbing its biggest daily jump since March 9. Meanwhile the Nasdaq added over 3% and the S&P 500 tacked on triple digits to notch, both logging their biggest daily percentage gains since early March as well. Promising earnings reports from several big names including Facebook parent Meta Platforms (FB), provided serious tailwinds for the market, as investors took some respite from the extreme volatility that's overshadowed the month of April. Despite today's positive price action, however, all three indexes are still on pace for notable monthly losses.
Continue reading for more on today's market, including:
- Why bulls might want to add CME to their watch list in May.
- Here's how McDonald's stock performed after earnings.
- Plus, 5 EV stocks to watch; a closer look at FUBO; and behind TDOC's post-earnings plummet.
The Dow Jones Average (DJI - 33,916.39) rose 614.5 points, or 1.9%. Salesforce (CRM) topped the list of Dow members with a 6.3% rise, while Amgen (AMGN) sank to the bottom after shedding 4.3%.
The S&P 500 Index (SPX - 4,287.50) added 103.5 points, or 2.5%, while the Nasdaq Composite (IXIC - 12,871.53) added 382.6 points, or 3.1%.
Lastly, the Cboe Market Volatility Index (VIX - 29.99) fell 1.6 point, or 5.1%.
5 Things To Know Today
- U.S. President Joe Biden said that while he isn't considering $50,000 in student loan forgiveness, he's considering "additional debt forgiveness." (CNBC)
- Republican officials and activists in eight U.S. locales have plotted to gain access to balloting systems by illegal means in an effort to prove vote-rigging conspiracy theories. (Reuters)
- These 5 EV stocks are worth keeping an eye on right now.
- Evaluating the risks and rewards of this streaming stock.
- What went wrong with Teladoc stock after earnings.
Gold Rises From 2-Month Rout
Oil prices saw their third-straight rise on Thursday, following a report that Germany no longer opposes the European Union (EU) ban on Russian oil purchases, though the country said it will need time to find another supply source. June-dated West Texas Intermediate (WTI) crude added $3.34, or 3.3%, to close at $105.36 a barrel.
Gold futures inched higher, coming off a two-month low, though the rising U.S. dollar still weighed. June-dated gold added $2.60, or 0.1%, to close at $1,891.30 an ounce.