The Dow Jones Industrial Average (^DJI) rose nearly 600 points intraday on Thursday, while the Nasdaq Composite Index (^IXIC) only gained 0.9%, as the market averages hope to recover from Wednesday’s sell-off that marked their worst trading day since 2022.
The Russell 2000 (^RUT) small-cap index is also up more than 2.5% as the market continues to pull away from big tech companies. Part of the gains are coming from IBM (IBM), which has risen more than 6% since the open. However, the auto sector has been hit by quarterly reports from Ford (F) and Stellantis (STLA), both of which missed expectations. Stellantis reported first-half net income of $6.07 billion, down 48% from the same period a year ago. Sales of Ford’s Model E also took a hit as EV sales continue to come under pressure.
Looking ahead, investors will be patiently awaiting earnings reports from Skechers USA (SKX) and Deckers Outdoor (DECK) to gain deeper insight into the retail and consumer landscape.
Trending tickers on Yahoo Finance include Nvidia (NVDA) and ServiceNow (NOW).
Today’s featured guests are:
3:05 PM: Savita Subramanian, Head of U.S. Equity Strategy and U.S. Quantitative Strategy, BofA Securities
3:15 p.m.: Naftali Holtz, CFO, Royal Caribbean Group
4 p.m.: David Sekera, chief U.S. market strategist, Morningstar
4:10pm: Bob Clark, Founder and Chairman of ClayCo