The Dow Jones Industrial Average closed at 34,021.45 on Thursday with a gain of 433.79 points or 1.29%. The S&P 500 closed at 4,112.50 for a gain of 49.46 points or 1.22%. The Nasdaq Composite closed at 13,124.99 for a gain of 93.31 points or 0.72%. The VIX Volatility Index was lower at 23.13 for a loss of 4.46 points or -16.17%.
Thursday's Market Movers
U.S. stocks rebounded Thursday after Colonial Pipeline announced its post-cyberattack reopening Wednesday evening. Colonial Pipeline's time off significantly affected energy and technology to the downside. Reports say Colonial Pipeline paid a ransom to receive decryption instructions for getting its business back online.
Another measure of inflation was also released Thursday, the Producer Price Index. The Producer Price Index (PPI) increased 0.6% in April following an increase of 1%. Year over year, the PPI increased 6.2%, up from 4.2%. The Core PPI increased 0.7% in April. Year over year, the Core PPI had an increase of 4.1%, up from 3.1%. Wednesday's Consumer Price Index showed the year over year inflation rate at 4.2%.
On Thursday's earnings calendar:
- Disney (DIS, Financial): Revenue of $15.61 billion decreased -13.3% year over year and missed estimates by $320 million. FQ2 GAAP EPS of $0.50 beat estimates by $0.44 and non-GAAP EPS of $0.79 beat estimates by $0.53.
- Coinbase (COIN, Financial): Revenue of $1.8 billion missed estimates by $20 million. Q1 GAAP EPS of $3.05 missed estimates by $0.23.
- DoorDash (DASH, Financial): Revenue of $1.1 billion increased 203.9% year over year and beat estimates by $102.04 million. Q1 GAAP EPS of -$0.34 missed estimates by $0.11.
In other news:
- 473,000 Americans filed for jobless claims, down from 507,000. Continuing jobless claims were 3.655 million, down from 3.700 million.
- The Treasury held auctions for 4-week bills at a rate of 0.000%, 8-week bills at a rate of 0.010%, and 30-year bonds at a rate of 2.395%.
- Freddie Mac released its weekly mortgage market survey. The 30-year fixed-rate mortgage averaged 2.94%, down from 2.96%. The 15-year fixed-rate mortgage averaged 2.26%, down from 2.30%.
- Reports show that cryptocurrency exchange Binance is under investigation by the Department of Justice.
- The seven-day average of new U.S. Coronavirus cases has continued to remain below the 14-day average since April 17.
Across the board:
- Utilities led gains.
- The S&P 500 Financial Sector ETF (XLF, Financial) gained 1.61% as large banks including JPMorgan and Wells Fargo say they are working on a credit card product for consumers with no credit score.
- Walmart (WMT, Financial) +1.71% on fashion business acquisition.
- Vroom (VRM, Financial) +2.01% after earnings yesterday.
- Tesla (TSLA, Financial) down -3.09% after the company announced it would no longer accept bitcoin for car purchases, primarily because of the cryptocurrency's energy usage.
- AMC Entertainment Holdings (AMC, Financial) +23.74%
- GameStop (GME, Financial) +13.60%
- Peloton Interactive (PTON, Financial) +6.65%
- Home Depot (HD, Financial) +2.66%
- The 10-year Treasury ended with a yield of 1.654%.
Small-Cap Stocks
In small-caps, the Russell 2000 closed at 2,170.95 for a gain of 35.81 points or 1.68%. The S&P 600 closed at 1,325.60 for a gain of 31.20 points or 2.41%. The Dow Jones U.S. Small-Cap Growth Index closed at 13,981.38 for a gain of 129.41 points or 0.93%. The Dow Jones U.S. Small-Cap Value Index closed at 11,254.72 for a gain of 257.59 points or 2.34%.
Other Notable Indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,676.40 for a gain of 47.50 points or 1.81%; the S&P 100 at 1,862.48 for a gain of 21.06 points or 1.14%; the Nasdaq 100 at 13,109.15 for a gain of 107.51 points or 0.83%; the Russell 3000 at 2,446.40 for a gain of 28.36 points or 1.17%; the Russell 1000 at 2,306.15 for a gain of 25.94 points or 1.14%; the Wilshire 5000 at 42,761.82 for a gain of 487.68 points or 1.15%; and the Dow Jones US Select Dividend Index at 864.95 for a gain of 15.30 points or 1.80%.
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