The Dow Jones Industrial Average closed at 27,386.98 on Thursday with a gain of 185.46 points or 0.68%. The S&P 500 closed at 3,349.16 for a gain of 21.39 points or 0.64%. The Nasdaq Composite closed at 11,108.07 for a gain of 109.67 points or 1.00%. The VIX Volatility Index was lower at 22.65 for a loss of 0.34 points or -1.48%.
Thursday’s Market Movers
The major U.S. indexes closed higher Thursday for a fifth day of gains. Tech stocks led gains for the day with a 19.5% gain from the mortgage conglomerate Rocket Companies (RKT, Financial) in its initial public offering. PennyMac Financial (PFSI, Financial) also beat its earnings expectations and gained 1.04%.
Stock highlights included:
- PennyMac Financial (PFSI, Financial): Revenue of $821.63 million increased 171.2% year over year and beat estimates by $199.88 million. Q2 GAAP EPS of $4.39 beat estimates by $1.52.
- Elevate Credit (ELVT, Financial): Revenue of $117.99 million decreased -21.5% year over year and missed estimates by $34.05 million. Q2 GAAP EPS of $0.38 beat estimates by $0.30 and non-GAAP EPS of $0.40 beat estimates by $0.23.
- Uber (UBER, Financial): Revenue of $2.24 billion decreased -29.3% year over year and beat estimates by $60 million. Q2 GAAP EPS of -$1.02 missed estimates by $0.14.
- Booking Holdings (BKNG, Financial): Revenue of $630 million decreased -83.4% year over year and beat estimates by $55.14 million. Q2 GAAP EPS of $2.97 beat estimates by $16.88 and non-GAAP EPS of -$10.81 beat estimates by $0.77.
- Rocket Companies (RKT, Financial) listed their stock. The stock gained 19.5% from its initial offering price.
Economic reports affecting market trading included the following:
- 1.186 million Americans filed for jobless claims, down from the previous week’s 1.435 million. Continuing jobless claims decreased to 16.107 million from 16.951 million.
- The Treasury held auctions for four-week bills at a rate of 0.080% and 8-week bills at a rate of 0.100%.
- Freddie Mac released its weekly mortgage market survey. The 30-year fixed-rate mortgage averaged 2.88%, down from 2.99%. The 15-year fixed-rate mortgage averaged 2.44%, down from 2.51%.
Across sectors, technology and utilities led gains. In the Nasdaq 100, the following stocks led gains:
- T-Mobile (TMUS, Financial) 7.2%
- Facebook (FB, Financial) 6.52%
- Booking Holdings (BKNG, Financial) 5.79%
- Apple (AAPL, Financial) 3.67%
Small-Cap Stocks
In small-caps, the Russell 2000 closed at 1,544.62 for a loss of 1.61 points or -0.10%. The S&P 600 closed at 896.00 for a loss of 4.61 points or -0.51%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,905.01 for a loss of 19.20 points or -0.18%. The Dow Jones U.S. Small-Cap Value Index closed at 7,145.55 for a loss of 42.90 points or -0.60%.
Other Notable Indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,915.10 for a loss of 5.43 points or -0.28%; the S&P 100 at 1,551.21 for a gain of 15.79 points or 1.03%; the Nasdaq 100 at 11,267.08 for a gain of 141.65 points or 1.27%; the Russell 3000 at 1,958.04 for a gain of 9.79 points or 0.50%; the Russell 1000 at 1,859.82 for a gain of 9.98 points or 0.54%; the Wilshire 5000 at 34,219.70 for a gain of 184.11 points or 0.54%; and the Dow Jones US Select Dividend Index at 597.45 for a loss of 0.98 points or -0.16%.
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