U.S. stocks advanced through the close on Thursday, powered by gains in Healthcare, Technology and Basic Materials, sending major indexes higher by the end of trading.
At the New York Stock Exchange close, the Dow Jones Industrial Average rose 0.05% to record a new all-time high. The S&P 500 added 0.58% and the NASDAQ Composite climbed 0.91%.
On the Dow, International Business Machines (NYSE:IBM) was the session's top performer, rising 3.53% - a gain of 9.02 points - to finish at 264.22. Microsoft Corporation (NASDAQ:MSFT) gained 3.48%, or 14.36 points, to close at 427.03, while Nike Inc (NYSE:NKE) increased 3.02%, or 1.39 points, ending the day at 47.37.
Not every Dow component was higher. Caterpillar Inc (NYSE:CAT) fell 2.49%, losing 22.69 points to trade at 887.24 at the close. Travelers Companies (NYSE:TRV) declined 1.88%, or 5.63 points, to 294.31, and Sherwin-Williams Co (NYSE:SHW) slipped 1.56%, or 4.83 points, to 305.14.
Among S&P 500 constituents, a handful of names posted outsized gains. Dollar Tree Inc (NASDAQ:DLTR) led the index, jumping 17.87% to 113.00. Agilent Technologies Inc (NYSE:A) climbed 16.90% to settle at 135.42, and Best Buy Co Inc (NYSE:BBY) rose 15.80% to close at 74.74.
On the downside for the S&P 500, Synopsys Inc (NASDAQ:SNPS) declined 8.57% to 480.86, Tyson Foods Inc (NYSE:TSN) lost 6.09% to finish at 62.00, and Norfolk Southern Corporation (NYSE:NSC) slipped 5.47% to trade at 307.88 at the close.
The NASDAQ Composite saw extreme single-stock moves among small-cap and micro-cap listings. 3 E Network Technology Group Ltd (NASDAQ:MASK) surged 199.12% to 4.13, Creative Global Technology Holdings Ltd (NASDAQ:CGTL) jumped 151.71% to 0.70, and Scisparc Ltd (NASDAQ:SPRC) gained 144.21% to close at 10.55.
Conversely, several names posted large declines on the Nasdaq. Zhongchao Inc (NASDAQ:ZCMD) fell 64.69% to 0.54, SU Group Holdings Ltd (NASDAQ:SUGP) dropped 44.09% to 1.49, and Photronics Inc (NASDAQ:PLAB) was down 36.44% to 34.01 at the close.
Market breadth was positive on both major exchanges. On the NYSE, rising issues outnumbered decliners by 1,575 to 1,178, with 80 stocks unchanged. On the Nasdaq, 2,071 stocks advanced and 1,344 declined, while 189 finished unchanged.
Shares of Zhongchao Inc (NASDAQ:ZCMD) fell to all-time lows in the session, a decline of 64.69% or 0.99 to a closing price of 0.54.
Measures of market sentiment eased as the CBOE Volatility Index, which tracks implied volatility in S&P 500 options, dropped 3.25% to 15.76, a new three-month low.
Commodities moved modestly: Gold Futures for August delivery were up 1.06%, or 47.65, to $4,529.15 a troy ounce. Crude oil for July delivery rose 0.09%, or 0.08, to $88.76 a barrel, while the August Brent oil contract increased 0.48%, or 0.44, to $92.69 a barrel.
In currency markets, EUR/USD was cited unchanged at 0.18% to 1.16, and USD/JPY fell 0.16% to 159.26. The US Dollar Index Futures declined 0.18% to 98.97.
Summary
Equities closed higher across major U.S. indexes, with the Dow reaching a fresh record. Sector strength in Healthcare, Technology and Basic Materials helped drive gains, while individual stocks on both the S&P 500 and Nasdaq experienced significant one-day moves. Market breadth favored advancing issues and implied volatility eased to a multi-week low.
Key points
- Major indexes finished higher: Dow up 0.05% to a record close, S&P 500 up 0.58%, Nasdaq up 0.91%.
- Top performers included IBM, Microsoft and Nike on the Dow; Dollar Tree, Agilent and Best Buy led S&P 500 gains; several small-cap Nasdaq names posted triple-digit percentage gains.
- Market breadth was positive on both exchanges and the CBOE Volatility Index fell to 15.76, a three-month low.
Risks and uncertainties
- Large single-day losses in some individual stocks, such as Zhongchao Inc (NASDAQ:ZCMD) falling to all-time lows, highlight idiosyncratic volatility that can affect micro-cap and small-cap segments.
- Notable declines among several S&P 500 names, including Synopsys Inc (NASDAQ:SNPS) and Tyson Foods Inc (NYSE:TSN), indicate sector- and company-specific downside risks even amid broad market gains.
- Movements in commodities and currencies were mixed, which can introduce uncertainty for sectors sensitive to raw materials and foreign exchange.