US Stock Market Rebounds From Wednesday’s Slump

The benchmark U.S. stock indexes S&P 500, Dow Jones, and the NASDAQ Composite staged a comeback on Thursday, May 13, snapping a three-day losing streak.

The blue-chip index Dow Jones gained 434 on Thursday while S&P 500 and tech-savvy NASDAQ lost 49 points and 93 points respectively.

The stock market had declined sharply on Wednesday following the rising inflation data. However, stocks in all the sectors rallied on Dow Jones and S&P 500 on Thursday, except the energy shares. Financial stocks grew the most on both the indexes in percentage.

The S&P 500 rose 1.22 percent to 4,112.50. The Dow Jones grew 1.29 percent to 34,021.45. NASDAQ Composite Index increased 0.72 percent to 13,124.99. The small-cap Russell 2000 was up 1.68 percent to 2,170.95.

Initial unemployment insurance claims declined by 34,000 to 473,000 in the week ended May 8 from a week earlier to record the lowest figure since the coronavirus pandemic shutdown, according to the data from the Department of Labor. However, the claims remain above the pre-pandemic levels. The four-week moving average was 534,000, down 28,250 from the previous week's average.

Meanwhile, the Centers for Disease Control and Prevention said people fully vaccinated against coronavirus can resume activities without masks or physical distance indoors or outdoors.

Bitcoin plunged 9 percent and Tesla, Inc. (NASDAQ:TSLA) fell 3.1 percent after Elon Musk said the electric car maker would stop using Bitcoin as payment for cars.

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Top Gainers

Top performers on S&P 500 were Nucor Corp (5.01%), DXC Technology Co (4.94%), Lam Research Corp (4.85%) and Pultegroup Inc (4.78%).

Moxian Inc (23.64%), Vertex Energy Inc (23.19%), Repro Med Systems Inc (18.47%) and Naked Brand Group Ltd (18.43%) were top performers on NASDAQ.

On Dow Jones, Home Depot Inc (2.66%), Travelers Companies Inc (2.61%), JPMorgan Chase & Co (2.57%) and 3M Co (2.28%) gained.

Top Losers

Top laggards on S&P 500 were Occidental Petroleum Corp (5.61%), Diamondback Energy Inc (4.13%), Marathon Oil Corp (4.07%) and ABIOMED Inc (3.50%).

Zovio Inc (38.18%), ContextLogic Inc (29.29%), Reneo Pharmaceuticals Inc (28.16%), Evoke Pharma Inc (25%) were among the top losers on NASDAQ.

On Dow Jones, Chevron Corp (0.64%) was the only loser.

Volume Movers

Top volume movers were Apple Inc (21.19M), Sundial Growers Inc (18.92M), Naked Brand Group Ltd (18.03M), Bank of America Corp (10.78M) and Advanced Micro Devices Inc (10.12M).

Futures & Commodities

Gold futures increased slightly by 0.02 percent to US$ 1,827.05 per ounce on Thursday. Silver edged up by 0.01 percent to US$ 27.185 while copper grew 0.03 percent to US$ 4.6810 per ounce.

Brent oil futures were flat at US$67 per barrel, while WTI crude fell 3.45 percent to US$ 63.80.

Bond Market

The 30-year Treasury bond yields decreased 0.59 percent to 2.402. The 10-year bond yields fell 2.58 percent to 1.659.

US Dollar Futures Index was up 0.04 percent to US$ 90.725.