The NASDAQ Composite advanced Thursday, as the tech-heavy benchmark looked rebound from its worst session since 2022.
The Dow Jones Industrials climbed 120.31 points to 41,318.39
The S&P 500 index regained 22.17 points to 5,619.44.
The NASDAQ recouped 73.85 points to 18,070.77.
These moves come after the NASDAQ tumbled 2.8% in its worst day since December 2022 on Wednesday, closing below 18,000 for the first time since July 1.
Thursday’s trading offers a respite from recent days, with Wall Street shares of artificial intelligence plays as the growing likelihood of a September interest rate cut from the Federal Reserve bolstered optimism in the broader market. That’s particularly helped small-cap and more cyclical names, which are seen as bigger beneficiaries a lower borrowing costs.
In corporate news, Discover Financial popped 2% after its second-quarter results topped expectations. Beyond Meat tumbled close to 9% after The Wall Street Journal reported, citing people familiar, that the meat substitute company is meeting with bondholders to begin discussions about restructuring its balance sheet.
Prices for the 10-year Treasury waned, raising yields to 4.17% from Wednesday’s 4.15%. Treasury prices and yields move in opposite directions.
Oil prices sagged 33 cents at $82.52 U.S. a barrel.
Gold prices strengthened $8.30 to $2,468.20.
