U.S. stocks surge as slowdown fears subside
Main U.S. indexes end sharply higher; Nasdaq, out front, up >2%
Small-cap Russell 2000 ends up ~2.5%; Chip index up nearly 5%
Cons disc leads S&P 500 sector gainers; Real Est weakest group
Dollar, gold gain; crude up >1%; bitcoin falls >3%
U.S. 10-Year Treasury yield jumps to ~3.92%
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U.S. STOCKS SURGE AS SLOWDOWN FEARS SUBSIDE
U.S. stocks jumped on Thursday, with the Nasdaq rising more than 2% after July U.S. retail sales data signaled resilient consumer spending, allaying fears of an imminent recession in the world's largest economy.
With this, U.S. Treasury yields also jumped as the data all but eliminated fears about a hard economic landing and curtailed expectations that an aggressive Federal Reserve easing was coming next month.
The U.S. 10-Year Treasury yield US10YT=RR popped nearly 10 basis points to the 3.92% area, and is on track to end a four-day losing streak.
Stocks are also streaking, except in their case it's to the upside. The S&P 500 index .SPX and Nasdaq .IXIC both gained for a sixth session in a row.
These indexes both rose seven-straight days leading up to their July peaks. The Nasdaq's seven-day win streak ended on July 10, the day of its record closing high. The SPX's seven-session streak ended four days ahead of its July 16 record closing finish.
Both indexes ended Thursday above their 50-day moving averages. However, neither index has yet to exceed its August 1 intraday high.
Here is a snapshot of where markets stood just shortly after 1600 ET/2000 GMT:
(Terence Gabriel)
*****
FOR THURSDAY'S EARLIER LIVE MARKETS POSTS:
LONGER-TERM INVESTORS MAY TAKE COMFORT IN RECENT VIX SPIKE - CLICK HERE
HIGH YIELD BONDS NOT PRICING IN RECESSION RISKS - CLICK HERE
BAKKT RECOVERS POISE AFTER BRUTAL SELL-OFF - CLICK HERE
NOT DEAD YET: THURSDAY DATA ROUNDUP - CLICK HERE
U.S. STOCKS RALLY AS RECESSION FEARS RECEDE - CLICK HERE
TIME FOR VALUE, EUROPEAN BANKS A GOOD BET - CLICK HERE
U.S. STOCK FUTURES ADD TO GAINS AFTER LATEST DATA SALVO - CLICK HERE
VOLATILITY SPIKE A SURPRISE, BUT SO WERE PREVIOUS LOW LEVELS - CLICK HERE
BEATING THE UK DRUM - CLICK HERE
WEAKNESS IN EUROPEAN CONSUMER STOCKS EXCESSIVE - UBS - CLICK HERE
STOCKS SAUNTER HIGHER - CLICK HERE
FUTURES POINT TO POSITIVE OPEN - CLICK HERE
DATA TESTS LOOM FOR FED, BOE - CLICK HERE
closer08152024 https://tmsnrt.rs/3ytL1Ja
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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