Wall Street experienced subdued trading on Thursday morning, with major indices remaining near the flatline as investors awaited further confirmation of potential interest rate cuts from the upcoming November jobs report.
The S&P 500 and Nasdaq 100 edged up by 0.1%, extending their record-high levels, while the Dow Jones Industrial Average slipped 0.3%. Small-cap stocks underperformed, with the Russell 2000 declining 0.8%.
Airline stocks emerged as a standout industry, buoyed by American Airlines Group Inc. (NASDAQ:AAL), which surged by a staggering 16% after the company raised its quarterly growth forecast on robust travel demand.
Shares of United Airlines Holdings Inc. (NASDAQ:UAL) gained 5%, while Delta Air Lines Inc. (NYSE:DAL) climbed 4.3%. The broader sector, tracked by the U.S. Global Jets ETF (NYSE:JETS), advanced 4%, reaching levels unseen since June 2021.
Tesla Inc. (NASDAQ:TSLA) added more than 3%, touching highs last seen in March 2022 after Bank of America raised its 12-month price target on the stock from $350 to $400, citing improving growth prospects.
The U.S. dollar softened by 0.4%, while Treasury yields held steady, with little movement across the curve.
Gold dropped 0.9%, while copper and silver retreated 0.4% and 0.7%, respectively, reflecting broader weakness in metals.
Bitcoin (CRYPTO: BTC) was up 2.4% to trade around $101,000. The leading cryptocurrency briefly touched $103,650 by 10:00 a.m. ET before retreating slightly amid high volatility.
Thursday’s Performance In Major US Indices, ETFs
| Major Indices | Price | 1-day %chg |
| S&P 500 | 6,090.78 | 0.1% |
| Nasdaq 100 | 21,497.32 | 0.1% |
| Dow Jones | 44,829.20 | -0.4% |
| Russell 2000 | 2,407.36 | -0.8% |
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust (NYSE:SPY) inched 0.1% up to $608.06.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) eased 0.3% to $449.43.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) inched 0.1% up to $523.76.
- The iShares Russell 2000 ETF (NYSE:IWM) fell 0.8% to $239.12.
- The Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) outperformed, rising 1%; the Materials Select Sector SPDR Fund (NYSE:XLB) lagged, down 1.5%.
Thursday’s Stock Movers
- Synopsys Inc. (NASDAQ:SNPS) fell over 11% in reaction to the company’s latest earnings report.
- Other stocks reacting to earnings included SentinelOne Inc. (NYSE:S), down 10.3%, PVH Corp. (NYSE:PVH), down 0.7%, Five Below Inc. (NASDAQ:FIVE), up 12%, Kroeger Co. (NYSE:KR), up 1.3%, and Dollar General Corp. (NYSE:DG), down 3%.
- Companies slated to report their earnings after the close are DocuSign Inc. (NASDAQ:DOCU), Ulta Beauty Inc. (NASDAQ:ULTA), Lululemon Athletica Inc. (NASDAQ:LULU), Veeva Systems Inc. (NYSE:VEEV), Samsara Inc. (NYSE:IOT), and Hewlett Packard Enterprise Company (NYSE:HPE).
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