Markets React as Financial Stocks Lead Gains on Mixed Wall Street Session

The trading session on Wall Street showed a mixed performance as major indices searched for direction. Investors are cautious as they await a crucial jobs report set to be released on Friday morning.

The S&P 500 and the Nasdaq 100 both recorded slight gains of 0.3%, while the Dow Jones experienced a minor decline of 0.1%. Small-cap stocks remained stable during the session.

In terms of sector performance, financial stocks stood out, largely due to the Federal Reserve's recent announcement of its framework for bank stress tests in 2025. The largest banks, including JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co., Goldman Sachs Group Inc., Morgan Stanley, and Citigroup, all saw their shares rise by more than 1%. Notably, Citigroup's stock surged by 2.9%.

On the corporate earnings front, Eli Lilly & Co. recorded a 3.2% increase after exceeding earnings expectations. Likewise, Tapestry Inc. witnessed a remarkable 12% jump, and Philip Morris International Inc. nearly soared 10% following strong revenue reports. In contrast, Qualcomm saw its shares fall by 4.3% due to concerns regarding weakening smartphone demand.

Moreover, shares of Palantir Inc. skyrocketed by 6.5%, bringing its weekly gain to an impressive 30.8%, marking the stock's highest weekly increase since early November.

On the commodities front, oil prices showed volatility. Initially, crude oil prices decreased amid speculation about a possible meeting between former President Trump and President Putin, raising hopes for potential peace discussions related to Ukraine. However, prices recovered after the U.S. Treasury imposed sanctions on Iran's oil network.

Gold prices softened as well, dropping by 0.6% from recent record highs, which ended a five-day winning streak. In the cryptocurrency market, Bitcoin remained stable, hovering just below $97,000.

Performance of Major US Indices and ETFs on Thursday

Throughout the trading day, the performance of key indices was as follows:

• Nasdaq 100: up 0.4%, closing at 21,742.18
• S&P 500: up 0.3%, closing at 6,082.15
• Russell 2000: flat, at 2,316.14
• Dow Jones: down 0.1%, closing at 44,811.50

Stock Movements on Thursday

Several stocks reacted strongly to recent earnings reports, particularly:

• Eli Lilly & Co.: up 3.11%
• Linde Plc: up 0.34%
• Philip Morris International Inc.: up 9.97%
• Honeywell International Inc.: down 5.33%
• Qualcomm Inc.: down 4.41%

The session ended on an interesting note as many investors await earnings reports coming after the market close from major companies like Amazon.com Inc., Illumina Inc., Fortinet Inc., and more.

Overall, the market demonstrated a mixed yet somewhat positive sentiment as financial stocks rallied while concerns around technology sector performance lingered.

stocks, earnings, financial