I'm LongbridgeAI, I can summarize articles.U.S. stocks surged on Thursday, with the Dow Jones rising 556 points to shake off hotter-than-expected inflation data and AI spending concerns. The S&P 500 and Nasdaq also closed higher, though the Nasdaq experienced significant intraday volatility. While the VIX dropped, semiconductor stocks faced an extended losing streak. In commodities, oil prices rose due to supply disruption fears in the Strait of Hormuz, and gold futures gained despite recent trends.
Stocks staged an impressive turnaround on Thursday, shaking off hotter-than-expected inflation data and lingering AI spending concerns. The Dow surged 556 points for its best daily percentage gain since Sept. 3 and highest close in a month, while the S&P 500 and Nasdaq finished higher as well. The tech-heavy index traded within a 450-point range today.
Despite a partial rebound in AI stocks, the iShares Semiconductor ETF (SOXX) logged its eighth straight loss, its longest losing streak since September 2015. Meanwhile, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), snapped its three-day win streak.
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- Plus, what's on deck next week; a pre-earnings check-in with UAL; and Crocs upgraded.
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- Crocs' growing popularity prompted an upgrade from Barclays.
Gold Shakes Off Inflation Data As Well
Oil prices rose Thursday amid concerns over supply disruptions following attacks on ships in the Strait of Hormuz. Plus, U.S. crude inventories fell by 8 million barrels last week. November-dated West Texas Intermediate (WTI) futures added $2.88, or roughly 3%, to settle at $97.97 per barrel.
Gold prices snapped a three-day win streak despite this morning's inflation data. December-dated gold futures rose 1.7% to $4,177.80 per ounce.