Wall Street rallied to new heights in a show of broad optimism ahead of tomorrow’s pivotal labor report, as traders weighed softer economic signals, legal drama over tariffs, and a strong earnings pulse from growth and value sectors alike. Yes indeed, the U.S. stock market rallied to fresh record territory Thursday, with the S&P 500 climbing 0.83% to close at 6,502.08—another new all-time high. The Dow Jones Industrial Average advanced 0.77% (up 350.06 points) to finish at 45,621.29, nearly matching its own record. The Nasdaq Composite surged .98% to 21,707.69, driven by strength in large-cap technology and software. The Russell 2000 outperformed with a 1.26% gain, closing at 2,379.61 as small caps joined the rally and market breadth broadened impressively.
Macroeconomic Reports
Investors looked ahead to Friday’s pivotal nonfarm payrolls report, while several early labor and business surveys set the day’s tone. The ADP private payrolls report showed an increase of 144,000 jobs in August, slightly below expectations, while weekly initial jobless claims remained well-contained at 221,000. The ISM Services PMI slipped to 51.8, signaling continued expansion but at the slowest pace since May 2024. The U.S. trade deficit narrowed to $62 billion in July as exports rebounded and import growth slowed, indicating some stability for international trade heading into the fall season.
Federal Reserve, Yield Curve & Interest Rates
No new FOMC policy moves were announced, but New York Fed President Williams indicated gradual rate cuts could be warranted as labor market data softens and inflation trends lower. Treasury yields closed with the 2-year lower at 3.598% and the 10-year lower at 4.162%.
Tariff and Trade News
Trade policy remained in focus as President Trump’s administration urgently petitioned the Supreme Court to affirm his authority to levy sweeping import tariffs under emergency powers. Legal experts and small businesses, meanwhile, warned of continued operational uncertainty and potential economic harm if the status of U.S. trade policy remains tenuous into year-end.
Corporate Headlines & Share Price Movements
NVIDIA (NVDA) finished up 0.61% at $171.66.
Tesla (TSLA) gained 1.33% as investors rotated back into growth names, with analyst optimism about FSD advancements and EV market share helping sentiment.
Meta Platforms (META) edged 1.57% higher after digesting a pullback earlier in the week; social media and AI innovation remain tailwinds.
McDonald’s (MCD) rose 0.19% as the chain continued its run of resilient traffic amid back-to-school and marketing-driven demand.
Intel (INTC) closed up nicely by 2.54%, sustaining momentum on positive chip sector news and new foundry contract wins.
MongoDB (MDB) advanced another 2.93% at $322.05, continuing its momentum after last week’s blockbuster guidance.
Oracle (ORCL) fell .20% to close at $233.
Palantir Technologies (PLTR) added 0.80% to $156.14, finding footing after a recent selloff as contract momentum persists.
Rio Tinto Group (RIO) dropped .03% amid broad-based mining sector strength and ongoing gains in key commodity prices.
Mergers, Acquisitions & Buyouts
No notable S&P 500 mergers or buyouts were announced Thursday. Summer’s largest transactions—including T-Mobile’s $4.3B U.S. Cellular purchase and the Chevron–Hess energy merger—continue to shape sector sentiment and 2025 deal flows,
IPO Activity (NYSE/Nasdaq)
Two IPOs debuted: Fitness Champs Holdings Limited (FCHL, Nasdaq, $4.00 debut) and GSR IV Acquisition Corp. (GSRF, Nasdaq, $10.00 debut). Launch-week activity remained modest as issuers and investors prepare for a heavier calendar in mid-September.
Commodities & Cryptocurrencies Closing Prices
- Gold: Closed at $3,602.40/oz. The SPDR Gold Shares ETF (GLD) fell .44% to $326.69.
- Silver: Ended at $41.24/oz. The iShares Silver trust (SLV) dropped 1.10% to $36.93.
- Oil (WTI): Finished at $63.27/barrel, -.33%.
- Bitcoin: Currently trading at ~$111,185.
