U.S. stocks charged higher Thursday, led by a rebound across technology stocks, as investors attempted to salvage the last two trading days of a brutal year for markets.
The S&P 500 (^GSPC) gained 1.7%, snapping two days of losses, while the Dow Jones Industrial Average (^DJI) jumped nearly 350 points, or 1.1%. The technology-heavy Nasdaq Composite (^IXIC) surged 2.6%. The moves come after all three major averages erased more than 1% in the previous trading session.
Megacap tech giants Apple (AAPL), Amazon (AMZN), and Alphabet (GOOG, GOOGL) all gained 2.8%, helping lift the broader market after a sell-off over the past two days. The risk-off trade this week saw Apple fall below $130, which investors have flagged as a key technical level. Meanwhile, Amazon become the third of FAANG+ stocks — along with Meta (META) and Netflix (NFLX) — to erase its pandemic gains and close below its March 2020 COVID crash low on Tuesday.
Netflix (NFLX) rallied 5.1%, rising from a seven-week low, on the heels of a two-step upgrade by CFRA analyst Kenneth Leon to Buy from Sell.
Investors continued to watch a rebound in Tesla (TSLA) after the stock snapped a seven-day losing streak Wednesday after a multi-session selling spree over concerns around the shutdown at its factory in China. Shares rose 8.1% Thursday.
Electric vehicle peers Rivian (RIVN), Lucid (LCID), and Nio (NIO) all recovered alongside Tesla after electric carmakers were under pressure all week.
Cal-Maine Foods (CALM) shares sank 14.5%, even as the egg producer reported fiscal second-quarter earnings beat analyst estimates, with revenue jumping 110% over last year as inflation and the bird flu pushed up egg prices.
Biotech company Kala Pharmaceuticals (KALA) spiked 99%, extending a surge after the stock quadrupled Wednesday following the Food and Drug Administration's acceptance of the company’s investigational new drug application for treatment of a rare eye disease.
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