Gold jumps 3% as ISM services PMI rises in August
The ISM services PMI surged to 55.4 in August from 54.1 previously, above the 54.3 market estimate and its strongest pace in six months.
U.S. stocks traded higher midway through trading, with the Dow Jones index gaining around 600 points on Thursday.
The Dow traded up 1.17% to 53,683.85 while the NASDAQ gained 1.34% to 26,569.28.
The S&P 500 also rose, gaining, 0.99% to 7,742.73.
Leading and Lagging Sectors Communications services shares jumped by 1.7% on Thursday.
In trading on Thursday, materials stocks fell by 0.6%.
Top Headline The ISM services PMI surged to 55.4 in August from 54.1 in the previous month, and topping market estimates of 54.3.
The latest reading signaled the strongest growth in the services activity in six months.
Equities Trading UP Mint Incorporation Ltd ( NASDAQ: MIMI ) shares shot up 60% to $1.04 after the company announced a consulting agreement with CURRENC Capital to tokenize a portion of Class A ordinary shares on Ethereum and Solana.
Shares of Snowflake Inc (NYSE: SNOW ) got a boost, surging 21% to $371.00 after the company reported better-than-expected second-quarter financial results.
Tillys Inc ( NYSE: TLYS ) shares were also up, gaining 16% to $4.48 after the company reported better-than-expected second-quarter financial results and issued third-quarter guidance above estimates.
Equities Trading DOWN Ultragenyx Pharmaceutical Inc ( NASDAQ: RARE ) shares dropped 44% to $14.75 after reporting late-stage clinical trial failures for its Angelman syndrome therapy, apazunersen, prompting the biopharmaceutical firm to review the program's future and plan significant corporate expense reductions.
Shares of Polestar Automotive Holding Uk Plc ( NASDAQ: PSNY ) were down 24% to $9.12 as investors digested the company's second-quarter and first-half 2026 results, which highlighted tougher competition and regulatory headwinds, particularly in the U.S.
Methode Electronics Inc (NYSE: MEI ) was down, falling 13% to $15.71 after the company reported mixed first-quarter financial results.
Commodities In commodity news, oil traded up 0.7% to $91.67 while gold traded up 3% at $4,548.30.
Silver traded up 3.7% to $67.85 on Thursday, while copper rose 1.1% to $6.6630.
Euro zone European shares were mostly higher today.
The eurozone's STOXX 600 rose 0.4%, while Spain's IBEX 35 Index rose 0.7%, London's FTSE 100 climbed 0.7%, Germany's DAX gained 0.5%, while France's CAC 40 fell 0.1%.
Asia Pacific Markets Asian markets closed mostly lower on Thursday, with Japan's Nikkei 225 falling 0.17%, Hong Kong's Hang Seng index declining 0.39%, China's Shanghai Composite gaining 0.02% and India's BSE Sensex falling 0.55%.
Economics U.S. initial jobless claims rose by 2,000 to 206,000 during the fourth week of August, compared to market estimates of 205,000.
The U.S. trade deficit rose to $88.6 billion in July from a $71.1 billion gap in June and compared to market estimates of a $90 billion deficit.
U.S. nonfarm business-sector labor productivity increased 1.4% in the second quarter, compared to a 0.8% gain in the first quarter.
Unit labor costs rose 1.2% in the second quarter, versus a 1.3% increase in the previous quarter.
The S&P Global services PMI climbed to 56.5 in August from 54.6 in the previous month, but revised lower from the flash reading of 56.8.
The S&P Global composite PMI came in unchanged from the preliminary reading at 56 in August, but above the previous month's reading of 54.5.
The ISM services PMI surged to 55.4 in August from 54.1 in the previous month, and topping market estimates of 54.3.
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