The major averages surged on Thursday, making up ground lost in this week’s sell-off. All three are on pace for weekly losses, however.
climbed more than 5% after posting adjusted earnings that trounced estimates and announcing it's cutting 15% of its U.S. workforce.Stocks rebounded during Thursday's regular trading after plunging earlier in the week, as the latest weekly jobless claims number helped alleviate investors' concerns about the strength of the labor market and state of the U.S. economy.by last Friday's disappointing U.S.
Even as the major averages surged on Thursday, they remain down on a week-to-date basis. The S&P 500 is off 0.5% this week, while the Nasdaq and the Dow are down roughly 0.7%. Both the broad-market S&P 500 and the Nasdaq are on pace for their fourth losing week.Almost 90% of total NYSE volume traded to the upside Thursday
Advancing volume as a percentage of the total reached 87% on the New York Stock Exchange in Thursday's big rally, even better than the 80% of upside volume seen on the Nasdaq, according to FactSet data.Still, new 52-week lows beat new highs on the NYSE by 53 to 39, and by 212 to 60 on Nasdaq. Composite volume was a shade below average, reaching more than 98.7% of the past 30 days' average on the NYSE and almost 97.6% on Nasdaq.Paramount Global
— The media company jumped 5.7% after posting a massive earnings beat for the second quarter, reporting earnings of 54 cents per share while analysts polled by LSEG called for 12 cents per share. Paramount's revenue of $6.81 billion for the period fell short of the estimated $7.21 billion, however, making that the company's biggest miss relative to analyst estimates since February 2020. Paramount also— Shares slipped 2.
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