US equities moved higher on Thursday, clawing back more of the losses from earlier in the week, after President Donald Trump stepped back from tariff threats linked to Greenland, easing concerns over a widening transatlantic trade rift.
In early trade, the S&P 500 rose 0.7%, adding to Wednesday’s strong rebound. The Dow Jones Industrial Average gained 468 points, while the Nasdaq Composite advanced 0.8%. US stock futures had earlier signalled a positive open, extending the relief rally sparked by Trump’s softer tone at the World Economic Forum in Davos
Markets reacted positively after Trump said he had reached a “framework” for a deal on Greenland and ruled out the use of force, reversing his earlier threat to impose 10% tariffs on eight European countries — Denmark, Norway, Sweden, Germany, France, the UK, the Netherlands and Finland.
Despite the rebound, all three major US indices remain lower for the week after logging their steepest losses since October on Tuesday, when the tariff threat first rattled investors.
On the corporate front, Generac shares rose about 3% amid forecasts of a severe ice storm hitting large parts of the US. Procter & Gamble slipped 1.2% after narrowly beating profit estimates but missing revenue expectations and trimming part of its full-year outlook. McCormick & Co tumbled 6.8% after missing profit targets and issuing weak guidance due to elevated commodity costs.
Investors were also awaiting fresh US macro data, including weekly jobless claims, an updated estimate of third-quarter GDP, and delayed inflation readings for November and December.
Global markets were broadly supportive. In Europe, Germany’s DAX and France’s CAC 40 rose 1.2% each, while Britain’s FTSE 100 added 0.4%. Asian equities closed higher, led by Japan’s Nikkei 225, which jumped 1.7%, with technology stocks driving gains. South Korea’s Kospi rose 0.9%, while Hong Kong and Shanghai edged higher.
Gold prices eased as risk appetite improved, slipping 0.2% to $4,829.80 per ounce, after earlier touching record highs. In the bond market, the US 10-year Treasury yield fell to 4.25%, reflecting easing risk aversion.
Crude oil prices declined, with US benchmark crude at $59.73 per barrel and Brent at $64.32.
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Read MoreThe TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.
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