Tech Stocks Rebound, Tesla Soars To Best Day Since March 2021, Gold Rises As Treasury Yields Ease: What's Driving Markets Thursday?

Tech stocks outperformed on Thursday, driven by Tesla Inc. (NASDAQ:TSLA), which skyrocketed 18% in midday trading following stronger-than-expected quarterly financial results.

The electric vehicle giant is on track for its best session since March 2021.

Despite Tesla’s spectacular rally, broader market sentiment remained cautious, reflecting recent trends of subdued risk appetite.

In macroeconomic news, weekly jobless claims dropped significantly, coming in below expectations and suggesting ongoing resilience in the labor market.

Meanwhile, private sector activity surveys revealed better-than-expected conditions in both services and manufacturing this month and a further reduction in price pressures.

Both the S&P 500 and Russell 2000 traded flat, while the Dow Jones fell 0.6%. The consumer discretionary sector led gains, heavily influenced by Tesla's stellar performance.

The U.S. dollar softened slightly, and Treasury yields edged lower, easing pressure on gold. The SPDR Gold Trust (NYSE:GLD) rose 0.6%.

Oil prices dropped 1%, heading for a second consecutive day of losses. Meanwhile, Bitcoin ...