Wall Street steady at midday, Nasdaq leads on tech rally

The CBOE Volatility Index (VIX) fell 4.2% to 14.23, its lowest level in weeks, signalling subdued market anxiety.

US stocks were modestly higher at midday on Thursday as gains in technology shares continued to offset weakness in health care and consumer staples.

The Dow Jones Industrial Average rose 35 points, or 0.08 percent, to 45,600. The S&P 500 added 0.19 percent to 6,493, while the Nasdaq Composite outperformed with a 0.43 percent gain to 21,683, supported by strength in large-cap tech. The Nasdaq 100 advanced 0.48 percent, and the Russell 2000 was up 0.13 percent.

Sector Watch

Technology and communication services led the advance, climbing 0.43 percent and 0.98 percent, respectively. Consumer discretionary and financials also posted modest gains. Defensive sectors underperformed, with health care down 0.67 percent, consumer staples off 0.49 percent, and real estate weaker by 0.43 percent. Utilities slipped 0.39 percent, while materials edged down 0.28 percent. Energy shares rose 0.33 percent despite a pullback in crude prices.

Market Movers

Datadog Inc. (DDOG) surged 5.8 percent, the top performer on the Nasdaq 100, followed by Agilent Technologies (A) up 4.6 percent and First Solar (FSLR) higher by 3.9 percent. Other gainers included ServiceNow (NOW) gained 3.5%, NetApp (NTAP) gained 3.4 percent, and Micron Technology (MU) gained 3.4 percent.

On the downside, Cooper Companies (COO) tumbled 11.5 percent, the sharpest drop in the S&P 500. Albemarle (ALB) slid 4.1% and Bio-Techne (TECH) lost 4.0 percent. Old Dominion Freight Line (ODFL), Conagra Brands (CAG), and Tyson Foods (TSN) each declined more than 2.5 percent, while Pfizer (PFE) and Biogen (BIIB) fell just over 2 percent.

Commodities and Volatility

Precious metals strengthened as the dollar weakened. Gold rose 0.79% to $3,475.80, while silver climbed 1.28% and copper gained 0.89%. Crude oil fell 0.86% to $63.60, and heating oil dropped nearly 1%, while natural gas jumped 3.2%.

The CBOE Volatility Index (VIX) fell 4.2% to 14.23, its lowest level in weeks, signalling subdued market anxiety.

European markets trade mixed Major European equity benchmarks traded mixed on Thursday. France’s CAC 40 also advanced, rising 0.24% to 7,762.60 as luxury and industrial names provided support. In contrast, the FTSE 100 in London slipped 0.42% to 9,216.82, weighed down by weakness in consumer staples and mining stocks. Germany’s DAX was little changed, edging down 0.03% to 24,039.92 amid muted trade.