Stocks rally on corporate earnings data

U.S. stocks ended up climbing to a fresh record on Thursday, even after fluctuating between gains and losses throughout the day as corporate earnings helped quell fears of rising inflation expectations. Meanwhile, the Cboe Volatility Index fell to its lowest level since Feb. 19, 2020. The S&P 500 climbed 0.30% to 4549.78. The Dow Jones Industrial Average lost 0.02% falling to 35603.08 while the Nasdaq Composite was higher by 0.62% at 15215.70. Treasuries pivoted around a little-changed 5-year sector, with long-end of the curve outperforming and bucking recent steepening trend.

European stocks traded little changed as some earnings reports disappointed, adding to investor unease about inflation and supply constraints. Stoxx 600 Europe Index lost 0.08% on Thursday, DAX fell by 0.32%, and CAC 40 decreased by 0.29%, while FTSE 100 was down 0.45%. Gilts bear steepened, underperforming bunds and Treasuries.

Asian equities fell in late-afternoon trading on Thursday as investors sold Japanese and Hong Kong-listed tech shares, which helped trigger broader risk aversion among investors. 

Driven by signs of tighter oil supply and a bullish EIA weekly inventory report on Wednesday, oil prices rose early on Thursday. Brent crude futures price was $84.47 a barrel on Monday, down 1.41%. U.S. West Texas Intermediate (WTI) crude futures stood at $82.50, down 1.63%.