Russell 2000 Extends Records, Meta Jumps 5%: What's Moving Markets Thursday?

U.S. stocks surged by midday Thursday after stronger-than-expected economic data powered small caps to fresh record highs and eased lingering geopolitical concerns.

By 1:40 p.m. in New York, the Russell 2000 jumped 1.1% to 2,730 points, breaking into uncharted territory and extending its year-to-date gains to 10%.

Large-cap benchmarks also advanced. The S&P 500 rose 0.9%, the Nasdaq 100 climbed 1% and the Dow Jones Industrial Average added 1%.

Risk appetite improved after investors shrugged off early-week jitters tied to comments from President Donald Trump on Greenland. Sentiment turned decisively positive after Trump announced plans to suspend proposed tariffs on several European countries, citing a framework agreement reached following talks with NATO leadership.

Macro data reinforced the bullish tone. According to the Bureau of Economic Analysis' final third-quarter reading, U.S. gross domestic product expanded at a 4.4% annualized rate, revised up from 4.3% and accelerating from 3.8% growth in the second quarter.

Inflation data also met expectations, reinforcing the view that price pressures remain contained. The Personal Consumption Expenditures price index rose 2.8% year over year in November, while prices increased 0.2% on the month, matching October's pace. Core PCE, the Federal Reserve's preferred inflation gauge, also held at 2.8%.

In mega-cap tech, Meta Platforms Inc. (NASDAQ:META) jumped more than 5% after Jefferies flagged what it called an attractive valuation discount.

Earnings movers were active. Procter & Gamble (NYSE:PG) surged 3.9% after reporting stronger-than-expected earnings. General Aerospace (NYSE:GE) slid 5.8% despite topping estimates. Freeport-McMoRan Inc. (NYSE:FCX) fell 3% as the miner said it is still recovering from a mudslide at its Grasberg Block Cave mine in Indonesia last September. Abbott Laboratories (NYSE:ABT) plunged 10% after quarterly sales missed forecasts.

In commodities, oil prices dropped 2% to $59 a barrel. Precious metals extended their rally. Gold surged past $4,900 an ounce after a bullish Goldman Sachs price forecast, while silver jumped more than 3% above $95.

Thursday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

• The Vanguard S&P 500 ETF (NYSE:VOO) advanced 0.7% to $634.70.
• The SPDR Dow Jones Industrial Average (NYSE:DIA) climbed 0.8% to $494.82.
• The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) rose 0.8% to $621.42.
• The iShares Russell 2000 ETF (NYSE:IWM) surged 1.0% to $270.53.
• The Communication Services Select Sector SPDR Fund (NYSE:XLC) outperformed, up 1.4%; the Real Estate Select Sector SPDR Fund (NYSE:XLRE) lagged, down 0.3%.

Russell 1000's Top 5 Gainers And Losers On Thursday

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