U.S. stocks followed the lead of their European counterparts today, with the broader market averages finishing the session 0.2% to 0.45% higher. Once again, the Russell 2000 index outperformed on Wednesday and gained 1%.
Telecom, consumer discretionary and financial names led the way higher, while utilities and energy stocks fell. Elsewhere, the yield on the benchmark 10-year U.S. Treasury note advanced another 10.9 basis points to 2.371%. Crude oil also dropped nearly 3%.
Synchronoss Technologies (SNCR) was the big winner of the session, rising 15%. The Wall Street Journal said the e-commerce software producer is exploring a potential sale of the company.
In after-hours action, Five Below (FIVE) is trading more than 6% higher, after announcing better-than-expected quarterly results. On the other hand, Verint Systems (VRNT) is down more than 7%, after reporting its own quarterly results.
Looking ahead to Thursday morning, Ciena (CIEN), J.M. Smucker (SJM), Joy Global (JOY) and Navistar (NAV) headline tomorrow's earnings calendar. On the economic front, we'll get a look at productivity and unit labor costs before the opening bell, in addition to the weekly initial jobless claims.
David Peltier is the portfolio manager for Stocks Under $10 and Dividend Stock Advisor. Test drive with a free trial.
