US Equities Post Significant Gains as Market Volatility Eases
Major Wall Street indices saw broad gains this week as the VIX volatility index declined. Amid the rally, Amgen and Thomson Reuters released their third-quarter financial results.
US equity markets rallied this week, with the Dow Jones Industrial Average rising 2.87% to 53,275.11. The S&P 500 and Nasdaq also saw gains exceeding 1.7% as investor sentiment improved. Market volatility, as measured by the VIX, dropped nearly four points to 17.08, reflecting a retreat from the previous week's highs.
Commodity prices diverged, with precious metals surging while WTI crude oil fell 7.44% to $88.94 per barrel. Meanwhile, the yield on the 10-year Treasury note moved lower, slipping 5 basis points to 4.90%.
Corporate earnings reports were a key focus for market participants. Amgen reported a revenue increase of 8% to $10.4 billion for the third quarter, driven by strong product volume. While GAAP earnings per share rose 19%, the firm noted a 45% decline in Prolia sales due to biosimilar competition. CEO Robert A. Bradway stated the company's growth strategy continues to produce results across its enterprise.
Thomson Reuters also reported a 10% revenue increase to $1.83 billion for the quarter. Adjusted EBITDA rose to $651 million, despite a decrease in overall operating profit compared to the previous year. The company recently finalized the divestiture of a majority stake in its global print business to KKR, generating approximately $500 million in gross proceeds.