S&P 500 hits record, Currys pops 15% on Buyback

The S&P 500 closed at a record high on Thursday, while gold traded at $3,552 per ounce, close to Wednesday’s all-time high of $3,578. London’s FTSE 100 rose 0.4%, with Currys up 15.6% after announcing a £50m buyback, and Tesco, Barclays and Lloyds also gaining. Brent crude slipped to $66.80 per barrel as US crude inventories unexpectedly rose, with OPEC+ set to discuss higher output this weekend.

Equities

London’s FTSE 100 closed 0.4% higher on Thursday, supported by strong gains in consumer staples and banks. Currys rose 15.6% after reporting a 3% increase in group sales for the 17 weeks to the end of August, putting it on track to meet forecasts. The retailer also announced a £50 million share buyback. Tesco gained 1.8%, while other retail names including JD Sports, Frasers and Next also moved higher. NatWest climbed 1.5%, Barclays advanced 2.2% and Lloyds added 2.1%.

Airline and travel shares fell sharply. Jet2 lost 12.5% after forecasting lower profit as late bookings weighed on performance, while EasyJet dropped 4.2% to the bottom of the FTSE 100. Genus rose 10.4% after posting strong annual profit growth and announcing progress with its joint venture in China.

Precious metals miners tracked weaker gold prices, with Endeavour Mining down 1.7% and Hochschild Mining falling 3.5%. Industrial miners also retreated, with Anglo American down 1.2%. Rightmove advanced 2.9%, while Auto Trader and Airtel Africa each added about 2.3%.

In the United States, the S&P 500 closed 0.8% higher on Thursday at a record high of 6,502.08. The Dow Jones Industrial Average rose 0.8% to 45,621.29 and the Nasdaq gained 1% to 21,707.69. Amazon shares finished the day up 4.3% as consumer discretionary stocks climbed. JetBlue Airways rose after announcing a partnership with Amazon’s Project Kuiper to improve onboard Wi-Fi.

Broadcom closed 1.2% higher ahead of its quarterly results, then edged higher again in after-hours trading after forecasting continued growth. Meta Platforms ended the session up 1.6%. Salesforce fell 4.9% on Thursday after warning that third-quarter revenue would come in below Wall Street estimates, highlighting slower progress in monetising its AI agent platform. American Eagle Outfitters surged 38% after raising its third-quarter sales forecast above expectations.

Forex & Commodities

The dollar eased, trimming its weekly gain as bond markets steadied and traders waited for US labour data. The dollar index slipped to 98.14, while the greenback fell to ¥148.2. The euro was trading at $1.1666, and sterling was slightly firmer at $1.345. The Australian dollar rose to $0.6526, with the New Zealand dollar moving to $0.5859. The yen strengthened after Japan confirmed a trade deal with the US that lowers tariffs on American auto imports. The deal also includes Japan’s pledge to purchase $7 billion in US energy annually.

Gold edged higher, trading at $3,552 per ounce, close to its record peak of $3,578 reached on Wednesday. Prices have risen 3.1% this week, with traders cautious ahead of payrolls data. Silver was at $40.84 per ounce, with platinum at $1,379 and palladium steady at $1,127.

Oil prices continued their decline. Brent crude fell to $66.80 per barrel and West Texas Intermediate to $63.25, with both benchmarks on track for their first weekly loss in three weeks. Data on Thursday showed US crude stocks unexpectedly rose by 2.4 million barrels, adding pressure ahead of the OPEC+ meeting this Sunday, where members will discuss whether to raise output.