At midday on Thursday, Wall Street was showing slight gains, with small caps leading the charge. The Russell 2000 index surged 1.2%, outperforming large-cap indices in a notable rebound.

The session kicked off with the release of the August Producer Price Index (PPI), which revealed mixed inflation data, following a slightly hotter-than-expected underlying consumer inflation picture a day earlier.

However, the PPI report had little impact on market expectations surrounding future Federal Reserve rate cuts, with traders fully pricing in a reduction in the fed funds rate next week.

See Also: JPMorgan Warns Anticipated Rate Cuts May Not Significantly Boost Stock Markets

Meanwhile, jobless claims remained largely unchanged from the previous week and in line with forecasts, suggesting stability in the labor market.

Also in line with market expectations, the European Central Bank (ECB) also announced a 25-basis-point cut to the deposit facility rate, lowering it to 3.5%.

The macroeconomic backdrop provided a tailwind for commodities. Gold hit a new all-time high, up 1.7% surpassing $2,550 per ounce, boosting mining stocks.

The VanEck Gold Miners ETF (NYSE:GDX) surged 4.3% by midday, marking its strongest session since early March 2024.

Silver prices also saw a strong uptick, rallying 3.8%, which pushed the Global X Silver Miners ETF (NYSE:SIL) up by more than 5%, positioning it for its best session since December 2023.

Across the broader commodities complex, oil prices climbed 2.4%, while natural gas spiked 4.5%.

In the cryptocurrency market, Bitcoin (CRYPTO: BTC) was up 1.1%, rebounding after Wednesday’s slight dip.

Thursday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

Thursday’s Stock Movers

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