4:15pm: In the green
At Thursday’s close, the S&P 500 and Nasdaq had fully recovered from the selloff in equities earlier this month.
The Nasdaq added 2.3% at 17,594 points while the S&P 500 added 1.6% at 5,543 points.
The Dow Jones finished the session up 1.4% at 40,563 points.
Ulta Beauty Inc (NASDAQ:ULTA) added more than 11% after it was revealed that Berkshire Hathaway had taken a stake in the beauty company, while Walmart gained 6.6% on an earnings beat and raised guidance.
3:15pm: Stocks extend gains
US stocks continued to move higher on Thursday afternoon, with the Nasdaq up 2.3%, the S&P 500 up 1.6% and the Dow Jones up 1.3%.
The S&P 500 has recouped almost all of the losses it saw during the sell-off at he start of the month.
Meanwhile, shares of Paramount Global (NASDAQ:PARA) added more than 8% following reports another firm is close to making a bid for the entertainment company.
Per a Bloomberg report, Seagram Company is interested in purchasing National Amusements, the holding company that controls Paramount.
1:10pm: Markets surge
Stocks surged on Thursday as Wall Street responded to signs of a robust US consumer and labor market.
The Nasdaq jumped over 2%, while the S&P 500 and the Dow Jones each gained approximately 1.2%.
11:55am: Auto sales rebound
A rebound in auto sales from generous incentives pushed headline retail sales up in July, noted Jeffrey Roach, Chief Economist for LPL Financial.
"Solid disposable income growth gave the consumer ample ability to keep the retail economy growing. However, this report will not likely change the Fed’s calculus about cutting rates in September," Roach commented.
"We heard from Atlanta Fed President Bostic that the Fed cannot afford to be late in cutting rates as unemployment increases. Investors should expect more volatility in the near term as the economic data likely give conflicting signals."
10:45am: Stocks start the session higher
Positive economic data saw US stocks take off in early trade on Thursday.
Retail sales rose 1% in July, above estimates of a 0.4% increase as weekly jobless claims fell more than forecast which cooled investors’ recession concerns.
The tech-laden Nasdaq led the gains, up 1.9% at 17,520 points. The S&P 500 added 1.2% at 5,521 points and the Dow Jones was up 0.9% at 40,364 points.
Shares of Walmart Inc (NYSE:WMT, ETR:WMT) added almost 7% at about $73 as the retailer’s quarterly earnings topped estimates.
''Solid growth data out of Japan and the UK, followed by strong US retail sales, helped stock indices to their third straight day of gains," IG senior technical analyst Axel Rudolph commented.
He highlighted that the US dollar has appreciated on the strong retail sales data. "The greenback regained recently lost ground as it appreciated across the board, following stronger-than-expected US retail sales," Rudolph said.
"The rise in the Us dollar took the wind out of the gold price's sails but didn't negatively affect the price of silver, nor that of Brent crude oil, both of which recovered from recent weakness."
8.42am: US lifted by retail sales beat and unemployment dip
Wall Street is on track to lift higher at the open after it was handed a boost from some fresh macroeconomic data.
All three of the main indexes are set to begin the session in the green, with the Dow Jones up around 150 points.
The FTSE 100 surged close to 30 points in reaction.
Hopes of a US rate cut have been handed a welcomed boost after it was revealed retail sales had soared ahead of expectations in July, while unemployment in August also improved.
Today's readings will offer the Federal Reserve a rosier picture of the US economy, potentially increasing the chances of an interest rate cut at the central bank's next meeting in September.
Retail sales in the world's largest economy rose by 2.7% year-on-year, smashing estimates of a 1.8% rise, while month-on-month revenues lifted by 1%, better than the 0.2% increase forecast by Wall Street.
Initial jobless claims for the week of August 10 also improved on analysts' predictions, after it reached 227,000, lower than the 239,000 guidance.
7.30am: US stocks to open green
US stocks looked to be heading for a positive start on Thursday, as investors awaited the latest insight into US economic health in retail sales figures for July.
Futures had the Dow Jones ticking up 0.2% ahead of Thursday's open, while the Nasdaq and S&P 500 looked to each add 0.1%.
Retail sales figures for July are set to offer the latest picture on the health of the economy, after weak jobs figures sent global shares spiralling earlier this month.
Concerns had emerged that the US economy was heading for recession, prompting questions over whether the Federal Reserve had put off cutting interest for too long.
Expectations are for sales to have climbed by 0.3% in July, with weekly initial jobless claims data also due. Analysts are forecasting these to tick up from 233,000 to 235,000.
An update from Walmart Inc (NYSE:WMT, ETR:WMT) is also due on Thursday, with AJ Bell analyst Danni Hewson noting this and retail figures “will tell the market plenty about the state of US consumer demand and whether recent fears over recession have much credence to them”.