Major Stocks Bounce Back Amid Rising Bitcoin Prices
US stocks started Thursday with losses, but several major companies still managed to post impressive gains. Deere & Co (NYSE:DE) was among them, seeing its shares jump 7.9% to $626.40 after reporting better-than-expected second-quarter financial results and raising its full-year net income outlook.
Earnings per share came in at $5.10, beating the estimate of $4.70. Net sales and revenue rose 5% to $12.608 billion, surpassing the predicted $10.730 billion. Other companies that fared well include Scribe Therapeutics Inc (NASDAQ:SCTX), whose shares climbed 21.1% to $37.60 after strong quarterly results.
Scansource Inc (NASDAQ:SCSC) and Bit Digital, Inc (NASDAQ:BTBT) also posted gains of 17.5% to $60.42 and 13.6% to $1.59 respectively. The surge in these companies' stock prices was attributed to their better-than-expected quarterly sales results.
The crypto-linked companies saw a rise in their shares amid a jump in Bitcoin following President Trump's call for the Clarity Act and Chair Michael Selig's efforts to bring Hyperliquid to the US. Coinbase Global Inc (NASDAQ:COIN) surged 6.7% to $170.90, while Nordson Corp (NASDAQ:NDSN) rose 6.5% to $330.16 after reporting better-than-expected quarterly financial results and raising its FY26 guidance.