04:59 PM EDT, 08/15/2024 (MT Newswires) -- US benchmark equity indexes and Treasury yields surged Thursday, as markets assessed the latest batch of economic data and corporate earnings.

The Nasdaq Composite jumped 2.3% to 17,594.5, while the S&P 500 increased 1.6% to 5,543.2. The Dow Jones Industrial Average advanced 1.4% to 40,563.1. Consumer discretionary and technology led sector gainers, while real estate was the sole decliner. Utilities was little changed.

In economic news, US retail sales grew more than projected in July, fueled by gains in spending on cars and electronics, according to the Census Bureau.

Official data on Wednesday showed the pace of annual consumer inflation unexpectedly slowed last month, strengthening expectations that the Federal Reserve could start easing its monetary policy in September.

"With employment continuing to slow and inflation more well-behaved in recent reports, it would take a much larger jolt from retail sales to alter the calculus for a cut," TD said in a Thursday note to clients. "As such, for the remainder of the year, we continue to expect three quarter-point rate cuts from the Fed."

Weekly applications for unemployment insurance in the US unexpectedly declined, while the four-week moving average for continuing claims remained at the highest level since November 2021, the Department of Labor said.

US homebuilder confidence remained at the lowest level since December 2023 as elevated interest rates and high home prices weighed on sentiment, according to National Association of Home Builders and Wells Fargo data.

New York manufacturing activity contracted less than projected in August, while the US Mid-Atlantic region posted a surprise negative reading amid declines in new orders and shipments, two separate reports showed.

The US two-year yield jumped 15.6 basis points to 4.10% Thursday, while the 10-year rate advanced 9.9 basis points to 3.92%.

In company news, Cisco Systems ( CSCO ) shares surged 6.8%, the best performer on the Dow. Late Wednesday, the networking equipment maker reported fiscal fourth-quarter results that declined year over year, but surpassed Wall Street's estimates. The company announced a restructuring plan that will likely affect 7% of its global workforce.

Walmart ( WMT ) was the second-top gainer on the Dow Thursday, up 6.6%, after the retail giant raised its full-year outlook above original expectations as its fiscal second-quarter results topped market estimates amid gains across all its segments.

Deere (DE) maintained its guidance for full-year net income even as fiscal third-quarter results declined annually, but still topped the Street's expectations. The company's shares rose 6.3%.

Fair Isaac ( FICO ) shares fell 4.2%, the steepest decline on the S&P 500.

West Texas Intermediate crude oil rose 1.3% to $77.98 a barrel.

Gold advanced 0.5% to $2,493.20 per troy ounce, while silver jumped 3.9% to $28.41 per ounce.