10 Unexpected Market Movers – What Propelled Double-Digit Gains?

The stock market extended its winning streak on Thursday as investors cheered President Donald Trump’s trade deal framework between the United States and the United Kingdom.

Among Wall Street’s major indices, the tech-heavy Nasdaq rallied the most, up 1.07 percent, followed by the Dow Jones, up 0.62 percent, and the S&P 500, gaining 0.58 percent.

According to Trump, the Oval Office outlined a trade deal framework. While a 10-percent baseline tariff will remain for imported goods from the UK, it could be the low end of deals with future countries.

“The final details are being written up,” Trump said. “In the coming weeks, we’ll have it all very conclusive.”

Beyond the major indices, 10 firms stood out, booking double-digit gains amid a flurry of fresh developments such as optimistic revenue guidance and impressive earnings performance, among others. In this article, let us explore Thursday’s 10 top-performing stocks and detail the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5-million trading volume.

Photo by Yan Krukau/Pexels

10. Pony AI Inc. (NASDAQ:PONY)

Pony AI extended its winning streak for a third straight day on Thursday, jumping by another 13.83 percent to close at $16.96, as investors continued to load up shares on optimism over its recent partnership with Uber Technologies Inc. (NYSE:UBER).

Earlier this week, Pony AI Inc. (NASDAQ:PONY) and Uber announced joined forces to offer robotaxis in a key market in the Middle East later this year.

The announcement especially came as a boost to Pony AI Inc. (NASDAQ:PONY) as it would start to leverage Uber’s wide customer base globally.

During the initial pilot phase, the robotaxis will have safety operators onboard until the fully autonomous commercial launch.

The two companies also aim to expand their partnership into other international markets.

“At Pony.ai, our vision is to develop autonomous driving technology that is not only safe and reliable but also scalable, transforming daily transportation,” said Pony AI Inc. (NASDAQ:PONY) CEO James Peng.

9. Remitly Global Inc. (NASDAQ:RELY)

Remitly Global grew its share prices by 14.56 percent on Thursday to close at $24.16 apiece as investors reacted positively to its strong earnings performance in the first quarter of the year.

During the period, Remitly Global Inc. (NASDAQ:RELY) swung to a net income of $11.35 million from a net loss of $21 million in the same period a year earlier.

Revenues also increased by 34 percent to $361 million from the $269 million registered year-on-year.

Further supporting the optimistic sentiment was the 29-percent increase in active customers alone, ending at 8 million versus the 6.2 million in the same comparable period.

“This performance was driven by the deep and growing trust our customers place in us to deliver a fast, reliable, and secure experience. As that trust continues to grow, so does our ability to scale efficiently and profitably,” said Remitly Global Inc. (NASDAQ:RELY) President and CEO Matt Oppenheimer.

Following the strong figures, the company raised its revenue outlook for the rest of the year, with revenues now expected to grow between 25 and 26 percent to $1.574 billion to $1.587 billion, as compared with the $1.565 billion to $1.580 billion targeted previously.