4:12pm: Nasdaq 100 at new high
Stocks ended Wednesday with a mixed performance as tech shares powered higher while the broader market showed signs of fatigue.
The Nasdaq rose 0.3% to close at 19,974, driven by gains in AI and technology stocks, with the Nasdaq 100 setting a new record.
In contrast, the Dow Jones fell 0.3%, and the Russell 2000 dropped 1%, signaling weakness in cyclical and small-cap names.
The S&P 500 held steady, reflecting a balance between sector winners and losers.
Investor sentiment got a boost from news of a ceasefire between Israel and Iran, which helped drive oil prices lower for a second straight day and ease geopolitical concerns. Federal Reserve Chair Jerome Powell struck a cautious tone in his congressional testimony, reiterating that the Fed is in no rush to cut interest rates.
While some policymakers suggest a rate cut could come as early as July, the path remains uncertain. Meanwhile, economic data showed a drop in consumer confidence and slower home price growth, adding to the market’s measured outlook.
Despite headwinds, the market remains resilient, with the S&P 500 up 20% since April and optimism building around continued strength in the U.S. economy.
3:40pm: Proactive news headlines
- U.S. Global Investors confirmed it will maintain its monthly dividend of $0.0075 per share through the third quarter of 2025, with payments in July, August, and September.
- North Bay Resources Inc. announced it has achieved continuous operations at its Bishop Gold Mill in California after completing ore processing and facility upgrades.
- Zynex Inc. received a UK patent for its non-invasive sepsis monitoring device, which tracks multiple physiological signals to provide early warnings of sepsis.
- Scancell Holdings PLC will report results from early cohorts of its Phase II melanoma trial in July, with dosing already underway in the final cohort showing encouraging early signs.
- Northern Superior Resources Inc. closed a C$5 million bought deal financing to support general operations and exploration efforts.
- Baselode Energy Corp and Forum Energy Metals Corp are preparing to launch a uranium-focused drill program in Nunavut ahead of their planned merger into Geiger Energy.
- Synchronoss Technologies Inc. achieved EU-US Data Privacy Framework certification, allowing compliant processing of EU personal data under GDPR.
- NEXE Innovations Inc. received orders for over 700,000 compostable coffee pods in May, adding to its total production of 1 million pods since late 2024.
- First Phosphate Corp. collected a 5,000-kg bulk sample from its Bégin-Lamarche project for metallurgical testing aimed at optimizing critical mineral recovery.
- Charbone Hydrogen Corp. partnered with Green Hydrogen ASIAPAC to support the development of its first ultra-high purity hydrogen plant in Malaysia using a modular, decentralized model.
- Scancell Holdings PLC rose 6% after announcing progress in its melanoma trial with the first patients in a new dosing cohort showing no significant side effects.
- Anglo Asian Mining Plc said confidence is improving as it ramps up new mine production following a challenging 2024, which included suspended operations and infrastructure delays at its Gedabek mine.
2:40pm: Stocks on the move
- Mullen Automotive Inc announced it will immediately begin accepting cryptocurrency, including Bitcoin and the Trump meme coin, as payment for its commercial EVs and is considering additional crypto options.
- Bumble Inc shares surged 20% after the company said it will cut about 30% of its workforce, or roughly 240 jobs, to streamline operations and save up to $40 million annually.
- General Mills Inc forecast a 10–15% decline in fiscal 2026 profit, citing weaker demand and rising costs, a sharper drop than analysts had expected.
- BlackBerry Ltd shares jumped over 13% after its first-quarter revenue of $121.7 million beat Wall Street estimates.
- Scancell Holdings PLC rose 6% after it dosed the first patients in a new arm of its Phase II melanoma trial for its iSCIB1+ cancer immunotherapy.
- Helium One Global Ltd gained 9% after an independent report confirmed significant development potential at its Rukwa helium project in Tanzania.
2:00pm: Shell and BP in talks
Shell PLC (LSE:SHEL, NYSE:SHEL) is in early-stage talks to acquire its rival BP PLC (LSE:BP.) in what would be the largest oil deal in decades, according to a Wall Street Journal report.
People with knowledge of the matter told the publication that discussions between representatives of both companies are active. BP is carefully considering the proposal, though the talks are progressing slowly and a deal is far from certain, the WSJ reported.
It is unlikely Shell would purchase the entirety of BP, sources familiar with the situation told CNBC.
The merger, if successful, would create a British oil company worth more than £200 billion.
12:50pm: Markets mixed at midday
Stocks were little changed at midday Tuesday as investors assessed remarks from Federal Reserve Chair Jerome Powell and tracked fresh geopolitical headlines. The Dow Jones Industrial Average slipped 0.3%, the S&P 500 was flat, and the Nasdaq rose 0.2%.
Powell, addressing recent dollar weakness, said markets are navigating an unusually "challenging set of circumstances," but added that the bond market is "functioning well."
Elsewhere, the Trump administration pressed an appeals court to uphold presidential tariff authority, potentially reigniting trade policy concerns.
In international news, Ukrainian President Volodymyr Zelenskiy said he held a “long and productive” meeting with President Trump, discussing a ceasefire and the path toward “real peace.”
12:02pm: Stocks continue momentum
US stocks continued their upward climb while European markets slipped as investors weighed a fragile ceasefire in the Middle East and shifting macroeconomic signals. Oil and gas prices rebounded modestly after sharp recent declines, and the U.S. dollar steadied following its fall, mirroring the broader risk-on sentiment.
"The S&P 500 and Nasdaq 100 continue their advance while their European peers slide as traders assess the fragile truce in the Middle East," said Axel Rudolph, Senior Technical Analyst at IG.
Tech stocks helped lift the Nasdaq 100 toward a new record high on Tuesday, even as US home sales slumped and mortgage rates rose. Meanwhile, Federal Reserve Chair Jerome Powell reiterated a cautious stance on rate cuts, citing ongoing inflation concerns tied to tariffs.
Gold, silver, and copper prices were little changed, with traders now turning attention to upcoming US economic data, including jobless claims and durable goods orders.
11:08am: New home sales tumble in May
New home sales fell sharply in May, dropping 13.7% month-over-month to a seasonally adjusted annual rate of 623,000 units, well below the forecast of 693,000 and April’s revised 743,000.
The decline was more than double the expected 6.7% pullback, signaling a deeper-than-anticipated cooling in the housing market.
The sharp drop suggests that higher mortgage rates and tighter financial conditions are starting to weigh heavily on buyer demand.
10:40am: AI, Bitcoin driving rally
US markets have barely been impacted by Middle East tensions, noted XTB's Kathleen Brooks.
Volatility in the S&P 500 remained "subdued," XTB's research director highlighted.
Bitcoin’s rise—up over 6% this week—is fueling gains in the S&P 500, with Coinbase leading the index and Super Micro Computer also among the top performers.
“The rise in bitcoin, and bitcoin related stocks, as the same time as the dollar index falls towards the lowest levels in more than a year, paint its own picture of America today,” Brooks said.
Despite a 2% dip in Tesla yesterday following fading excitement over its robotaxi plans, Brooks sees the move as a temporary pullback, with the “Magnificent 7” tech giants still well-positioned to lead the market higher amid renewed enthusiasm for AI.
9.55am: Mixed open
It has been a mixed open for Wall Street, with the Nasdaq up over 0.5%, the Dow Jones just below flat and the S&P 500 rising 0.2%.
Palantir Technologies is top riser on the Nasdaq 100, rising 3%, while Zscaler, NVIDIA, CrowdStrike, AMD, Alphabet and Broadcom all up over 2%.
Holding back the Dow are 1% falls for UnitedHealth, Merck & Co and Verizon Communications.
7.45 am: Wall Street to start broadly flat
US stocks are also expected to open broadly flat on Wednesday, with investors chewing over a leaked US intelligence report suggesting that the weekend’s airstrikes on Iranian nuclear facilities did not ‘obliterate’ them as claimed by President Trump.
Dow Jones futures were down 0.1%, S&P 500 futures were flat and those for the Nasdaq were up 0.2%.
The previous day, the tech-heavy Nasdaq led the gains, up 1.4%, with the S&P rising 1.1% and the Dow 1.2%.
Traders also have Federal Reserve cuts and ongoing trade talks on their mind this week, after Middle East tensions eased.
"It’s worth remembering that China-US trade issues remain unresolved," says market analyst David Morrison at Trade Nation, after Chinese Premier Li Qiang struck a cautionary tone overnight, urging global leaders not to let trade disputes become overly politicised.
"The remark underlined the fact that while the Israel-Iran hostilities and subsequent ceasefire have pulled the focus somewhat, other sources of tension continue to tick along under the surface, for now."
The mixed US stock index futures come with investors "mindful that the current ceasefire may break down, although that seems like a small risk for now", says Morrison.
"Of far greater import is a leaked US intelligence report suggesting that the weekend’s US airstrikes on Iranian nuclear facilities didn’t ‘obliterate’ them as claimed by President Trump.
"Instead, this early assessment suggests the damage may only set back Iran’s nuclear ambitions by a few months.
"This would be a serious concern if the report turns out to be genuine and accurate. It opens up a myriad of possibilities when it comes to how to proceed."
The US dollar index has steadied after sinking to around three-year lows yesterday following comments from FOMC members that they could be open to a rate cut at the Fed’s next monetary policy meeting in July.
But Fed chair Jerome Powell has stuck to his cautionary stance, tied to his inflation mandate, despite pressure from President Trump for rate cuts.
Morrison said tariff-related news continues to trickle in. "US ports are reportedly seeing a surge in Chinese freighter traffic ahead of the August 12th tariff deadline with China. This is a sign that companies are preparing for further trade disruptions. Before then, the rest of the world has around two weeks to reach agreements with the US before tariffs on US imports jump to ‘reciprocal’ levels."
In company news, Tesla's slump in European sales continued last month, deepening concerns over the brand’s image and competitive position in a fast-evolving market.
The company’s new registrations fell 27.9% year-on-year, despite overall battery-electric vehicle (BEV) sales across Europe rising by 27.2%, according to data from the European Automobile Manufacturers Association.