4:12pm: Stocks surge toward records
US stocks closed just a whisker away from all-time highs as Wall Street's summer rally gained even more steam.
The S&P 500 climbed 0.8% to finish at 6,141, coming within striking distance of its February record close. The Nasdaq added 1% to end the day at 20,168 — just a few points shy of its own historic peak — while the Dow advanced 404 points, or 0.9%, to 43,387. The small-cap Russell 2000 led the pack with a 1.4% gain.
Investors cheered signs that interest rate cuts could be back on the table. A Wall Street Journal report suggested President Donald Trump may announce a replacement for Federal Reserve Chair Jerome Powell as early as September, reflecting his frustration with the Fed’s "wait and see" stance on rates. Markets took that as a possible signal of a more dovish turn ahead — especially as labor market data continued to flash warning signs.
The dollar slumped to its lowest level since April 2022, weighed down by worries over tariff impacts and the threat of a US default. Treasury yields also moved lower, with the 10-year note settling near 4.25%.
Economic data, meanwhile, painted a bleaker picture. The US economy shrank 0.5% in the first quarter, worse than the prior estimate, while jobless claims climbed — with continuing claims now at their highest level since late 2021.
All eyes now turn to Friday’s release of the Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) report. Investors will be watching closely for signs that Trump’s tariff policies may already be nudging prices higher.
3:35pm: Proactive news headlines:
- Condor Resources said on Thursday its Peruvian subsidiary has signed a non-binding letter of intent (LOI) to sell a 100% interest in the Soledad project in Ancash, Peru, for total consideration of up to $3 million.
- Ideal Power said on Thursday it received an order from a global Tier 1 automotive supplier for its B-TRAN semiconductor devices, marking a step forward in the company's push into the electric vehicle market.
- Ocean Power Technologies announced that the United States Patent and Trademark Office has issued a Notice of Allowance for the company’s US patent application covering a system designed for autonomous, floating marine vehicle charging, titled “System and Method for Vehicle Charging.”
- Santacruz Silver Mining announced that it has qualified to trade on the OTCQX Best Market, upgrading from the OTCQB Venture Market.
- Millennial Potash has intersected over 100 metres of potash mineralization in its latest drillhole at the Banio potash project in Gabon, a result the company says could significantly enhance the project’s resource base.
- New Era Helium announced that it has expanded its board of directors with the appointment of three new members.
- Northstar Gold said it has received encouraging results from a development and mining evaluation study conducted by Novamera for the Zone 2 target at its historic Cam Copper Mine in Ontario.
- Lisata Therapeutics, in collaboration with the Australasian Gastro-Intestinal Trials Group and the NHMRC Clinical Trials Centre at the University of Sydney, announced positive preliminary results from Cohort B of the ASCEND Phase 2b clinical trial evaluating certepetide in combination with standard-of-care chemotherapy in metastatic pancreatic ductal adenocarcinoma (mPDAC).
- HIVE Digital Technologies finished its fiscal year strong, reporting $115.3 million in revenue and $56.2 million in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), while expanding its presence in Bitcoin mining and AI-driven high-performance computing (HPC) hosting services.
- Nextech3D.AI said it has secured a new enterprise contract valued at $150,000 for the production of 5,000 photorealistic 3D models.
2:55pm: Stocks on the move
- Aurinia Pharmaceuticals shares rose 6.8% as Jefferies highlighted the strategic potential of upcoming first clinical data for its autoimmune drug AUR200.
- Kinross Gold was upgraded to “Buy” by Jefferies, which cited strong free cash flow and potential for significant share buybacks through 2026.
- Nvidia hit a record high valuation of $3.77 trillion, reinforcing investor confidence in its AI dominance despite China export curbs.
- Ideal Power announced an order from a global Tier 1 auto supplier for its B-TRAN semiconductors, advancing its entry into the EV market.
- Cyngn shares surged over 480% after it revealed a collaboration with Nvidia to use its Isaac platform for next-gen autonomous industrial vehicles.
- Altimmune shares plunged 55% after its MASH drug showed mixed Phase 2b results, meeting one primary endpoint but missing on fibrosis improvement.
- Ascent Solar stock soared on news of a 12-month collaboration with NASA to develop space-grade thin-film solar modules.
- Ocean Power Technologies secured a U.S. patent allowance for a system enabling autonomous marine vehicles to recharge at sea.
- Santacruz Silver Mining upgraded its U.S. market listing to the OTCQX Best Market, boosting visibility with U.S. investors.
- Millennial Potash intersected over 100 metres of mineralization at its Banio project in Gabon, potentially expanding its resource base.
2:10pm: S&P runs higher
The S&P 500 is a "whisker" away from hitting new highs, said IG's Chris Beauchamp.
“Momentum continues to drive equity markets higher, and the S&P 500 is the next index to look set for fresh all-time highs," Beauchamp commented.
"It’s remarkable how the looming 9 July tariff deadline seems to bother investors, who appear to be betting on another round of TACO-ing from the president”
1:15pm: Nvidia reaches new record
Nvidia Corp (NASDAQ:NVDA, ETR:NVD) were trading at a record high on Thursday, cementing its position as the world's most valuable company and putting clear blue water between it, Microsoft and Apple.
Its share price climbed over 4% on Wednesday to close at a record $154.31, giving Nvidia a $3.77 trillion valuation and reflecting growing investor confidence in its dominance in artificial intelligence, despite ongoing export restrictions to China.
On Thursday morning, shares of Nvidia reached as high as $156.69.
The company has seen remarkable growth in 2024, driven by soaring demand for its graphics processing units (GPUs), which are essential for powering AI models and data centres.
12:55pm: Risk on mood
US stocks are in rally mode midday Thursday, with all three major indexes gaining ground and trading just shy of record highs.
The Dow Jones is up 0.8%, while the S&P 500 and Nasdaq are each climbing 0.7%.
Tech stocks are leading the charge once again, with fresh enthusiasm sparked by strong earnings from chipmaker Micron. The upbeat results have revived investor appetite for AI-related names, pushing the S&P 500 to within 1% of its February record and lifting the Nasdaq as well.
Beyond tech, the broader rally is getting an extra boost from a cooling of geopolitical tensions in the Middle East and growing hopes that the Federal Reserve could start cutting interest rates later this year.
Traders are keeping a close eye on upcoming economic data, including GDP and durable goods figures, along with comments expected from several Fed officials. Meanwhile, Treasury yields are holding steady after a run of better-than-expected economic reports, and global markets are mixed as investors weigh Wall Street’s momentum against persistent macro headwinds.
For now, though, the mood on Wall Street is firmly risk-on.
11:50am: Trump considering replacing Powell
US President Donald Trump is considering announcing a replacement for Federal Reserve Chair Jerome Powell as early as this summer, months ahead of Powell’s term ending in May 2026, the Wall Street Journal reported Wednesday evening.
According to the report, Trump could reveal his final decision by September or October, in a move seen by some as an effort to undercut Powell’s authority during a volatile period for US monetary policy.
The shortlist reportedly includes Kevin Warsh, Kevin Hassett, Scott Bessent, David Malpass, and current Fed Governor Christopher Waller.
The prospect of an early announcement drew concern from some quarters of the financial sector. “The real threat to US inflation now is tariffs, and there’s been little progress on that front,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
“Fed Chair Powell keeps insisting the US doesn’t need to rush into rate cuts until there’s more clarity on trade policy. But no one listens — even less so now, as there’s growing concern that Trump could prematurely appoint the next Fed Chair to sideline Powell, who has resisted rate cuts.”
11:25am: Fall rate cut possible: Fed officials
Federal Reserve officials told CNBC on Wednesday that the US labor market remains robust, reinforcing expectations that the central bank may consider a rate cut later this year if inflation continues to ease.
“The job market remains steady and around full employment,” said Chicago Fed President Austan Goolsbee, citing unemployment claims and other indicators that support the view of a stable employment environment.
San Francisco Fed President Mary Daly echoed the assessment, saying, “New data confirms [the] U.S. labor market is solid.” Daly added that “the fall looks promising for a rate cut,” suggesting the Fed could move to ease monetary policy in the coming months.
Goolsbee also dismissed the notion that political developments would sway the Fed’s policy path, telling CNBC that an early announcement by former President Donald Trump to replace Fed Chair Jerome Powell would have “no impact on the Federal Open Market Committee.”
10:55am: Slowing growth, steady jobs
The US economy is entering the second half of 2025 on "wobbly footing," with real GDP contracting more than initially estimated in the first quarter and a mixed picture emerging for the second.
According to Bill Adams, chief economist at Comerica, the rebound in Q2 is expected to be of “low quality,” driven partly by a smaller drag from trade but dampened by more cautious consumer and business spending.
Key indicators like retail sales, industrial production, and housing data were all down in May, while labor demand continues to soften despite relatively low layoffs.
Adams notes that while job growth is slowing, a concurrent slowdown in labor force growth—largely due to tighter immigration—may keep the unemployment rate stable or even push it lower.
“The Fed is more likely to cut rates because inflation is better than expected than because unemployment is worse than expected,” he said, emphasizing that cooling inflation, particularly in housing and energy, could outweigh the upward price pressure from tariffs.
10:30am: US growth revised down
A slew of economic data released today.
The US economy entered the second half of 2025 on uncertain footing, as revised data showed first-quarter GDP contracted at a 0.5% annualized rate, worse than the previously reported 0.2% decline.
Consumer spending and business investment were notably weaker, while inflation was revised slightly higher, with core PCE rising at a 3.5% annualized pace.
In May, the trade deficit widened sharply to $96.6 billion as exports fell 5.2%, driven by a steep drop in industrial supplies, while imports remained flat.
Continued jobless claims rose to their highest level since 2021, though initial claims ticked down.
Durable goods orders rebounded strongly, rising 16.4% in May after a steep decline in April.
9.55am: US stocks open higher, Nvidia moves closer to $3.8trn valuation
The Nasdaq started highest, as predicted, but has seen initial gains of 0.45% trimmed to 0.2%.
In early trading, the Dow Jones is up 0.4% and the S&P 500 has added 0.35%.
Apple, ASML and AMD, The Trade Desk, Shopify, China's Pinduoduo and PayPal are among those in the red in the big tech basket, while Nvidia has added another 0.3% to take its valuation closer to $3.8 trillion.
8.15am: Nasdaq predicted to lead gains after Nvidia hits new record
Wall Street stock futures pointed higher early on Thursday as traders consider emerging from a temporary holding pattern.
Leading the way again, Nasdaq futures were up almost 0.5%, after hitting an intraday record high the previous session, while S&P 500 futures gained 0.3% and Dow Jones futures were up 0.2%.
The previous day, the Nasdaq Composite climbed 0.25%, though the Dow Jones dropped 0.2% and the S&P 500 was as flat as a pancake, down 0.0003%, which analysts pointed out was the smallest daily move since 2017. The small- and mid-cap Russell 2000 fell over 1%.
Based on futures moves, the S&P is within 0.5% of its all-time high from February, while the Dow remains 4% adrift.
A Federal Reserve interest rate cut and a potential replacement of chair Jerome Powell were two of the main items on the market's mind.
At his second day of Capitol testimony-giving, Powell continued to say that the Fed is struggling to assess the impact of tariffs on the economy and the consumer, and with the US economy remaining strong, feels it is prudent to move slowly.
"Well, he is starting to get real push back and calls for a July rate cut are now the narrative," said market analyst Kenny Polcari at Slatestone Wealth, even though the market is pricing a low chance of that.
"And while I didn’t think it was going to happen, my gut now says that the pressure is on."
President Trump yesterday announced that he has narrowed his choice of a new Fed Chair down to "3 or 4 people", even though Powell's term does not finish until May 2026.
"But by announcing that he has culled the field, he is creating a ‘shadow’ Fed chair," said Polcari, adding that this is putting pressure on Powell.
In individual company news, Nvidia Corp closed at new record high, rising over 4% to cement its position as the world's most valuable company, above Microsoft and Apple.
Its share price hit $154.31, giving the semiconductor colossus a $3.77 trillion valuation and reflecting growing investor confidence in its dominance in artificial intelligence, despite ongoing export restrictions to China.
Elsewhere, a US federal judge has dismissed a high-profile AI copyright lawsuit brought by 13 authors against Meta Platforms, ruling the plaintiffs "made the wrong arguments", suggesting that better-argued cases could succeed.