4:15pm: Stocks shake off tariff threats
The S&P 500 edged up 0.3% to a fresh record of 6,280 on Thursday, leading a modest rally across Wall Street as enthusiasm for AI and crypto helped offset new trade threats from former President Trump.
The Dow Jones added 192 points, or 0.4%, to finish at 44,651, while the Nasdaq rose 0.1% to 20,631. The Russell 2000 outperformed with a 0.5% gain to close at 2,264.
Investor sentiment got a boost from Nvidia, which climbed higher after hitting a major milestone, reinforcing confidence in the ongoing AI boom. Meanwhile, Bitcoin surged to a new all-time high, brushing off geopolitical jitters sparked by Trump’s latest salvo on tariffs.
Despite the political noise, investors remained focused on tech momentum and risk-on signals from the crypto space, helping stocks lock in another record-setting session.
3:50pm: Proactive news headlines
- Baselode Energy and Forum Energy Metals have kicked off a 7,000-metre, 25-hole drill program at their Aberdeen uranium project in Nunavut’s Thelon Basin.
- Power Metals Mines has ramped up drilling with four rigs now active across its Lion-Nisk-Tiger trend in Quebec, targeting up to 25,000 metres as part of its expanded summer-fall exploration program.
- Nextech3D.AI announced that its ARway spinout has launched Interactive Map Navigation, blending 2D digital maps with augmented reality for seamless multi-platform wayfinding.
- Pantheon Resources has begun mobilizing its drilling rig to the Dubhe-1 well site in Alaska to drill a key appraisal well on the North Slope.
- London BTC Company raised £1.5 million to expand operations, increase Bitcoin holdings, and prepare for a planned Nasdaq listing.
- Buru Energy is selling its 2H Resources hydrogen and helium unit and associated acreage to Koloma for up to $2 million, as it sharpens focus on its Rafael Gas Project.
- Race Oncology received ethics approvals in Hong Kong to begin a Phase 1 trial of its cardio-oncology drug RC220 in combination with doxorubicin.
- Orthocell reported its first U.S. sales of Remplir, marking early commercial success for its nerve repair device just months after gaining regulatory approval.
3:30pm: Rate cut possible in July: Waller
Federal Reserve Governor Christopher Waller said Thursday the central bank may be in a position to cut interest rates as early as July, stating that policy is currently “too tight.”
Waller reiterated the case for a potential rate reduction this month, emphasizing that any easing would be based on economic data and not politically motivated. “Unemployment is around its long-run level,” he noted, suggesting labor market conditions may support a shift in policy.
Separately, Waller also highlighted the potential benefits of stablecoins in the payments system, saying they could make transactions “cheaper and faster.” He added that increased competition in payments would benefit both consumers and businesses, and that stablecoins might reduce the use of cash while increasing global demand for the U.S. dollar.
3:10pm: Stocks on the move
- Estee Lauder shares rose 6.5% after Bank of America reinstated coverage with a “Buy” rating, citing confidence in its turnaround plan and forecasting margin and revenue growth through 2027.
- Ultragenyx shares plunged 26% after its late-stage trial for setrusumab in osteogenesis imperfecta missed a key interim goal.
- MP Materials surged nearly 50% after the U.S. Department of Defense invested $400 million, becoming its largest shareholder to support rare earth supply.
- Dollar Tree announced a new $2.5 billion share repurchase plan, representing 11.5% of its market cap, following the sale of its Family Dollar business.
- Klotho Neurosciences shares jumped early after its ALS therapy received FDA Orphan Drug Designation, settling up about 5.8%.
- Conagra Brands shares fell as fiscal Q4 revenue declined 4.3% year-over-year and missed analyst estimates due to supply chain and macro headwinds.
- Delta Air Lines rose over 11% after beating Q2 earnings expectations and reinstating full-year guidance on strong travel demand.
- WK Kellogg soared 49% on reports that Ferrero is nearing a $3 billion deal to acquire the U.S. cereal maker.
2:35pm: June CPI to firm
Bank of America expects both headline and core US consumer prices to rise 0.3% month-over-month in June, marking a pickup in inflation after three months of more subdued readings. “If correct, this would mark an acceleration from the last three months and result in a three-tenth increase in headline CPI to 2.7% y/y and a two-tenth increase in core CPI to 3.0% y/y,” the bank said.
The anticipated rise in core CPI is driven by firmer core goods inflation—particularly used cars and other categories impacted by tariffs—and a rebound in non-housing services like lodging, airfares, and medical care. Rent and owners’ equivalent rent are also expected to climb more than in May.
Bank of America also projects core PCE inflation, the Fed’s preferred gauge, to increase by 0.22% in June, or 2.7% annualized, helped in part by rising financial services costs. That pace would keep the annual core PCE steady at 2.7%, which BofA says “lowers the likelihood of a Sept cut, in our view.”
1:50pm: Microsoft set to join Nvidia club
Microsoft Corp (NASDAQ:MSFT) is nearing a $4 trillion market valuation, with analysts at Wedbush projecting the tech giant will hit the historic milestone this summer.
Nvidia Corp (NASDAQ:NVDA, ETR:NVD) earlier this week became the first ever company to achieve a $4 trillion market cap.
Microsoft, which has a current market cap of about $3.74 trillion, is fast approaching the milestone, driven by accelerating AI adoption.
“We believe Microsoft will also hit the $4 trillion market cap club this summer and then over the next 18 months the focus will be on the $5 trillion club...as this tech bull market is still early being led by the AI Revolution,” Wedbush analysts wrote.
“The poster childs for the AI Revolution are led by Nvidia and Microsoft as both are foundational pieces of building on the biggest tech trend we have seen in our 25 years covering tech stocks on the Street.”
12:45pm: Tariff threats loom
Wall Street is treading cautiously higher at midday Thursday as investors digest fresh trade threats from President Trump. The Dow Jones Industrial Average is up 0.5%, the S&P 500 has added 0.2%, while the Nasdaq is flat.
Markets are regrouping after Trump’s latest salvo on tariffs, which have done little to derail the upbeat tone that has persisted for more than two months. After the closing bell Wednesday, Trump issued his most aggressive threat yet, warning that Brazil could face tariffs of up to 50% on its imports.
Despite the escalation, investor focus remains centered on the prospects for trade deals with key U.S. partners including the European Union, India, and Canada. Trump recently said a deal with India is “close,” though expectations have tempered following his broad threat of a 10% tariff on BRICS nations.
Ramping up pressure, Trump has dispatched 22 letters to foreign leaders this week, each outlining proposed tariff rates set to take effect August 1. While the strategy has raised diplomatic eyebrows, it has yet to unsettle financial markets in a meaningful way.
12:15pm: Jobless claims support Wall Street
Jobless claims and strong Delta earnings helped support Wall Street on Thursday, with data showing continued strength in the US economy.
“The US economy continues to provide positive newsflow, as today’s initial claims comes in below forecasts, echoing last Friday’s payrolls reading,” said Chris Beauchamp, senior analyst at IG.
Beauchamp noted that Delta’s decision to reinstate guidance reflects a sharp shift in sentiment since April and warned investors may be hoping history doesn’t repeat itself.
11:25am: Kellogg soars on acquisition rumor
Another big mover this morning: shares of WK Kellogg Co. (NYSE: KLG) jumped more than 30% on Thursday following reports that Italian confectionery giant Ferrero is close to acquiring the US cereal maker for approximately $3 billion.
According to sources cited by The Wall Street Journal, the deal could be finalized as soon as this week. WK Kellogg, the maker of iconic brands such as Froot Loops, Frosted Flakes, and Rice Krispies, currently has a market capitalization near $1.5 billion, with an additional $500 million in debt.
11:00am: Jobless claims fall to two-month low
US initial jobless claims fell to 227,000 for the week ending July 5, below economists’ expectations of 235,000.
It marks the fourth consecutive weekly decline and the lowest level in seven weeks, suggesting ongoing resilience in the labor market.
While continuing claims edged higher, the overall level of filings remains historically low. Weekly claims typically rise to 350,000–375,000 during recessions.
10:40am: Delta flies on big Q2
Shares of Delta Air Lines Inc (NYSE:DAL) surged more than 11% at the open on Thursday after the carrier reported second-quarter earnings that beat Wall Street expectations and reinstated its full-year guidance, signaling confidence in strong travel demand and operational efficiency.
The Atlanta-based airline posted adjusted earnings per share of $2.10, topping the average analyst estimate of $2.05, though the figure marked an 11% drop from a year earlier.
Revenue rose 1% year-over-year to $15.5 billion, slightly ahead of forecasts.
Net income fell 10% to $1.37 billion, and operating income declined by the same margin to $2.05 billion, reflecting ongoing cost pressures in the industry.
Despite the year-on-year declines, Delta reinstated its full-year 2025 earnings outlook, projecting adjusted EPS between $5.25 and $6.25, compared with analysts' expectations of $5.39. The airline also reaffirmed its target to generate $3 billion to $4 billion in free cash flow.
9.55am: Mixed start, Nasdaq down
It was a mixed start on Wall Street today.
The Dow Jones started lower but then rose, now up 0.1%, while the S&P 500 and Nasdaq Composite were up in initial trades but quickly dropped below the waterline, down 0.2% and 0.6% respectively.
Delta Air Lines is a notable riser, up 12% after its earnings report beat expectations and restored its financial guidance as demand improved.
But all the very biggest names are in the red, Nvidia, Microsoft, Apple, Amazon, Alphabet, Meta Platforms, Broadcom and Berkshire Hathaway.
8am: Flat start expected
US stock futures turned from red to a more mixed reading ahead of Thursday's trading session, helped by buoyancy in Europe and further expected gains by Nvidia.
Futures for the Dow Jones, S&P 500 and Nasdaq 100 were all roughly flat, the former two just below and the tech-heavy index less than 0.1% above.
A day earlier, there were gains across the board, led by the Nasdaq's 0.9% rise as Nvidia became the first $4 trillion company, which also helped the S&P 500 to rise 0.6% and the Dow Jones 0.5%.
Gold prices were also on the rise too, after climbing $25 at $3,321 per oz, the yellow metal was up another $14 at to $3,335, while the dollar dipped after rallying for two weeks.
The rise in gold was as the market tone seemed to turn "from complacency to nervousness", said analyst Kenny Polcari at Slatestone Wealth.
Wall Street futures had earlier been wallowing in the red on Thursday following yesterday’s FOMC minutes that saw a wide range of views over the direction of travel for rates.
This saw "nothing new" and the "usual divide", said Polcari, with some policymakers thinking tariffs would not affect longer term inflation expectations, while others think they will.
Fed funds’ futures are still not pricing in a rate cut for the meeting in two weeks.
"Whilst the dominant thought is that we should see rates cut later in the year, there are members that see it prudent to keep rates steady for the course of 2025," said market analysts Joshua Mahony at Rostro.
"Ultimately with Trump seemingly ramping up tariffs on a daily basis, there is plenty of cause for concern over the potential for a resurgence in price pressures over the second half of the year," he said.
"Should this lead to further hesitancy from the Fed, we could see rate sensitive stocks and gold take a hit."
Today also follows Trump’s latest announcement of a 50% tariff on Brazil which came after the US close yesterday.
It should come as a "particularly concerning development", says Mahony, though the President gave his justification in wanting to end the court case against Brazil's ex-president Jair Bolsonaro, highlighting that he sees tariffs as a weapon to wield anytime he wants to get his way, irrespective of trade relations.