4:15pm: Record closes
The Nasdaq and S&P 500 both closed at record highs on Thursday, as investors welcomed strong retail sales data and a fresh wave of upbeat earnings, reinforcing confidence in the resilience of the US economy.
The Nasdaq led major indexes, gaining 154 points, or 0.7%, to finish at a new all-time high of 20,884. The S&P 500 also notched a record, rising 34 points, or 0.5%, to close at 6,297. The Dow Jones Industrial Average added 230 points to settle at 44,484, while the Russell 2000 outpaced the pack with a 1.2% gain.
Markets got a boost from a June retail sales rebound, which suggested that recent tariffs imposed under former President Trump haven’t yet dampened consumer spending. The data offered another sign that U.S. consumers—described as doing “fine” by major banks this earnings season—remain a solid pillar of the economy.
Adding to the optimism, jobless claims fell to 221,000 last week, their lowest level in three months. After a brief uptick in May, the drop in claims hints at ongoing strength in the labor market.
Crypto investors had their eyes on Capitol Hill, where lawmakers debated major bills that could shape the future of digital assets. Shares of stablecoin issuer Circle (CRCL) rose as the Genius Act, which outlines regulatory guardrails for stablecoins, appeared headed for a vote. The Clarity Act, another key bill focused on payment stablecoins and digital asset oversight, was also in the spotlight.
With solid economic data, earnings momentum, and progress on crypto regulation, Thursday’s session had something for nearly every corner of the market.
3:50pm: Proactive news headlines
- American Resources Corp and ReElement Technologies endorsed the Quad Critical Minerals Initiative, aligning it with their scalable refining strategy for rare earth supply chain localization.
- Ilika PLC is nearing a commercial breakthrough as its Goliath solid-state battery technology gains momentum with automotive partners, potentially making 2026 a pivotal year.
- Digi Power X Inc signed a deal to supply NVIDIA B200-powered systems to Super Micro for its NeoCloud AI platform, with deployment set for late 2025.
- OKYO Pharma Ltd secured $1.9 million in non-dilutive funding to advance urcosimod, its lead candidate for treating neuropathic corneal pain.
- Lisata Therapeutics Inc and WARPNINE completed enrollment for their iLSTA trial evaluating certepetide with chemotherapy and immunotherapy in non-resectable pancreatic cancer.
- Midnight Sun Mining Corp completed the first phase of an IP survey at the Dumbwa Target in Zambia, with diamond drilling expected to begin within two weeks.
- Orosur Mining Inc shares jumped 17% after reporting a high-grade gold intercept of 62.3 metres at 12.76 g/t at the Pepas prospect in Colombia.
3:20pm: Eyes on Netflix
Netflix Inc (NASDAQ:NFLX, ETR:NFC) is heading into its second quarter earnings report amid a shift in investor sentiment to greater caution as the stock trades near a five-year high, according to analysts at Jefferies.
The analysts remain bullish on the streaming giant, repeating their ‘Buy’ rating and $1,400 price target, which represents upside of 12% from current levels.
Jefferies expects management to raise its full-year 2025 guidance along with the release of its quarterly earnings, specifically boosting its profitability guidance.
Currently, the Street expects 2025 revenue of $44.5 billion, the top end of the company’s guidance range of $43.5 billion to $44.5 billion, with an operating margin of about 29.5% versus the company’s 29% guidance.
2:45pm: Stocks on the move
- American Resources Corp and ReElement Technologies expressed strong support for the Quad Critical Minerals Initiative, aligning it with ReElement’s modular refining strategy to strengthen global critical mineral supply chains.
- Sarepta Therapeutics Inc shares jumped after unveiling a restructuring plan to cut 500 jobs and refocus on its siRNA drug platform, aiming to save $400 million annually by 2026.
- Alimentation Couche-Tard Inc shares rose over 10% after it ended takeover talks with Japan’s Seven & i Holdings due to a lack of constructive engagement.
- Digi Power X Inc signed a purchase order with Super Micro Computer to deliver NVIDIA-powered systems for its AI infrastructure platform NeoCloud, with deployment set for late 2025.
- Abbott Laboratories shares slipped as lowered full-year guidance overshadowed strong Q2 results, with EPS now forecast between $5.10 and $5.20.
- PepsiCo Inc topped revenue and earnings expectations in Q2, with international growth helping offset weaker North American performance.
- Lucid Group Inc surged 44% after Uber committed a $300 million investment to deploy over 20,000 Lucid electric robotaxis equipped with Nuro’s autonomous tech.
- Orosur Mining Inc shares climbed 17% on outstanding gold drill results at its Anzá Project in Colombia, highlighted by 62.3 metres at 12.76 g/t gold.
2:10pm: Graphite stocks soar
The US Commerce Department has imposed preliminary anti-dumping duties of 93.5% on Chinese graphite imports, citing unfair subsidies. The move targets a key battery material and follows a petition from a US trade group late last year.
The American Active Anode Material Producers, which filed the complaint, said the new tariffs will raise the total effective rate to 160% once combined with existing duties.
A final decision is expected by Dec. 5.
Shares of graphite and battery material companies surged on the news. Westwater Resources, which is building a US graphite anode plant, rose 16%. American Battery Technology jumped 14%, Lithium Americas added 10%, and Canadian-listed Nouveau Monde Graphite gained 23%.
1:30pm: Shoppers drive recovery
A rise in retail sales is signaling renewed strength in consumer spending and easing concerns on Wall Street about the health of the economy.
"Consumers are flexing their spending muscle again," said Gina Bolvin, President of Bolvin Wealth Management Group.
"After May’s slump, a 0.6% jump in retail sales shows that the American shopper is alive and well—and that matters for markets. Strong retail sales are like oxygen for the economy, and Wall Street is breathing a sigh of relief today."
12:35pm: Foreign exporters resist tariff pressure
In the early afternoon, US stocks moved higher as investors digested a wave of earnings, with Netflix's highly-anticipated report on deck after hte bell.
The tech-laden Nasdaq led the gains, up 0.8%, while the S&P 500 added 0.4% and the Dow Jones was up 0.3%.
Meanwhile, foreign exporters are largely resisting pressure to lower prices in response to rising US tariffs, according to Wells Fargo analysts.
Nonfuel import prices rose 1.2% year-over-year in June, suggesting foreign suppliers generally are resisting price cuts. As a result, US firms are absorbing more of the cost and passing it on to consumers, reflected in a notable rise in core goods CPI last month.
A weaker dollar is also encouraging foreign suppliers to hold or raise invoice prices, the analysts noted. About half of import categories now exceed pre-tariff trends, driven by higher prices for metals, food, and consumer goods.
“Import prices are unlikely to be a relief valve for consumer price inflation in the months ahead,” Wells Fargo concluded.
11:45am: Pepsi delivers strong quarter
PepsiCo Inc (NASDAQ:PEP, ETR:PEP) reported second-quarter revenue and earnings that beat Wall Street estimates on Thursday, as international markets helped offset weaker performance in its North American food business.
The company posted revenue of $22.73 billion, topping analysts’ average estimate of $22.29 billion, a 1% increase from a year earlier.
Core earnings per share came in at $2.12, ahead of the expected $2.03, though down 7% year-over-year.
North Bay Resources reports high-grade gold assay and expands development at Fran Gold project
Organic revenue rose 2.1%, driven by growth in international beverages and snacks, even as Frito-Lay North America and Quaker Foods saw a 2% decline.
11:10am: Spending boosts investor confidence
Retail sales data gave stocks a boost on Thursday, supporting optimism about the American economy, according to Chris Beauchamp, Chief Market Analyst at IG.
“Who needs tariff worries when Americans keep flashing the cash?” said Beauchamp, noting that the strong retail print and better-than-expected jobless claims helped shift market focus away from concerns over Federal Reserve policy.
The upbeat data also buoyed European markets, although Beauchamp cautioned that “possible tariff retaliation reminds us that the issue hasn’t gone away.”
10:45am: Retail sales rebound
US retail sales rose 0.6% in June, beating expectations for a 0.1% gain and reversing May’s 0.9% decline.
Sales excluding autos also climbed 0.6%, above the 0.3% forecast. The control group, which feeds into GDP calculations, increased 0.5%, topping estimates of 0.3%.
Meanwhile, initial jobless claims for the week ending July 12 fell to 221,000, below the expected 233,000, signaling continued labor market resilience.
10am: Nasdaq and Russell 2000 open highest
US stocks opened higher.
The Nasdaq Composite climbed 0.5%, the Dow Jones rose 0.4% and the S&P 500 was up 0.3%. Topping the lost was the Russell 2000, up 1%.
8am: Slow start expected
US stocks are anticipated to be slow out of the blocks on Thursday as earnings emerged from PepsiCo and Abbott Laboratories, with retail sales and manufacturing surveys due.
Dow Jones futures were down 0.1% and those for the S&P 500 and Nasdaq 100 were flat.
Last night, Wall Street finished on a positive note, with the Dow Jones climbing 0.5%, the S&P 500 rising 0.3% and the Nasdaq adding 0.25%.
But earlier in the session, there was a huge dip after several reports that Donald Trump might be about to fire Federal Reserve chair Jerome Powell.
This led to a major selloff for longer-dated Treasuries and the US dollar, but stocks and bonds recovered quickly after President Trump said that he was "not planning" on firing Powell and that it was "highly unlikely".
Warnings from the CEO’s of JP Morgan and Goldman Sachs highlight the widespread belief that to do so would provide a particularly bad signal to financial markets.
Market analyst Joshua Mahoney at Rostra said: "It does raise questions of the degree of independence that will be evident under Powell’s successor".
Federal Open Market Committee members Michelle Bowman and Christopher Waller have lately been pushing for a swifter rate cut, which Mahoney said was "potentially in a bid to move for the top job".
But Kenny Polcari at Slatestone Wealth said that while appointing a new dovish Chair may be what Trump wants, monetary policy decisions are made by the FOMC, which is "a committee for a reason" as "even if the Chair pushes for rate cuts, he/she does not decide policy alone—decisions are a collective effort within the FOMC’s voting structure".
So, unless Trump is questioning the entire framework of how the Federal Reserve is supposed to function, Polcari said, "for me, it’s just noise. And when there’s noise, there’s volatility – and that’s the opportunity. The key is to take advantage of the noise, not get rattled by it."
Speaking of which, President Trump said yesterday that he is sending 150 countries letters telling them that their tariff rates will be between 10-15%.
"Hardly the disaster that many were predicting," said Polcari. "I expect markets to see this as positive but understand that they are not big countries and they do not do much business with the US.
"But, it is clarity on trade and that is good for the markets. Markets like certainty – good or bad, it just wants to know the rules."
Looking ahead, macroeconomic data due today includes retail sales and the Philadelphia Fed manufacturing survey, providing insights on consumers, businesses and inflation in the face of Trump’s tariffs.
Corporate earnings before the bell include Abbot Laboratories, PepsiCo, Marsh & McLennan and Novartis, while after the close this evening, investors will hear from Netflix and Interactive Brokers.
Abbott shares are down almost 5% premarket despite reporting Q2 adjusted EPS slightly above estimates but its full-year outlook disappointed.
PepsiCo is up 3% as earnings beat estimates and reiterated its full-year outlook.
For the semiconductor sector, Taiwan giant TSMC reported profit surging 61%, beating estimates, as it benefited from AI trends and demand for advanced processors from clients including Nvidia and Apple.