4:12pm: In the green
US stocks finished Wednesday's session on the front foot as earnings continued to roll in.
The Nasdaq led the gains, up 1.2% at 21,169 points, while the S&P500 was up 0.7% at 6,345 points and the Dow Jones added 0.2% at 44,193 points.
3:48pm: Proactive news headlines
- Midnight Sun Mining Corp (TSX-V:MMA, OTCQB:MDNGF) announced that it has begun diamond drilling at its flagship Dumbwa target on the Solwezi project in Zambia.
- Excellon Resources Inc (TSX:EXN, OTCQB:EXNRF) said on Wednesday that rehabilitation work is underway at its fully permitted Mallay Mine in Peru, with the goal of restarting production and reaching nameplate capacity of 600 tonnes per day by the second quarter of 2026.
- Century Lithium Corp. (TSX-V:LCE, OTCQX:CYDVF) announced that its Angel Island lithium project in Esmeralda County, Nevada, has been added to the US Federal Permitting Dashboard for FAST-41 transparency status.
- Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF) has announced more positive assays from its ongoing core drilling program at the Philadelphia project, including a significant high-grade gold intercept.
- C3 Metals Inc (TSX-V:CCCM, OTC:CARCF) said on Wednesday that recently completed geophysical surveys have identified large-scale anomalies coinciding with high-grade soil geochemistry at its 100%-owned Khaleesi copper-gold project in southern Peru, supporting the potential for a significant mineralized system.
- Nevada Lithium Resources Inc (TSX-V:NVLH, OTCQB:NVLHF) released an updated Preliminary Economic Assessment (PEA) for its Bonnie Claire lithium project in Nevada highlighted by a $6.83 billion after-tax net present value (NPV) and a 32.3% internal rate of return (IRR).
- Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) shares strengthened on Wednesday after the small-cap further bolstered its coffers with a £1 million raise.
- Zenith Energy Ltd (LSE:ZEN, TSX-V:ZEE) has announced the acquisition of a development-stage agrivoltaic solar energy project in the Lazio region of Italy.
- KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) told investors it has now completed the ‘Early Works’ for the Tulu Kapi gold project in Ethiopia, clearing the way for full development.
- Iluka Resources Ltd (ASX:ILU) has entered into a long-term feedstock agreement with Lindian Resources Ltd (ASX:LIN, OTC:LINIF) to secure 6,000 tonnes per annum of rare earth concentrate for 15 years. The concentrate will be sourced from Lindian’s Kangankunde project in Malawi and will supply Iluka’s Eneabba rare earths refinery, currently under construction in Western Australia.
- Kairos Minerals Ltd (ASX:KAI, OTCQB:KAIFF) has hit a new wide gold zone — which the company’s geologists have dubbed “Monster” — at its Mt York Gold Project in Western Australia’s Pilbara, with drilling revealing significant extension of mineralisation of the Main Trend deposit near the Main Hill prospect.
3:12pm: Market movers
- Apple Inc (NASDAQ:AAPL, ETR:APC) shares jumped almost 6% on reports that the company will announce an additional $100 billion in US manufacturing commitments this afternoon.
- Match Group Inc (NASDAQ:MTCH) shares surged almost 12% as the Tinder and Hinge parent company reported better-than-expected revenue for the second quarter.
- Shares of Arista Networks Inc (NYSE:ANET) surged nearly 18% on Wednesday after the cloud networking firm reported quarterly results that handily beat expectations and raised its full-year revenue forecast, bolstered by robust hyperscaler and AI infrastructure demand.
- Shares of Shopify Inc (TSX:SH., NYSE:SHOP) jumped more than 20% on Wednesday after the Canadian e-commerce giant posted second-quarter results that beat Wall Street estimates and raised its outlook for the current quarter, driven by growth in global merchant activity and platform monetization.
- Shares in Advanced Micro Devices Inc (NASDAQ:AMD, ETR:AMD) dropped as investors digested a mixed earnings report that, while strong on the surface, fell short of the market’s increasingly lofty expectations, particularly in artificial intelligence (AI) and data centre GPU performance.
- Rivian Automotive Inc (NASDAQ:RIVN) stock fell after the electric vehicle maker reported mixed second-quarter results and widened its full-year loss forecast.
2:33pm: Nasdaq powers higher
The Nasdaq continued to lead US stocks higher on Wednesday afternoon, driven by an almost 6% jump in Apple stock on reports it plans to announce a $100 billion US manufacturing investment later today.
“Apple has had a miserable time compared to most of the Magnificent 7, but today’s news of a $100 billion commitment to the US allays fears of targeted measures against the company and has lifted the share price,” IG chief market analyst Chris Beauchamp said in a statement.
“Last week’s earnings seem to have put the lid on bearish sentiment for now, and a decent rally from this struggling titan could be an ideal tonic for tech stocks that are now sorely in need of a catalyst.”
The Nasdaq was up 1.2%, the S&P 500 added 0.8% and the Dow Jones was up 0.3%.
12:45pm: Apple shares up on US investment
Apple Inc (NASDAQ:AAPL, ETR:APC) shares jumped almost 6% on reports that the company will announce an additional $100 billion in US manufacturing commitments this afternoon.
This latest move to ramp up its domestic production and avoid potential tariffs will bring Apple’s total planned investment in the US over the next four years to $600.
The iPhone maker is set to announce the investment alongside President Donald Trump during a press conference at the White House.
The announcement will reportedly include what the White House has dubbed the American Manufacturing Program, which will bring more of Apple’s supply chain and advanced manufacturing to the US.
12:00pm: Disney hurt by traditional TV revenue
Walt Disney Co (NYSE:DIS, ETR:WDP) has topped profit forecasts for the fiscal third quarter, driven by strong growth in its streaming and experiences segments, as revenue came in just shy of expectations.
But traditional linear television networks revenue declined 15% with operating income down 28%, impacted by decreased advertising revenue and international results following the Star India merger.
The entertainment division saw a 15% operating income decline to $1 billion due to weaker theatrical distribution and TV content sales results compared to the prior year.
Looking ahead, Disney raised its full-year profit forecast, now expecting EPS of $5.85, up from the previous guidance of $5.75.
Shares of Disney traded down 3.7% at $114 following its report.
11:15am: Dollar weakens on cuts
The US dollar is facing continued pressure as markets increasingly price in the likelihood of further interest rate cuts this year, particularly in light of softer-than-expected labor market data.
Erik Boekel, Chief Commercial Officer at DHF Capital noted that upcoming jobless claims data will be a key indicator for investors, potentially reinforcing expectations of a dovish policy shift.
“A material rise in jobless claims could bolster the case for multiple rate cuts and put additional downward pressure on the dollar,” Boekel wrote.
Treasury yields, he added, also remain vulnerable to changing sentiment, especially as investors await economic signals and a potential Fed nomination.
10:35am: Fed's Kashkari says rate cuts still appropriate
Federal Reserve Bank of Minneapolis President Neel Kashkari said on Wednesday that the US central bank needs to respond to signs of a slowing economy and suggested that two interest rate cuts this year remain appropriate.
“It still may be appropriate in the near term to begin adjusting the policy rate,” Kashkari said, noting that while the impact of new tariffs on inflation remains uncertain, the broader economic picture is shifting.
Kashkari reiterated that the Fed retains flexibility to raise rates again if inflation were to spike unexpectedly.
9.55am: Stocks open higher
Wall Street stocks have inched higher at the open, led by gains in tech.
The Dow Jones has dallied with negative territory in the first half hour, just above flat currently at 44,140.
The S&P 500 is up 0.3% and the Nasdaq Composite has advanced 0.4%.
Small caps also joined the move higher, with the Russell 2000 adding 0.6%.
Market sentiment was supported by earnings, Disney and Airbnb.
Arista Networks was the top riser on the S&P, up 15% as second-quarter earnings overnight exceeded analysts' expectations, with optimistic guidance and full-year revenue outlook lifted.
Match Group was up 12% after its earnings too, reporting that its Tinder dating app was showing early indications of a potential turnaround.
Apple is up on expectations about a news announcements, while McDonald's is up 2%.
On the Nasdaq 100, AMD was down 6%, while Shopify was up 22% after its earnings.
8am: AMD, McDonald's set to lead
US stock futures ticked higher early Wednesday as investors digested fresh trade war signals and awaited a flurry of key earnings reports.
Dow Jones futures rose 0.3%, with S&P 500 and Nasdaq 100 futures both up around 0.2%.
The previous session, disappointing ISM services sector data caused a new ripple of doubt, sending the S&P falling 0.5%, the Nasdaq Composite down 0.65% and the Dow Jones 0.1% lower.
Chipmaker Advanced Micro Devices Inc (NASDAQ:AMD, ETR:AMD) is down 5.9% in out-of-hours trading despite reporting solid numbers overnight, with expectations proving hard to beat.
This may set a cautious tone for the tech sector ahead of today's earnings slate that includes Disney, Uber, McDonald's and Airbnb – all names traders say could sway market sentiment.
McDonald's Corp (NYSE:MCD, ETR:MDO) shares are up 3.5% pre-market after it posted a 3.8% rise in global comparable sales, with US sales up 2.5%.
This ended four quarters of weak growth, Bloomberg notes.
Outside of earnings, attention turned to trade tensions after President Donald Trump outlined plans for new sector-specific tariffs.
In an interview with CNBC, Trump said tariffs on semiconductors and pharmaceuticals would be revealed "within the next week or so", starting "small" and rising to 150% and then 250% over 18 months.
He also threatened new tariffs on India, saying duties would be raised “very substantially” within 24 hours in response to its purchases of Russian oil. Oil markets responded, with Brent crude up 1.1% to $68.40, rebounding from five-week lows.
Trump further warned of 35% tariffs on the EU if the bloc fails to meet a US investment pledge.
Next Tuesday is the deadline for a trade deal with China, with White House saying the two countries are close to extending the trade truce and easing export restrictions.
Market analyst Jim Reid at Deutsche Bank commented: “It seems like another lifetime when the center of the trade war was between the US and China.”
In a more conciliatory tone, Trump said US-China trade talks were “very close to a deal” on extending the current truce, and that he plans to meet President Xi “before the end of this year.”
One of two Kevins, former Fed governor Warsh and National Economic Council director Hassett, are expected to be appointed by President Trump this week as the next Fed chair in waiting.
“Both Kevins are very good,” Trump said.