4:07pm: Stocks pull back
US stocks finished the session lower as investors were in wait-and-see mode ahead of the Federal Reserve’s Jackson Hole gathering on Friday.
The S&P 500 was down 0.4% at 6,370 points while the Dow Jones and Nasdaq fell 0.3% to 44,785 points and 21,100 points respectively.
3:43pm: Proactive news headlines
- US Gold said on Thursday it will adopt Glencore Technology’s Jameson Cell flotation equipment at its CK Gold Project in Wyoming, a move it expects will enhance gold and copper recovery and improve project economics.
- Santacruz Silver Mining reported a sharp jump in second-quarter profit as lower costs and operational efficiencies helped offset weaker production at its Bolivar mine.
- EnWave announced that it has closed its fully subscribed private placement offering of common shares, raising gross proceeds of $3 million.
- M2i Global and Volato Group said Thursday it will lead a public-private initiative to establish the United States’ first Strategic Minerals Reserve (SMR), designed to secure supplies of metals essential to defense, clean energy and advanced manufacturing.
- Ikigai Ventures, the London-listed special purpose acquisition company, has agreed conditional terms to acquire Dotlines Global and Audra Solutions in a deal worth about £67 million.
- Andrada Mining shares moved higher on Thursday, after reporting that construction of the second processing facility at the Uis mine in Namibia has been completed on schedule and within budget.
- Cloudbreak Discovery shares rocketed over 100% in Thursday's trade after announcing that sampling at its Darlot West project in Western Australia has returned high-grade gold results, with assays reaching 28.62 grams per tonne at surface.
- Versarien updated investors on its proposed joint venture and strategic investment, which is facing legal and regulatory hurdles.
- Seeing Machines said annual revenue for the year to June 2025 would come in ahead of forecasts, helped by stronger demand from carmakers as Europe moves towards mandatory driver monitoring systems.
- Premier African Minerals was quick to capitalise on its latest milestone, raising £1.38 million with a share sale after yesterday's breakthrough at the Zulu lithium and tantalum project.
3:10pm: Market movers
- Cracker Barrel Old Country Store shares fell as markets reacted negatively to the unveiling of a new logo that removes one of its most recognizable brand elements. Shares fell 8.7%.
- Instacart shares moved lower after Wedbush downgraded the company to ‘Underperform’ from ‘Neutral’ and lowered its price target to $42 from $55, with analysts citing intensifying competition in the grocery delivery space.
- US Gold said on Thursday it will adopt Glencore Technology’s Jameson Cell flotation equipment at its CK Gold Project in Wyoming, a move it expects will enhance gold and copper recovery and improve project economics. Shares of US Gold jumped 4.6% on Thursday afternoon to trade at $11.40.
- Santacruz Silver Mining reported a sharp jump in second-quarter profit as lower costs and operational efficiencies helped offset weaker production at its Bolivar mine. Shares of Santacruz were up nearly 12.4% on Thursday afternoon in Canada.
- Canadian Solar shares slumped after the company’s second quarter earnings disappointed and it issued weak guidance for the rest of the year.
- Coty reported a surprise loss for the fiscal fourth quarter, sending its shares more than 20% lower on Thursday.
- Walmart shares moved lower as the company reported an earnings miss for the second quarter and said it is experiencing higher costs due to tariffs.
2:27pm: Housing market stuck: analysts
The US housing market is stuck in stasis, according to Wells Fargo analysts, as July existing home sales rose 2% to a 4 million-unit pace but remain flat overall this year amid affordability pressures and a weakening economy.
The July FOMC minutes flagged housing as a key downside risk, with officials citing “sluggish demand and slowing home price appreciation.”
Wells Fargo added that while rate cuts may not sharply reduce borrowing costs, lower short-term rates could support jobs, growth, and buyer confidence.
12:52pm: Meta freezes AI hiring
Meta has frozen hiring in its artificial intelligence (AI) division after an intense recruitment spree that brought in over 50 researchers and engineers from competitors like OpenAI, Google DeepMind, Apple, Anthropic, and others.
First reported by the Wall Street Journal and confirmed by a Meta spokesperson, the freeze also blocks internal transfers between teams, with exceptions requiring approval from Meta’s Chief AI Officer, Alexandr Wang.
A Meta spokesperson described the move as “basic organizational planning: creating a solid structure for our new superintelligence efforts after bringing people on board and undertaking yearly budgeting and planning exercises.”
The duration of the freeze has not been disclosed.
11:47am: Jackson Hole jitters
Stocks moved lower on Thursday following hotter-than-expected jobs data, with investors eying the Fed’s Jackson Hole event.
The Dow Jones, S&P 500 and Nasdaq were all down 0.2% late morning.
“Stock indices remain under pressure and extend recent losses amid rising bond yields ahead of Fed Chair Jerome Powell's speech at the Jackson Hole Symposium on Friday,” IG senior technical analyst Axel Rudolph said.
A sharp rise in US initial jobless claims, and Philadelphia factory activity unexpectedly shrinking, adds to downward pressure on equities. Stronger-than-expected US flash manufacturing and services purchasing managers indices (PMIs) stem some of the downward flow, though.”
10:55am: PMI, housing rise
US economic indicators painted a mixed picture on Thursday.
S&P Global’s flash survey showed business activity strengthening in August, with Manufacturing PMI jumping to 53.3 from 49.8, well above expectations, while Services PMI held firm at 55.4. The Composite PMI also rose to 55.4, beating forecasts.
Separately, the Conference Board’s Leading Index slipped 0.1% in July, in line with estimates, while existing home sales surprised to the upside at 4.01 million, up 2.0% from the prior month.
9.55am: Wall Street opens lower across board
US stocks are firmly lower in early trade with the Dow Jones and Nasdaq down 0.6%, with the S&P 500 off 0.5%. The Russell 2000 is also weaker, down 0.3% at 2,269.
Among the S&P 500’s biggest movers, Walmart fell 5.1% after its earnings disappointed, while First Solar dropped 4.2% and Intel lost 3.2%.
8am: Dow Jones set to lead losses, EU trade deal fleshed out, China looks to block Nvidia chips
US stocks are set to start underwater again on Thursday, as the sentiment on the big tech sector remained soft amid reports that China is looking to discourage firms from using US chips, which was not offset by more details on the EU trade deal.
Dow Jones futures were down 0.4% with S&P 500 futures 0.3% lower and those for the Nasdaq 100 pointing to a 0.25% decline.
Yesterday, the wider Nasdaq Composite fell 0.7%, though this was less than half its deficit during a rout earlier in the session, while the S&P fell 0.2% and Dow was just above flat.
Beijing was reported to have restricted sales of Nvidia AI chip after officials found comments from US Commerce Secretary Howard Lutnick "insulting".
Regulators are now seeking ways to discourage Chinese tech firms from buying the H20 processor, the FT reported, after Lutnick told NBC that China was receiving "not our second-best stuff, not even our third-best" and that the aim was to get Chinese developers "addicted to the American technology stack".
Elsewhere, the White House and European Union put out a joint statement confirming a framework deal on trade, including on drugs, chips, agriculture and automobiles.
Washington has agreed to cap tariffs on pharmaceuticals, semiconductors and lumber at 15%, while Brussels will eliminate tariffs on industrial goods and widen preferential access for US agricultural and seafood products, rather than the 100-250% tariffs Trump had threatened.
In company news, retail giant Walmart posted second-quarter earnings that missed expectations, but it raised the full-year outlook. The shares were down 3.1% premarket.
In economic data, US PMI data is due, with manufacturing expected to remain in contractionary territory, while services stay in expansion, keeping the composite index in positive ground.
Existing home sales are coming, with forecasts that there will be a decline of around 0.3%.
Investors are squarely focused on Federal Reserve chair Jerome Powell’s speech at Jackson Hole tomorrow, said Kenny Polcari, market analyst at Slatestone Wealth, with attention on the pace of potential rate cuts rather than their direction.
"For now, the market seems resigned to a single 25 bps cut this year—repricing from the earlier expectation of 100 bps. And that’s fine. That’s how markets work: they discount the future."
On the negative futures indications, he added that some analysts are warn that "ongoing weakness in Big Tech could trigger a broader selloff".
"The logic is simple: if the sector that’s been leading higher continues to slide, investors may lose patience and rotate to cash. But I say 'not so fast, big boy'. That’s not what happened in April.
"When the institutions and hedge funds bailed, retail investors stepped in and kept buying – and that turned out to be the right call."