4:12pm: Stocks in reverse
US stocks took a break from their record-setting rally on Thursday, finishing the session lower.
The Dow Jones led the declines, down 0.5% at 46,358 points. The S&P 500 was down 0.3% at 6,735 points and the Nasdaq slipped 0.1% at 23,024 points.
3:46pm: Small cap wrap
- Northstar Gold Corp. (CSE:NSG) announced that it has signed a Surgical Mining Services Agreement with Novamera to deploy Novamera’s patented Turnkey Surgical Mining technology at the Cam Copper Project, located 18 kilometres southeast of Kirkland Lake, Ontario.
- Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF) announced that it agreed to acquire Challenger Energy Group PLC in an all-stock transaction valued at about C$83.6 million.
- Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF) announced that it has completed the dismantling of hydrogen production equipment in Quebec City and that the main components have now been delivered to its Sorel-Tracy site.
3:10pm: FOMC minutes point to further easing
Goldman Sachs said the Federal Reserve’s September meeting minutes strengthen the case for additional rate cuts this year, noting that “most participants judged it would likely be appropriate to ease policy further over the remainder of the year.”
The firm said this aligns with its forecast for another cut in December.
While “almost all” officials backed September’s 25 basis point reduction, Goldman highlighted lingering divisions.
“Some participants noted that relatively easy financial conditions warranted a cautious approach,” while “a few participants saw merit in keeping the federal funds rate unchanged,” the analysts highlighted.
One member, Governor Miran, favored a deeper 50 basis point cut, evidence of “growing concern about softening economic momentum,” according to the analysts.
2:32pm: Market movers
- China has tightened export controls on rare earths and other materials critical for advanced tech manufacturing, in a move that appears to be a key bargaining chip ahead of an expected meeting between China’s Xi Jinping and US President Donald Trump this month, sending shares of North American rare earths companies soaring.
- Tilray Inc (NASDAQ:TLRY) shares climbed 15% after the cannabis company announced that it swung to an adjusted net profit of $3.9 million for its fiscal first quarter 2025, from loss of $6.1 million during the same period last year.
- Delta Air Lines Inc (NYSE:DAL) shares rose almost 7% on Thursday after the company reported stronger-than-expected third quarter 2025 results and raised its full-year earnings guidance.
- Novo Nordisk (NYSE:NVO) announced it is acquiring Akero Therapeutics (NASDAQ: AKRO) for a potential total of up to $5.2 billion, strengthening its pipeline in metabolic diseases.
- Challenger Energy Group PLC (AIM:CEG, OTCQB:BSHPF) shares charged higher on Thursday after it agreed to an all-share acquisition by Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF) valuing the London-listed business at around £45 million (or C$84 million).
12:40pm: Silver shines
As gold pulled back, silver surged to a new high on Thursday.
“Silver has managed to renew its membership in the all-time high club, finally joining gold after its surge today that took it through the peaks seen in the mad rally of 2011,” IG chief market analyst Chris Beauchamp said.
“If gold has turned into a momentum trade, then silver’s has been another beneficiary, with the added spice of less liquidity helping to drive more dramatic moves. ‘Debasement’ might be the word of the week, but in reality this is a reflection of how investors are keen to ride any trend right now.”
12:06pm: US leads IPO rebound
Initial public offering (IPO) activity in the United States led a global rebound in the third quarter of 2025, supported by strong corporate earnings, easing monetary policy, and positive investor sentiment, according to the latest EY Global IPO Trends report.
US markets saw robust deal volumes and proceeds, with private equity-backed IPOs increasingly using public listings as exit strategies amid improving conditions.
Strong post-IPO performance, particularly in sectors embracing AI and digital transformation, reflected renewed investor confidence and a preference for public visibility among sponsors.
Globally, the resurgence was led by India and Greater China. India posted a remarkable increase, with deal volumes tripling and proceeds nearly quadrupling compared with Q2, highlighting a vibrant domestic market.
Greater China and the Middle East sustained steady activity, while Europe showed early signs of revival supported by regulatory reforms and a more favorable macroeconomic backdrop.
Overall, global IPO deal volume rose 19% year-over-year in Q3 2025, with proceeds surging 89%.
10:45am: Earnings to set the tone
In the absence of US economic data, investors will focus on the first batch of US earnings, according to Swissquote Bank senior analyst Ipek Ozkardeskaya.
Delta and Pepsi reported today with bank earnings, including BlackRock, Wells Fargo, JP Morgan, Goldman Sachs and Citigroup starting next week.
"Earnings expectations have improved over recent weeks, with S&P 500 companies expected to post 6.3% revenue growth and nearly 8% profit growth in Q3," Ozkardeskaya said.
"Across sectors, technology stocks will continue to do the heavy lifting with a 21% profit surge expected, thanks to AI-related demand. Utilities and financials are seen rising 17.5% and 11% respectively, while energy and consumer staples are projected to see 3% declines in profits due to trade tensions and falling energy prices. Let’s see what the companies have to say!"
9:50am: Earnings in focus
US stocks edged lower at the open as investors digested the first few earnings reports from the September quarter.
The Dow Jones pulled back 0.3% to 46,485 points, the Nasdaq was down 0.2% at 22,993 points, and the S&P 500 was down 0.2% at 6,742 points.
Gold’s record-setting run also came to an end, with the yellow metal pulling back about 0.7% to trade at about $4,043 per ounce.
Turning to earnings, Delta outperformed expectations and issued strong guidance for the fourth quarter, sending its shares almost 7% higher in early trade.
PepsiCo also topped estimates on international sales growth, despite posting another quarter of declining volume in North America.
8:15am: Stocks to pause for breath
US equity futures indexes were pointing to Wall Street pausing for breath on Thursday morning, as early third-quarter earnings releases emerge.
S&P 500, Dow Jones, and Nasdaq futures were all down, though declines were all below 0.1%.
This followed a session where the Nasdaq jumped 1.1% to another all-time high, above 23,000 for the first time, and the S&P 500 rose 0.6% to a new record of its own, while the Dow Jones finished down one point.
Nvidia rose over 2% to power the gains, joined by Broadcom, Tesla, Oracle and Netflix, while the Dow was held back by declines for Goldman Sachs, IBM, Merck & Co, American Express and Procter & Gamble.
This morning sees earnings include Delta Air Lines and PepsiCo, which should provide more of an indication of the US economy in the absence of hard macroeconomic data due to the government shutdown.
Yesterday's minutes from the Federal Reserve’s September FOMC meeting revealed some division among policymakers, who were narrowly split between one or two more 25 basis point cuts before year-end.
"It was also clear that all FOMC members were concerned about recent weakness across the labour market, even as they also expressed worries that inflation was still too high," said market analyst David Morrison at Trade Nation.
Despite the lack of new economic data clarity, expectations of two further rate cuts this year have risen, per the CME’s FedWatch Tool, which Morrison says has helped to underpin US equities.
Meanwhile, the US dollar has inched up to 99.0, its highest level since 1 August, with a rally that has tacked on around 1.5% from Friday’s close and around 3% since hitting a multi-year low in mid-September.
"It does feel as if speculation over the dollar’s demise as the world’s reserve currency have been overdone. It may have had a dismal nine months or so, but it is starting to look a bit brighter," said Morrison.
There are no major US data releases scheduled today, due to the ongoing government shutdown, which means attention today is likely to turn to remarks from Fed chair Jerome Powell at a community bank conference, followed more Fedspeak from Michelle Bowman and Mary Daly later in the day.