4:15pm: Uncertain times
US stocks ended lower on Wednesday, with major indexes pulling back as investors weighed political uncertainty and key corporate developments.
The Dow Jones fell 399 points, or 0.8%, to 46,912, while the S&P 500 dropped 76 points, or 1.1%, to 6,720. Tech-heavy Nasdaq saw a sharper decline, sliding 446 points, or 1.9%, to 23,054, and the Russell 2000 lost 41 points, or 1.7%, to 2,424.
“Markets are feeling cautious right now,” said Antonio Di Giacomo, Senior Market Analyst at XS.com. “Investors are still looking for clear signals on the US economic and regulatory outlook.
“Trade policy uncertainty is adding to the market jitters,” Di Giacomo added.
Still, not everything is shaky—sectors tied to innovation and digital transformation are holding up, showing that even in a cautious market, some areas of the economy continue to thrive.
3:45pm: Proactive news headlines
- Happy Creek Minerals said Stephen Gray has been named CEO and director as Happy Creek advances its tungsten exploration programs following Jason Bahnsen’s resignation.
- Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF) outlined 2026 exploration plans including high-resolution geophysics and targeted diamond drilling across multiple Athabasca Basin projects.
- Lisata Therapeutics Inc (NASDAQ:LSTA) won “Overall BioPharma Solution of the Year” from BioTech Breakthrough for its innovative approach to developing therapies for advanced solid tumors.
- Alvopetro Energy Ltd (TSX-V:ALV, OTC:ALVOF) Q3 average daily sales rose 11% to 2,343 boepd, generating $10.4 million in funds from operations, up $0.6 million year over year.
- Argentina Lithium & Energy Corp (TSX-V:LIT, OTCQX:LILIF) highlighted technical and strategic progress at its Rincon West lithium project as it moves toward becoming a leading lithium producer.
- Algernon Health (CSE:AGN, OTCQB:AGNPF) plans to raise up to $500,000 via a non-brokered private placement to fund its Alzheimer’s disease research and new US neuroimaging clinic.
3:00pm: Market movers
- AMC Entertainment Holdings (NYSE:AMC) beat Q3 revenue estimates with $1.3 billion driven by market share gains and strong per-customer spending, though profitability fell year over year.
- Datadog Inc (NASDAQ:DDOG) posted Q3 revenue of $885.7 million, up 28% year over year, prompting Wedbush to raise its price target to $215.
- Duolingo shares fell 26% on weaker-than-expected Q4 guidance.
- e.l.f. Beauty Inc (NYSE:ELF) missed Q2 sales and issued full-year guidance below estimates, sending shares down 34%.
- Marvell Technology Group Ltd. (NASDAQ:MRVL) shares rose nearly 4% amid reports that SoftBank explored a potential acquisition to merge it with Arm Holdings.
- Lyft Inc (NASDAQ:LYFT) reported record Q3 results that missed revenue and EPS expectations, but shares rose 7.4% on strong December-quarter guidance.
- DoorDash Inc (NYSE:DASH)’s Q3 earnings of $0.55 per share missed estimates, leading Wedbush to lower its price target to $260 while maintaining a Neutral rating.
- Tapestry Inc (NYSE:TPR) exceeded Q1 2026 revenue and earnings expectations with $1.70 billion, driven by Coach sales growth.
- Robinhood Markets Inc (NASDAQ:HOOD)’s Q3 revenue doubled year over year, with EPS of $0.61 surpassing analyst expectations.
- Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) shares rose 7% as its driver and occupant monitoring technology achieved a full year of large-scale production in China with Magna.
1:55pm: Analyst calls
Here's a look at some analyst calls on Thurdsay, these from Bank of America:
- DigitalOcean (DOCN): Upgraded to Buy with a $60 price target as AI inferencing drives demand, supported by major data center capacity expansions.
- RBC Bearings Inc (RBC): Upgraded to Buy with a $500 price target, buoyed by growth in aerospace and defense and a strategic acquisition of VACCO.
- ACV Auctions (ACVA): Downgraded to Underperform with a $6 price target due to a challenging macro backdrop and weaker-than-expected Q4 guidance.
- PTC Inc. (PTC): Downgraded to Neutral as slowing ARR growth and weak macro conditions cloud FY26 outlook.
- Specialty Retail & Department Stores (BURL, ROST, TJX): Off-price retailers are expected to meet or exceed guidance in 3Q, driven by pricing, product initiatives, and improved sales trends.
- Arm Holdings (ARM): Reiterated Buy with a $205 price target, supported by strong AI infrastructure demand and TAM expansion, despite SoftBank concentration and rising opex.
- e.l.f. Beauty (ELF): Maintains Buy but lowers price target to $130 due to weak FQ2 results and international growth, with improving execution prospects.
- Restaurants – BROS & MCD: BROS shows long-term growth proof with minor 4Q tweaks; MCD posts solid same-store sales but EPS is pressured by co-investments and taxes.
- Qualcomm (QCOM): Reports strong QCT segment growth across handsets, auto, and IoT, though mid-term handset trends may slow into 2Q26.
12:55pm: No sign of recovery
Stocks were showing little signs of recovery heading into the afternoon session.
The Nasdaq was still deep in the red, down 1.7% as investors appeared rattled over inflated tech valuations.
Both the Dow and the S&P were off 0.9% after Thursday morning data saw October post the sharpest wave of layoffs in two decades.
Even the small-cap Russell Index was suffering, losing 1.7%.
11:45am: Tesla shareholders to vote
Later on Thursday, Tesla Inc (NASDAQ:TSLA) shareholders gather in Austin for what could be one of the most consequential votes in the company’s history, a meeting that pits Elon Musk’s towering ambitions against growing unease over power, pay, and priorities.
The headline act is Musk’s new pay proposal, a colossal package that could be worth up to $1 trillion if performance targets are met. Musk says the reward reflects his record of innovation and the value he’s created for investors.
Critics, however, see excess. Norway’s $1.9 trillion sovereign wealth fund, which owns about 1.2% of Tesla, has already vowed to vote against the deal, citing its size and the risk of overdependence on a single individual.
The pay plan isn’t the only issue on the ballot. Shareholders will also decide whether to re-elect several directors — including some who helped design Musk’s past compensation packages.
10:55am: Searching for direction
Investors are navigating a period of uncertainty as missing US economic data and a prolonged government shutdown leave markets searching for direction.
“The lack of US data and the ongoing government shutdown is making investors nervous," said Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.
"Financial markets find themselves groping around in the dark, a point echoed by FOMC member Goolsbee, who remain nervous about cutting rates without data to go on. But if the Supreme Court rolls back some of the tariffs then inflationary worries will subside to an extent, though this is a topic that will not come to fruition for weeks.”
10:25am: Buy the dip?
Market watchers are treading carefully as uncertainty lingers.
"The weather remains cloudy, bulls are hesitant, but the dip-buyers are never far away," said Ipek Ozkardeskaya, senior analyst at Swissquote.
"I’m not even sure we can get a meaningful dip when retail investors are so eager to jump back in — we’ll see."
9:55am: Sea of red
Wall Street stumbled out of the gate Thursday, with the Dow, S&P 500, and Nasdaq all retreating as investors grappled with fresh tech worries and a grim jobs snapshot.
October saw the sharpest wave of layoffs in two decades, and renewed scrutiny of Big Tech valuations kept traders on edge, while rising Treasury yields added to the sense of caution.
Just after the opening bell, the Dow Jones was down 321 points, or 0.7%, to 46,990, the S&P 500 fell 0.7% at 6,751, and the Nasdaq slipped 1.1% to 23,246. The Russell 2000 was relatively steady, down just 0.3% at 2,458.
Investors started the day on edge as fresh data highlighted a tough month for layoffs. According to global outplacement firm Challenger, Gray & Christmas, October saw 153,074 announced job cuts — the worst October since 2003 — as companies trimmed pandemic-era hires, cut costs, and prepared for AI-driven changes.
Meanwhile, tech-sector jitters resurfaced, with Big Tech valuations under scrutiny after a choppy week of trading. Adding to the uncertainty, yesterday’s Supreme Court hearing on Trump-era tariffs raised the possibility of rollbacks, pushing US Treasury yields higher. Yields on 10-, 20-, and 30-year Treasuries climbed, and the 2-year yield jumped past 2.6%, reflecting diminished expectations for a December Fed rate cut.
7:45am: Tempered optimism
US stocks have been predicted to start higher on Thursday after Challenger job cuts data pointed to hiring slowing to a 14-year low.
The S&P 500 and Nasdaq were both called just over 0.1% higher on the futures market, while Dow Jones futures were up 0.05%.
A day earlier, Wall Street stocks shook off heavy losses from the day before as dip-buying investors pounced and fresh ADP jobs data lifted the mood, with the Nasdaq climbing 0.7%, the Dow up 0.5% and the S&P 500 gaining 0.4%.
The US government shutdown is already now the longest in history, stretching into its 37th day today, with economists estimating a $15 billion weekly hit to the economy.
This is preventing the release of reams of economic data, putting the focus on privately generated numbers.
After ADP payroll figure came in above expectations and ISM services PMI release "brought tentative grounds for optimism", market analyst Joshua Mahony at Scope Markets said "any optimism should be tempered" as ADP figures were at historically low levels and the ISM employment index remained in contraction across both services and manufacturing sectors.
Today's Challenger job cuts data signalled that hiring has slowed further, he said, with 153,074 job cuts for the month of October, representing a 175% rise in cuts compared with a year ago.
Challenger said AI adoption was a key reason for this.
"Coming hot off the heels of the Amazon confirmation of 14,000 job losses, it is notable that today’s report saw technology as the main area being impacted by cuts," said Mahony.
"While there remain key concerns around the jobs market, the fact that we have seen expectations of a December rate cut fall to 67% signals the significant shift in confidence since the Fed’s recent rate decision."
Corporate releases today include ConocoPhillips and Parker-Hannifin before the bell, Airbnb after the close.
Investors are also keeping a close eye on Washington DC, where the Supreme Court is considering the legality of President Trump’s tariffs.
The Fed's speaking engagement calendar is a busy one, including Fed President Williams and Fed Governor Barr late morning, Fed President Hammack and Fed Governor Waller this afternoon, and Fed Presidents Paulson and Musalem this evening.