4:15pm: Bitcoin holds near $92K
US stocks finished the day mixed on Thursday, with tech and growth names giving the Nasdaq a slight lift while the Dow drifted lower.
The Nasdaq ended at 23,505, up 0.2% or 51 points, while the S&P 500 eked out a modest gain of 0.1% to close at 6,857. The Dow Jones slipped 0.1%, down 32 points to 47,851, as industrial and blue-chip stocks struggled to find traction. Meanwhile, the Russell 2000 surged 0.7%, finishing at 2,529, boosted by small-cap momentum.
Tech giant Meta stole the spotlight, closing 3.4% higher after reports surfaced that CEO Mark Zuckerberg plans significant cuts to the company’s metaverse unit—a move investors see as a step toward tighter cost control.
In the crypto corner, Bitcoin hovered around $92,000, after touching $93,000 in Wednesday’s session.
Looking ahead, investors will be keeping an eye on earnings after the bell, including Hewlett Packard Enterprise, which could provide further direction for the market.
3:40pm: Proactive news headlines
- Aftermath Silver Ltd (TSX-V:AAG, OTCQX:AAGFF) expanded and upgraded its Berenguela silver-copper-manganese deposit in Peru with a new, comprehensive Mineral Resource Estimate.
- Synchronoss Technologies Inc (NASDAQ:SNCR) agreed to be acquired by Lumine Group in an all-cash $116 million deal, taking the cloud software provider private.
- Meren Energy Inc (TSX:MER, OTCQX:MRNFF) renewed its share repurchase program, emphasizing buybacks as a method to return value to shareholders.
- Namibia Critical Metals (TSX-V:NMI, OTCQB:NMREF) reported strong economics for its Lofdal heavy rare earths project, highlighting its potential as a major non-Chinese source of dysprosium, terbium, and yttrium.
- Gunnison Copper Corp (TSX:GCU, OTCQB:GCUMF) announced that Rio Tinto produced the first commercial-scale copper from the Johnson Camp mine in Arizona using Nuton bioleaching technology.
- Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) struck a strategic partnership with Navitas Petroleum, giving the latter options to farm into key offshore blocks and invest in its Atlantic portfolio.
- Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) latest report revealed persistent fatigue risks among commercial drivers, based on data from 60,000 vehicles over nearly four billion kilometers.
2:35pm: Market movers
- Salesforce Inc (NYSE:CRM, XETRA:FOO) delivered stronger-than-expected earnings as analysts pointed to solid momentum in its AI-driven Agentforce platform and a strengthening pipeline of customer deals.
- Hims & Hers is expanding into Canada through its acquisition of Livewell, positioning the company to launch a weight-loss program in 2026 alongside the first generic semaglutide.
- Intel Corp (NASDAQ:INTC, XETRA:INL) will retain its NEX networking unit after a strategic review, following a period of asset evaluations and major outside investments from the U.S. government, SoftBank, and Nvidia.
- Meta Platforms Inc (NASDAQ:META, XETRA:FB2A, SIX:FB) shares rose after reports that CEO Mark Zuckerberg is considering cutting Metaverse spending by up to 30% in 2026.
- Kroger Co (NYSE:KR, XETRA:KOG) posted a quarterly loss as higher expenses pressured results, despite edging past earnings expectations while missing on revenue.
- Dollar General Corp (NYSE:DG) beat quarterly expectations and raised its full-year outlook as improved traffic and margins lifted results.
- Snowflake Inc (NYSE:SNOW) topped quarterly earnings forecasts but saw shares slide after projecting slower fourth-quarter product revenue growth due to discounts on large, long-term deals.
- Gunnison Copper Corp (TSX:GCU, OTCQB:GCUMF)and Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) produced the first commercial copper from the Johnson Camp mine using Nuton bioleaching technology, marking a milestone after decades of development.
- Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) shares jumped after it announced a strategic partnership giving Navitas Petroleum options to farm into two key offshore blocks and potentially expand across its Atlantic portfolio.
1:45pm: Steady as she goes
Markets are mostly holding steady in afternoon trading, with little change from opening levels.
The Dow and S&P 500 fluctuated around the flatline after giving up earlier gains, while the Nasdaq inched about 0.1% higher.
12:55pm: Alphabet's $1T AI opportunity
Alphabet Inc (NASDAQ:GOOG), Google’s parent company, may be sitting on an almost $1 trillion opportunity with its AI chips, according to Gil Luria, head of technology research at DA Davidson.
Luria estimates that if Alphabet expands external sales of its tensor processing units (TPUs), the business could capture roughly 20% of the AI market, valuing it at about $900 billion.
TPUs, designed to power Google Cloud, are specialized for AI workloads. While less versatile than Nvidia’s chips, they are more cost-effective, appealing to companies seeking alternatives in the AI market.
Alphabet recently agreed to supply one million chips to AI startup Anthropic, reflecting rising external demand.
11:50am: Wells Fargo eyes December cut
Wells Fargo expects the Federal Reserve to cut rates by 25 basis points to 3.50%-3.75% at its December 10 meeting.
"The FOMC has grown increasingly split over its near-term course of action, and multiple dissents seem likely," the analysts wrote.
They anticipate the Fed will signal a higher bar for future cuts and hint at a January pause, with modest adjustments to 2025 economic projections showing slightly higher unemployment and lower inflation.
The median 2026 rate dot is seen remaining at 3.375%.
11:00am: Meta surges on metaverse rollback
Meta Platforms Inc (NASDAQ:META, XETRA:FB2A, SIX:FB) shares added more than 4% on reports CEO Mark Zuckerberg is considering scaling back the company’s Metaverse investments.
According to a Bloomberg News report, Meta executives have discussed potential budget cuts of up to 30% for the metaverse group in 2026, which includes Meta Horizon Worlds and the Quest virtual reality unit.
While no final decisions have been made, the reductions could result in layoffs as early as January.
Meta shares traded hands at $667 on Thursday morning, up almost 14% this year.
10:35am: Jobless claims fall
Initial jobless claims in the US came in at 191,000 for the latest week, well below economists’ forecast of 219,000, signaling continued strength in the labor market.
The lower-than-expected reading suggests that layoffs remain subdued despite concerns about an economic slowdown, supporting expectations of ongoing demand for workers.
"Available data sources suggest employers shed jobs in the fourth quarter amid federal layoffs and feeble private hiring," commented Bill Adams, chief economist at Comerica.
"Less cyclical sectors like healthcare and education are still adding some jobs, but not enough to offset losses in other white-collar industries, manufacturing, or headwinds from weaker than usual holiday hiring at retailers and companies delivering packages."
9:55am: A flat start
Stocks got off to a quiet start on Thursday as traders mulled over fresh jobs data and the growing buzz that the Fed could cut rates in December.
The Dow slipped just 49 points to 47,834, the S&P 500 barely budged at 6,849, and the Nasdaq dipped 9 points to 23,445. The Russell 2000 fell 4 points to 2,508.
“(A)lthough gains are fairly mild so far, the scene is set for a year-end rally,” said Kathleen Brooks, research director at XTB. “There seems to be one main driver for stocks this year: an increase in expectations of a Fed rate cut next week.”
The Fed Fund Futures market is now pricing in a 98% chance of a cut next week, Brooks noted.
Meta (META) stole the spotlight early, jumping more than 5% after reports that CEO Mark Zuckerberg plans to slash up to 30% of the company’s metaverse budget. The cuts could hit everything from Meta Horizon Worlds to its Quest VR headset (and could mean layoffs).
On the flip side, Kroger (KR) struggled, sliding 5.2% despite beating earnings estimates by a penny. Revenue, however, barely budged from last year, coming in just below analyst forecasts, and same-store sales rose a modest 2.6%.
8:15am: Futures quiet
Futures are pointing to a quiet but slightly positive open on Thursday, as investors ease into what could be a pivotal stretch for markets.
Dow Jones futures are up about 0.1%, while contracts on the S&P 500 and Nasdaq 100 are hovering near unchanged after Wall Street managed modest gains on Wednesday.
The mood is being shaped by growing conviction that the Federal Reserve is about to pivot toward easing at next week’s policy meeting. Traders are now pricing in an 89% chance of a rate cut, according to CME FedWatch, after a softer-than-expected ADP snapshot of private-sector hiring added to concerns that the job market is losing some steam.
That puts Thursday morning’s economic data firmly in the spotlight. Weekly jobless claims land at 8:30 a.m., followed by Challenger’s monthly report on job cuts. Markets are also starting the countdown to Friday’s delayed September PCE report, the Fed’s preferred inflation gauge, which could challenge the rate-cut optimism that has taken hold.
In corporate news, Dollar General is popping more than 3% after posting an earnings beat and raising its guidance, offering a rare bright spot among discount retailers. Salesforce shares are also climbing after the company lifted its outlook and pointed to strong demand for its AI offerings. On the flip side, Snowflake is tumbling roughly 8% after slowing product-revenue growth dimmed the shine of one of this year’s high-flyers.
In currency markets, it was all about dollar weakness on Wednesday. Michael Brown, senior research strategist at Pepperstone, summed it up bluntly: “It proved to be a day of broad-based, and substantial, USD weakness… with the buck getting beaten up across the board.”
What’s puzzling, he added, is that “there [wasn’t] an especially obvious catalyst for the move,” especially considering the ISM services survey hit a nine-month high and ADP data essentially reaffirmed the “no hire, no fire” labor-market trend.
Some traders chalked it up to speculation around the potential nomination of Kevin Hassett as the next Fed Chair, but Brown called that a stretch. “Selling the buck… solely on the back of this story, feels rather wide of the mark to me,” he wrote.