4:15pm: Inflation cools
Wall Street wrapped up Thursday with modest gains as investors cheered signs that inflation might be easing, giving a hint of where the Federal Reserve could go next with interest rates.
The Nasdaq led the charge with a 1.4% gain, climbing 313 points to 23,006. The Dow Jones Industrial Average inched up 66 points, or 0.1%, to 47,952, while the S&P 500 added 53 points, or 0.8%, to 6,775. The Russell 2000 rose 16 points, or 0.7%, to 2,508.
The big news this morning was the Consumer Price Index, which came in cooler than expected. Inflation for November rose 2.7% year-over-year, and the "core" measure — which excludes food and energy — ticked up 2.6%. Both numbers were below forecasts, giving investors some breathing room after months of sticky price pressures.
That said, economists warn that recent data, including today’s CPI and Tuesday’s jobs report, could be a bit messy thanks to the recent government shutdown. Still, the Fed seems more focused on the labor market than inflation right now. Fed Governor Chris Waller even hinted at potential rate cuts before the CPI numbers were released.
Speaking of jobs, initial claims fell to 224,000 last week, down 13,000 from the prior week, though this data has also seen some volatility lately.
Looking ahead, all eyes are on earnings after the bell, with Nike, FedEx, and Blackberry reporting tonight.
3:35pm: Proactive news headlines
- Pinnacle Silver & Gold Corp (TSX-V:PINN, OTCQB:PSGCF) raised C$1.07 million in a first tranche of a private placement to fund exploration at its El Potrero gold-silver project in Mexico.
- Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF) published an AIM admission document ahead of a December 23 listing, expanding its presence following the acquisition of Challenger Energy Group.
- M2i Global Inc (OTC:MTWO) welcomed the US State Department’s Pax Silica initiative aimed at strengthening and modernizing the global silicon and critical minerals supply chain.
- Northstar Gold Corp. (CSE:NSG) began a 1,200-metre definition drill program at its historic Cam Copper Mine to target high-grade Zone 2 of the VMS deposit.
- BioHarvest Sciences Inc (NASDAQ:BHST) received a $1.6 million grant from the Israeli Innovation Authority to develop its second-generation Botanical Synthesis manufacturing process.
- Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF) appointed veteran uranium geologist Doug Engdahl to its board to strengthen oversight and expertise in uranium exploration.
2:40pm: Market movers
- Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF) is set to begin trading on London’s AIM market on December 23, following its acquisition of Challenger Energy Group.
- Micron Technology Inc (NASDAQ:MU) shares jumped 13.5% after the memory chip maker reported stronger-than-expected Q1 revenue and EPS, alongside optimistic guidance for 2026.
- MustGrow Biologics Corp. (TSX-V:MGRO, OTCQB:MGROF) enters 2026 with optimism as demand grows for its biofertility and biopesticide products, marking a shift from development to commercialization.
- Happy Creek Minerals Ltd. (TSX-V:HPY, OTC:HPYCF) expanded known tungsten mineralization at its Fox Tungsten Project in British Columbia through a 2025 drilling program.
- 374Water Inc (NASDAQ:SCWO) appointed Stephen Jones as board chair while disclosing his and other executives’ significant stock purchases.
- Coinbase Global Inc is broadening beyond crypto, allowing U.S. customers to trade stocks, ETFs, derivatives, and prediction markets in a bid to become an “everything exchange.”
- Trump Media & Technology Group Corp (NASDAQ:DJT) soared 34% after it announced a merger with nuclear fusion developer TAE Technologies, aiming to become a publicly traded fusion company.
- Darden Restaurants Inc (NYSE:DRI) raised its full-year sales forecast after posting strong revenue and earnings growth, driven by same-restaurant sales gains and new openings, despite higher commodity costs.
- Birkenstock Holding PLC (NYSE:BIRK) reported robust 2025 sales and profits on strong demand for its premium footwear, but expects growth to slow due to production and trade constraints.
- Lululemon Athletica Inc (NASDAQ:LULU) saw Activist hedge fund Elliott Management, a major shareholder in Lululemon, pushing the board to consider Jane Nielsen as the company’s next CEO to drive growth and improve margins.
1:25pm: Micron surging
Shares of Micron Technology Inc. (MU) were up 13.5% on Thursday following the memory chip maker’s better-than-expected first-quarter results and upbeat guidance for 2026.
Micron reported revenue of $13.64 billion for Q1’26, surpassing analysts’ estimates of $12.95 billion. Adjusted earnings per share came in at $4.78, well above the $3.95 expected.
Analysts said the results highlighted a robust memory cycle, particularly driven by data center demand and artificial intelligence (AI) applications.
Bank of America upgraded Micron to “Buy” from “Neutral,” citing a potential $40-plus EPS this cycle—four times its prior peak—and raised its price target to $300 from $250.
Wedbush also expressed optimism, maintaining an “Outperform” rating and raising its price target to $320. The firm pointed to Micron’s guidance for record margins, with FQ2 expected at 68%, surpassing previous historic highs.
12:30pm: DJT surges on TAE deal
Shares in Donald Trump's social media business, Trump Media & Technology Group Corp (NASDAQ:DJT), surged 34% after it agreed to merge with nuclear fusion developer TAE Technologies.
TMTG, which owns the US president’s Truth Social platform, said the merger will make it one of the world’s first publicly traded fusion companies.
The deal has echoes of a SPAC deal, as TMTG has a pile of cash and a small and minimal social media business; as part of the transaction, it has agreed to provide up to $200 million of cash to TAE at signing and an additional $100 million upon initial filing of the Form S-4.
TAE, which has built and operated five increasingly large fusion reactors and holds over 1,600 patents, aims to begin construction of a 50-megawatt electric fusion power plant in 2026, subject to approvals, with larger 350-500 MW plants planned for the future.
11:15am: Lululemon urged to consider new CEO
Activist hedge fund Elliott Management has taken a stake of more than $1 billion in Lululemon Athletica Inc (NASDAQ:LULU) and is urging the Vancouver-based retailer to consider Jane Nielsen, a former finance and operations chief at Ralph Lauren, as its next CEO, the Wall Street Journal reported Thursday.
Elliott, now one of Lululemon’s largest shareholders, has been working closely with Nielsen, who helped double Ralph Lauren’s shares and improve margins during her tenure as CFO and COO until earlier this year.
Elliott has a history of pushing for operational and leadership changes in companies where it invests, and its stake in Lululemon highlights growing investor pressure on the athletic apparel retailer to address slowing US growth and brand challenges.
Shares of Lululemon were up 5.9% in Thursday morning trading.
10:45am: Inflation cools
US inflation slowed more than expected in November, giving the Federal Reserve room to consider further interest rate cuts in 2026, economists said.
“The CPI slowed sharply in November, and core CPI is the least since March 2021,” said Bill Adams, chief economist at Comerica Bank. “This bolsters the case for more Fed cuts in 2026.”
However, economists cautioned that consumers might still feel the pinch of rising costs in essentials such as beef, coffee, home health services, car repairs, and utilities. “While cooler shelter inflation is a big help, prices of other essentials continue to rise rapidly,” Adams said.
Gina Bolvin, president of Bolvin Wealth Management Group, said the data confirmed that disinflation is taking hold. “This is the time to lean into growth with guardrails—be selective, be strategic, and stay ahead of the curve,” she said.
9.51am: Micron and Lululemon lead Nasdaq higher
Wall Street has started the day on the front foot, with the Nasdaq at the head of the move.
The tech-powered exchange's composite index is up 1.1%, with the S&P 500 rising 0.8% and the Dow Jones climbing 0.45%.
Top of the Nasdaq leaderbaord is Micron Technology, up 15.7% after its overnight earnings impressed.
Next is Lululemon, up 7% on reports Elliott Management has built a $1 billion stake and is working to try and install a new CEO, with former Ralph Lauren executive Jane Nielsen.
8.15am: Stocks called higher, Nasdaq seen in lead again
US stocks are expected to rise on Thursday, when the main event for many traders will be the CPI inflation data.
On the futures market, the Nasdaq is expected to rise 0.8%, with S&P 500 0.4% and the Dow Jones 0.2%.
A day earlier, the Nasdaq's big tech names had led the stock retreat into the deep red, sliding 1.8% to 22,693, while the S&P fell 1.2% to 6,721 and the Dow ended down 0.5% at 47,886. The Russell 2000 slipped 1.1% to 2,492.
Oracle shares tumbled nearly 6%, weighed down by worries over funding tied to its artificial intelligence ambitions, spilling over to a 4% drop for Nvidia and Broadcom, while Alphabet slid over 3%.
After-hours, Micron Technology posted stronger-than-expected earnings for its fiscal first quarter, also forecasting robust growth for the next quarter, with the shares up over 12% in premarket trading.
The Oracle decline was based on anxiety about funding for a major data center, fuelling worries that the AI bubble "may be deflating," said analyst Ipek Ozkardeskaya at Swissquote Bank.
This was exacerbated by reports that Amazon is in talks to invest $10 billion in OpenAI, but only if OpenAI buys Amazon’s homegrown Trainium chips, which was reminiscent of OpenAI's recent contract with Nvidia and "raised questions about circularity, contagion risk, and marked the start of waning AI enthusiasm".