4:08pm: Defense leads Dow higher
A surge in defense stocks on a proposed spending boost under the Trump administration saw the Dow Jones finish Thursday’s session higher, up 0.6% at 49,266 points.
Drops in tech giants Nvidia, Apple and Meta saw the Nasdaq fall 0.4% to 23,480 points while the S&P 500 was flat at 6,921 points.
3:45pm: Proactive news headlines
- Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) has announced the launch of a 12-month online marketing campaign with AGORACOM, featuring AI-generated content aimed at reaching investors globally, including a Verified Forum to facilitate moderated engagement between management and shareholders.
- Gratomic Inc. (TSX-V:GRAT, OTCQX:CBULF) said it has received confirmation from Namibia’s Ministry of Mines and Energy that its Mining Licence ML215 has been renewed for an additional 15-year term.
- MustGrow Biologics Corp. (TSX-V:MGRO, OTCQB:MGROF) announced plans to raise up to $2 million through a non-brokered private placement, according to a statement released on Thursday.
- AtaiBeckley NV (NASDAQ:ATAI, XETRA:9VC) has outlined its outlook for 2026, highlighting anticipated clinical milestones and recent corporate developments ahead of its participation in the JP Morgan 44th Annual Healthcare Conference in San Francisco later this month.
- Silver Range Resources Ltd (TSX-V:SNG, OTC:SLRRF) has provided an update on its field operations carried out during fall 2025, outlining exploration activities across several US-based properties.
2:42pm: Market movers
- Gap Inc (NYSE:GPS) shares added nearly 7% on Thursday following an upgrade from UBS, which raised the retailer’s rating from to ‘Buy’ from ‘Neutral’ and increased its price target to $41 from $26.
- Constellation Brands Inc (NYSE:STZ) shares added more than 4% after the global alcohol producer and marketer’s fiscal third quarter earnings topped analyst expectations despite declines in sales and operating income.
- Alphabet Inc (NASDAQ:GOOG) has surpassed Apple Inc (NASDAQ:AAPL, XETRA:APC) to become the world’s second-most valuable company, trailing only Nvidia Corp (NASDAQ:NVDA, XETRA:NVD).
1:18pm: US trade deficit narrows
The US trade deficit narrowed sharply in October, falling 39% to $29.4 billion, its lowest level since June 2009, as imports declined significantly. The reading came well below expectations, with economists surveyed by Reuters having forecast a wider deficit of $58.9 billion.
Imports fell 3.2% to $331.4 billion, led by a 4.5% drop in goods imports to the lowest level since June 2023. The decline points to softer domestic demand and may also reflect the impact of President Trump’s broad tariffs. If sustained, the contraction in the trade gap could allow trade to contribute positively to fourth-quarter economic growth.
By category, imports of industrial supplies fell $2.7 billion, largely due to lower nonmonetary gold inflows, while consumer goods imports dropped $14 billion to the lowest level since mid-2020, driven by a sharp decline in pharmaceutical products. In contrast, capital goods imports rose $6.8 billion, supported by strength in computers, telecommunications equipment and related accessories, likely tied to continued investment in artificial intelligence.
12:06pm: Alphabet topples Apple
Alphabet has surpassed Apple to become the world’s second-most valuable company, trailing only Nvidia.
The move marks the first time Alphabet has topped Apple in market capitalization since 2019.
Alphabet closed Wednesday’s trading session with a market value of $3.89 trillion, slightly ahead of Apple’s $3.85 trillion. By Thursday, Alphabet’s lead widened, with a market cap of $3.94 trillion compared with Apple’s $3.81 trillion, as Apple shares fell 1.1% to about $257.
Alphabet’s rise has been attributed in part to its recent focus on artificial intelligence. Google, a subsidiary of Alphabet, has advanced its position in AI with its Gemini 3 model and custom AI chips, known as TPUs, which are drawing attention from major technology firms.
11:01am: Defense stocks jump
President Donald Trump’s plans to request an increase in the US military budget are giving a fresh boost to defense stocks. Trump has proposed raising the US defense budget to around $1.5 trillion by 2027, up from the current level of approximately $901 billion.
Following the announcement, shares of major US defense contractors rose sharply, reversing losses from the previous session that had been triggered by Trump’s criticism of executive pay and payout practices.
Lockheed Martin stock was up 6.6%, Northrop Grumman shares added 4.7%, General Dynamics was up 4%, and RTX gained 2.2%.
9:45am: Stocks open lower
US stocks opened mixed as investors weighed up the latest geopolitical risks and fresh labor market data. The Dow Jones added 0.1% at 49,034, while the Nasdaq fell 0.6% at 23,443 points and the S&P 500 was down 0.1% at 6,913 points.
US nonfarm labor productivity rose sharply in the third quarter of 2025, the Bureau of Labor Statistics reported, as businesses increasingly adopted technology such as artificial intelligence.
Nonfarm business sector labor productivity, the measure of output per hour worked, climbed 4.9% annualized, the fastest pace since Q3 2023, following a revised 4.1% increase in the second quarter. Economists had forecast a more modest 3.0% growth. Output in the nonfarm sector expanded 5.4%, while hours worked rose 0.5%, contributing to the strong productivity gain. Compared with the same quarter a year earlier, productivity increased 1.9%.
The surge in productivity coincided with a decline in unit labor costs, which fell 1.9% in Q3 after a 2.9% decline in Q2. Hourly compensation rose 2.9%, but productivity gains outpaced wage growth, keeping labor costs per unit of output in check. Over the past four quarters, unit labor costs increased 1.2%, while real hourly compensation, adjusted for inflation, was essentially flat, down 0.2% for the quarter and up 0.3% year-over-year.
“As presaged by the better-than-expected GDP report, nonfarm labor productivity expanded at a robust 4.9% annualized pace in the third quarter as output growth far exceeded the rise in hours worked,” Wells Fargo analysts wrote in a note to clients.
“The solid outturn reinforces that the underlying trend in productivity remains stronger than the prior cycle (2.0% since the end of 2019 versus 1.5% from 2007-2019) and should help to allay concerns over the current state of inflation.”
7:12am: Ahead of the bell
US stock futures edged lower on Thursday after a choppy session that brought an end to multi-day rallies on Wall Street, leaving investors cautious as several political and economic catalysts loom.
Futures on the Dow Jones Industrial Average were down 0.35%, while the S&P 500 and Nasdaq 100 futures slipped 0.2%, extending earlier losses.
On Wednesday, both the Dow and the S&P 500 finished in the red despite touching fresh intraday highs, while the Nasdaq Composite managed a modest gain.
Markets have so far absorbed a steady stream of geopolitical tensions, but the mood is becoming more fragile.
Oil prices continued to fall after President Trump said Venezuela would ship up to 50 million barrels of crude to the US, with Washington signalling it will exert long-term control over the country’s oil output.
Investors are also bracing for potential legal and economic flashpoints. Attention is building ahead of a Supreme Court opinion on the legality of Trump-era tariffs, due as soon as Friday, which could mark the first serious legal challenge to the levies.
The December jobs report, also due Friday, is expected to be closely watched as one of the most important economic data points in an otherwise light calendar. Meanwhile, CES 2026 is shaping sentiment in tech, with artificial intelligence dominating discussions among executives and lawmakers.