4:20pm: S&P 500 and Dow also advance
Wall Street finished higher on Thursday, with the Nasdaq leading the gains as investors piled back into semiconductor stocks while easing oil prices helped improve risk appetite.
The tech-heavy Nasdaq climbed 336 points, or 1.3%, to 26,207. The S&P 500 added 61 points, or 0.8%, to 7,544, while the Dow Jones Industrial Average rose 139 points, or 0.3%, to 52,487.
Chipmakers bounced back after recent weakness, giving the broader technology sector a lift and helping drive the market higher.
Meanwhile, oil prices retreated, giving back part of Wednesday's sharp gains as traders reassessed the uncertain path toward peace in the Middle East. The pullback eased concerns that higher energy costs could add to inflationary pressures.
On the economic front, weekly initial jobless claims were little changed from the previous week, offering few surprises as investors continue to gauge the strength of the labour market and what it could mean for the Federal Reserve's next move on interest rates.
Attention now turns to the start of earnings season, with Delta Air Lines set to report quarterly results before the opening bell on Friday, providing an early read on consumer travel demand and corporate spending trends.
3:50pm: Proactive news headlines
- G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF) (G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF), G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF)) reported a 16% quarter-over-quarter increase in gold production at its Tocantinzinho mine in Brazil, keeping the company on track to achieve its full-year production target.
- Varon Corp (OTCID:OZSC) announced that its Ballislife joint venture has signed NBA player Coby White as a brand ambassador and equity partner for Ballislife Drink.
- Trillion Energy International Inc. (CSE:TCF, OTCQB:TRLEF, FRA:Z620) has extended and restructured payment terms under its earn-in agreement for the M47c,d oil block in Türkiye to support increased drilling and development activity.
- American Resources Corp (NASDAQ:AREC) has been selected by the U.S. Department of Energy for award negotiations under a program to expand domestic recovery of rare earth elements and other critical materials from coal-based industrial byproducts.
- Graphene Manufacturing Group Ltd (TSX-V:GMG, OTCQX:GMGMF) announced that its THERMAL-XR ENHANCE coating successfully passed 30,000 hours of salt spray testing at an independent laboratory.
- Gunnison Copper Corp (TSX:GCU, OTCQB:GCUMF, FRA:3XS0) has submitted certification to the U.S. Department of Energy confirming its Arizona mine qualifies for a $13.9 million Section 48C tax credit supporting domestic critical minerals production.
2:50pm: Market movers
- SanDisk (NASDAQ:SNDK) could see further upside after Wedbush Securities raised its price target to $2,000 from $1,200 ahead of the company's fiscal fourth-quarter 2026 earnings report.
- Forte Biosciences (NASDAQ:FBRX) shares surged about 55% after the company reported positive Phase 1b trial results for its investigational vitiligo treatment, FB102.
- The Simply Good Foods Company (NASDAQ:SMPL) shares rose nearly 5% after the company reported fiscal third-quarter 2026 earnings and revenue that exceeded Wall Street expectations.
- G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF, FRA:W97) reported a 16% quarter-over-quarter increase in gold production at its Tocantinzinho mine in Brazil, keeping the company on track to meet its full-year production target.
- Varon Corp (OTCID:OZSC) announced that its Ballislife joint venture has signed NBA player Coby White as a brand ambassador and equity partner for Ballislife Drink.
- PepsiCo Inc (NASDAQ:PEP, XETRA:PEP) shares fell about 4% after the company reported fiscal second-quarter adjusted earnings that narrowly missed analyst estimates despite posting stronger-than-expected revenue and reaffirming its full-year guidance.
1:55pm: Micron goes on a run
Micron Technology Inc (NASDAQ:MU) (Micron Technology Inc (NASDAQ:MU)) shares rose 7% on Thursday after the company announced plans to invest up to $3 billion to strengthen the U.S. semiconductor supply chain and support future manufacturing capacity.
The investment includes $500 million in strategic financing support for GlobalWafers to advance development of its GlobalWafers America 300mm raw silicon wafer manufacturing facility in Sherman, Texas.
The companies also plan to enter into a 10-year supply agreement that would provide Micron with access to additional raw silicon wafer capacity.
The news also lifted shares across the broader semiconductor sector, with Advanced Micro Devices Inc (NASDAQ:AMD, XETRA:AMD) (Advanced Micro Devices Inc (NASDAQ:AMD, XETRA:AMD), Advanced Micro Devices Inc (NASDAQ:AMD, XETRA:AMD)) gaining 7%, Qualcomm Inc (NASDAQ:QCOM, XETRA:QCI) (Qualcomm Inc (NASDAQ:QCOM, XETRA:QCI), Qualcomm Inc (NASDAQ:QCOM, XETRA:QCI)) rising 4%, Taiwan Semiconductor Manufacturing Co (ADR) (Taiwan Semiconductor Manufacturing Co (ADR) (NYSE:TSM)) advancing 3%, Broadcom Inc (NASDAQ:AVGO, XETRA:1YD) (Broadcom Inc (NASDAQ:AVGO, XETRA:1YD), Broadcom Inc (NASDAQ:AVGO, XETRA:1YD)) up 2% and Applied Materials Inc (NASDAQ:AMAT, XETRA:AP2) (Applied Materials Inc (NASDAQ:AMAT, XETRA:AP2), Applied Materials Inc (NASDAQ:AMAT, XETRA:AP2)) climbing 6%.
12:30pm: Little drama
Stocks are bouncing back from yesterday’s losses, though the recovery remains cautious, according to Chris Beauchamp, Chief Market Analyst at online trading and investing platform IG.
“While the attacks in the Middle East appeared to intensify overnight, there has been little dramatic rhetoric today, leading to hopes that any renewed conflict can be avoided," Beauchamp noted.
"But the weekend is not far off, and the US has shown a preference for strikes over a weekend, leading to some caution in markets despite a stronger open for the US."
11:05am: Oil upside may be limited
US crude prices have climbed about 13% since last week’s lows, testing the $75-per-barrel level and its 200-day moving average, with the possibility of a move above $80 growing, according to Ipek Ozkardeskaya, Senior Analyst at Swissquote. Brent crude briefly traded above $80 per barrel, though both benchmarks eased slightly on Wednesday as markets continued to weigh geopolitical risks.
Ozkardeskaya said the immediate upside pressure on oil may be less severe than during the early stages of the conflict, as markets have become more accustomed to disruptions around the Strait of Hormuz and the initial shock has faded. Several vessels have also continued transiting the key shipping route, while Saudi Arabia has cut oil prices for Asian buyers to support demand.
She noted that the oil market has recently shifted quickly between supply shortages and surpluses, meaning a restoration of Hormuz traffic could quickly bring supply back into balance. China’s significant reserves and cautious approach to replenishment could also limit a sharp price spike.
However, Ozkardeskaya warned that prolonged tensions could create renewed supply concerns. A sustained disruption, attacks on Gulf energy infrastructure, or further depletion of global oil inventories could quickly eliminate the existing supply cushion and push prices significantly higher.
10am: Chipmakers help Nasdaq rally continue
Chipmakers and other AI stocks have led Wall Street to a positive open, with another bout of rotation back into the semiconductor sector.
The Nasdaq rolled 0.7% higher in initial trades, with the S&P 500 up 0.4%. After an initial wobble in the red, the Dow edged 0.1% higher, held back by losses in heavyweight technology and consumer names including IBM, Salesforce and Microsoft, as well as consumer giants like Coca-Cola, Disney and Procter & Gamble.
On the Nasdaq and S&P, semis dominated the leaderboard, with Lam Research, Applied Materials and KLA all jumping more than 7%.
Micron buzzed up over 6% after plans mentioned below to invest up to $3 billion in the US semiconductor supply chain, while Arm, AMD, Marvell and Western Digital also posted strong gains as the AI infrastructure trade is in investors' good books again.
8.15am: Mixed session expected as oil volatile after Iran strikes continue
US stock futures pointed to another mixed Wall Street session on Thursday, as investors weighed fresh developments in the Middle East against signs that chip stocks could extend their recent rally.
Dow Jones futures were down 0.1%, while S&P 500 futures rose 0.2% and Nasdaq 100 futures climbed 0.8%.
This comes a day after the Dow fell 577 points or 1.1%, the S&P declined or 0.3% to 7,483, while the Nasdaq gained 0.2% to finish at 25,871.
Asian and European markets traded mostly higher in the early hours, with London's FTSE an exception as it was hit by a large fall for AstraZeneca on the back of a failed drug trial.
Oil prices remained volatile, as more strikes and words were exchanged between the US and Iran.
WTI crude, which topped $75 a barrel on Wednesday, briefly dropped below $72 before recovering to around $74.
The latest moves came as the US said it had struck another 90 Iranian targets, taking the total to 170 over the past 48 hours, while Iran launched retaliatory attacks on US military sites in Bahrain, Qatar and Kuwait.
President Trump was reported as saying Iran had been in touch with the US and "want to make a deal", although he questioned whether Tehran would honour any agreement.
The White House was reported by Axios to be preparing for the possibility of fighting around the Strait of Hormuz lasting days or even weeks.
Kathleen Brooks at XTB said markets were "normalizing to the latest flare up of tensions in the Middle East".
"Although the events of recent days are another sign that the path to a long-term peace will have many twists and turns, the market seems well placed to absorb the current tensions," Brooks added.
She noted that despite the angst about the Iran war, there was a rotation out of broader tech stocks and back into chip stocks.
"Ahead today, we could see a continued rally in chip stocks. SanDisk and Nvidia are pointing to further gains today, while the hyperscalers like Microsoft and Alphabet are declining in the pre-market, suggesting that the rotation within the AI trade continues," she said.
In economic data, initial jobless claims and existing home sales are scheduled.