Stock futures tick lower after S&P 500 ends three-day win streak: Live updates

The S&P 500 ended Thursday higher as a rally in Oracle lifted investors’ hopes and boosted the big tech sector.

The benchmark climbed 0.38% and closed at 6,045.26. The broad market S&P 500 now sits less than 2% off its record. The Nasdaq Composite gained 0.24% and ended the day at 19,662.48. The Dow Jones Industrial Average added 101.85 points, or 0.24%, settling at 42,967.62.

Shares of Oracle surged 13% after the company reported fiscal fourth-quarter results that beat on the top and bottom lines and indicated more cloud growth ahead. CEO Safra Catz said on a conference call that thanks to AI demand, cloud infrastructure revenue should increase more than 70% in the 2026 fiscal year, up from growth of 52% in the quarter. Oracle’s rally lifted the tech sector, boosting the S&P 500.

On the other hand, Dow component Boeing shed nearly 5% after an Air India Dreamliner 787 crashed following its takeoff with 242 passengers on board.

Stocks also rose after investors got another batch of data hinting at a solid economy. The May producer price index, a measure of final demand prices in the U.S. economy, rose just 0.1% for the month after decreasing 0.2% in April. Economists surveyed by Dow Jones had been looking for a 0.2% increase for last month. Bond yields eased on Thursday following the inflation report.

However, President Donald Trump’s unilateral tariff threat seemed to be keeping the market’s gains in check. Wall Street awaits further developments on trade policy, especially between the U.S. and China, as talks between the two countries have been a focal point this week. Trump said Wednesday he would be willing to extend a July 8 deadline for finishing trade talks with countries before higher U.S. levies take effect, but that the extensions may not be necessary.

“I would, but I don’t think we’re going to have that necessity. We made a great deal with China,” Trump told reporters. “We’re dealing with Japan, we’re dealing with South Korea. We’re dealing with a lot of them. So we’re going to be sending letters out, in about a week and a half, two weeks, to countries, telling them what the deal is, like I did with EU.”

U.S. and Chinese officials reached a framework for future talks in London after two days of discussion this week, but the vague deal outline still awaits approval from Trump and Chinese President Xi Jinping. The two countries did agree to ease some restrictions around rare earth metals and foreign students.

“We still think the primary driver for market direction and to break out to all-time highs would be some resolution for tariffs and how they interlink with the budget and the Fed. And we see a lot of headlines about negotiations or pauses or frameworks, but we still haven’t seen a single signed trade deal between the U.S. and its trade partners,” said Tom Hainlin, senior investment strategist at U.S. Bank Asset Management Group.

He added: “So for us, we still see us sitting within our base case of uncertainty around how trade negotiations go. Market’s kind of range bound in wide ranges, but really lacking that durable breakout until we get some conclusion.”

Stocks end Thursday higher

The major averages closed Thursday’s trading on a positive note.

The S&P 500 added 0.38%, ending at 6,045.26. The advance brings the broad market index less than 2% off from its February record high. The Nasdaq Composite gained 0.24% to close at 19,662.48. Finally, the Dow Jones Industrial Average added 101.85 points, or 0.24%, settling at 42,967.62.

—Darla Mercado

Novo Nordisk shares pop more than 2% on hopes for a next-generation obesity drug

Wegovy maker Novo Nordisk said it plans to go ahead with late-stage trials for a next-generation obesity drug amycretin. The experimental drug is being developed both as a pill and an injection.

The stock popped 2.8% on the news. Shares have underperformed in 2025, with the stock down nearly 6% year to date, but losses have narrowed recently. Over the past month, Novo Nordisk has gained more than 19%.

Amycretin is a dual-action drug. It mimics both the gut hormone GLP-1, like Wegovy, and amylin, a hunger-suppressing pancreatic hormone.

—Christina Cheddar Berk

Investor Nancy Tengler advises staying long on Oracle, at least in the near term

Shares of Oracle surged on Thursday, led higher by the company’s fiscal fourth-quarter beat.

Despite this rally, investor Nancy Tengler remains bullish on the cloud computing stock and believes there’s still value in holding shares, particularly given Oracle’s annual dividend growth of around 10% to 12%. This means that investors are “getting paid to enjoy the ride.”

“Oracle, which is the largest holding in our ETF, TGLR, has been a strong performer. It’s always a better company when Larry Ellison is actively involved, but what we’ve heard from him is that they’ve received their largest orders ever, and demand is as strong as they’ve seen,” she commented over email. “I think you still want to be long on this trade, maybe not forever, but certainly in the near term.”

“What we’re seeing is the result of their focus on cloud, and the way they’re approaching it gives them more flexibility than some other providers,” Tengler continued.

As an additional catalyst, Tengler pointed to Oracle’s acquisition of health tech company Cerner for $28.3 billion. The deal closed in 2022.

“There’s the Cerner transaction, which I think is really interesting and underdiscussed, particularly the health-care angle. That’s a huge area of need as we should be applying AI not just to drug development, but also to patient care,” she continued. “We’re seeing it in their backlog as well as their enthusiasm.”

— Lisa Kailai Han

A de-escalation in trade tensions won’t drive stocks to new highs, according to BCA Research

Even if the U.S. and China continue to de-escalate current trade tariffs, stocks are unlikely to rally much higher from here, according to BCA Research.

Ongoing trade talks between the two nations, currently taking place in London, have been a focal point for markets this week.

“The U.S.-China tariff deal confirms one thing: markets are still priced for perfection, with little upside even if a recession is dodged,” the firm wrote in a recent note. “The muted market reaction to the deal underscores this point. The S&P 500 barely moved on the news as sentiment is already elevated and investors already foresee strong margins. Thus, breaching all-time highs will remain difficult in the absence of fresh upside catalysts.”

— Lisa Kailai Han

Risk of U.S. entering recession in next year drops to 30% from 35% at Goldman Sachs

The risk of the U.S. entering a recession sometime over the next 12 months dropped to 30% from 35% according to the latest model published by Goldman Sachs economists led by head of the global investment research division Jan Hatzius.

The call on Thursday was largely driven by a smaller-than-expected drag on the economy from higher tariffs, as evidenced by three recent developments, Goldman said: recent inflation reports showing “a slightly smaller impact on consumer prices and therefore on real income and consumer spending;” “broad financial conditions” that have returned to “roughly pre-tariff levels;” and less uncertainty from trade policy “following steps toward de-escalation.”

Consequently, Goldman now sees gross domestic product hurt less than previously modeled, and forecasts year-over-year growth in 2025 at 1.25% rather than a previous 1.0%, and peak unemployment at 4.4% instead of an earlier 4.5% estimate. “In light of the slightly higher baseline and the lack of any signs of major downside risks emerging so far, we are also shaving our 12-month recession probability from 35% to 30%,” the economists wrote.

Goldman’s Federal Reserve forecast is unchanged: one interest rate cut in December, 2025 and two more in 2026, eventually lowering the benchmark fed funds rate to 3.50%-3.75%, down from 4.25%-4.50% today. “An earlier cut is possible if the economy deteriorates more than we expect or if inflation continues to surprise to the downside, but we think that the peak summer tariff effects on the monthly inflation prints will most likely be too fresh for the FOMC to cut before December,” Goldman said.

— Scott Schnipper

Dan Niles believes companies could see a disappointing holiday season ahead

Dan Niles, Niles Investment Management founder and portfolio manager, believes there could be a reckoning in the markets later this year as companies deal with slower demand amid tariffs.

“You had imports up 41% in Q1. Now, if that’s not pulled forward demand, I don’t know what is and that’s the reason why Q1 results for all of these companies came in well,” Nikes said on CNBC’s “Squawk Box” Thursday.

Corporate results have so far been solid because savvy consumers bought big-ticket items early to get ahead of steep tariffs, the investor said. He added that companies like Apple could see a disappointing holiday season later this year as consumers tighten their belts in response to the economic uncertainty.

“When you are expecting 30% to 35% of your revenues in just the month of November and December, for most consumer electronics companies, etc, I think you’re going to see a big disappointment… you’re looking for the market to catch up to that reality,” Niles said.

— Yun Li

Chime Financial opens at $43 after pricing IPO at $27

Chime Financial, a San Francisco-based financial technology provider that designs and develops digital banking applications, opened at $43 on the Nasdaq Stock Market Thursday after pricing its initial public offering at $27 late Wednesday, raising a total of $864 million for both the company and some of its original investors. The IPO priced above a previously expected range of $24-$26.

Of the total 32 million shares offered in the IPO via Morgan Stanley, Goldman Sachs and JPMorgan, Chime sold 25.9 million shares and selling shareholders the remaining 6.1 million.

Chime briefly rose as high as $44.94 before sliding as low as $38 in intraday trading, according to FactSet data.

The IPO valued Chime at an initial $11.6 billion, sharply lower than its last fundraising round in 2021, when the company was valued at $25 billion.

— Scott Schnipper

Stocks making the biggest midday moves: Oracle, Boeing and more

These are the stocks moving the most in midday trading:

Read the full list of stocks moving here.

— Darla Mercado, Lisa Kailai Han

The 2025 rally for utilities is breaking down, Wolfe Research says

The strong start to the year for the utilities sector has faded, and there is little reason to think the group will find momentum again soon, according to Wolfe Research analyst Rob Ginsberg.

“Though Utilities sit neck and neck with Comm Services for 2nd best performing sector YTD (behind Industrials), the two sectors are clearly headed in different directions. While Comm Services are less than 1% away from new all time highs and in a strong absolute & relative uptrend, Utilities are getting rejected at resistance while underperforming over the past two months,” Ginsberg said in a note to clients Thursday.

Entering Thursday’s trading session, the Utilities Select Sector SPDR Fund (XLU) was up 6.9% year to date but has mostly been treading water since early May.

— Jesse Pound

Lockheed Martin pullback provides ‘trading opportunity,’ Baird says

Baird is optimistic that Lockheed Martin shares can bounce.

Shares slid more than 4% on Wednesday after Bloomberg reported that the U.S. Air Force cut down its Congressional request for Lockheed Martin’s F-35 aircrafts. Following that retreat, Baird gave the defense stock a “bullish fresh pick” designation.

“We view yesterday’s pullback (~$5 billion market cap reduction) in the LMT stock tied to reports of the Pentagon cutting their USAF F-35 procurement request … as a trading opportunity,” Baird analyst Peter Arment wrote in a Thursday note to clients.

Arment also said procurement for F-35s should “remain healthy” through 2030 and beyond.

Lockheed Martin ticked 0.4% higher in Thursday’s premarket. The stock has fallen around 6% in 2025.

— Alex Harring

5 stocks in the S&P 500 trade at new all-time highs

During Thursday’s trading session, five stocks in the S&P 500 traded at new all-time highs.

Tickers that hit this milestone included:

• Philip Morris trading at all-time highs back to its spin-off from Altria in March 2008
• Amphenol trading at all-time high levels since its IPO in 1991
• International Business Machines trading at all-time highs back to when it began publicly trading on the NYSE in January 1962
• Microsoft trading at all-time high levels back to its IPO in March 1986
• Oracle trading at all-time high levels back to its IPO on March 12 1986

Stocks in the broad benchmark that traded at new 52-week lows included Brown-Forman, Conagra Brands and Campbell Soup.

— Christopher Hayes, Lisa Kailai Han

Gold hits fresh high since June 5

On Thursday, gold’s August-dated futures hit their highest level since June 5. The VanEck Gold Miners ETF rose 2%, pacing for its best day since June 2.

The exchange-traded fund was led higher by stocks such as Anglogold Ashanti and Newmont, which respectively gained 5% and 3%. The ETF is up 3% on the week and pacing for its fourth straight weekly gain.

— Gina Francolla, Lisa Kailai Han

U.S. dollar hits three year low after Trump tariff threat

The U.S. dollar has hit its lowest level in more than three years, after Trump threatened to set tariff levels for countries that are not in active trade negotiations with the U.S.

The U.S. Dollar Index touched an intraday low of 97.60 Thursday, the lowest level since February 2022.

— Spencer Kimball

Volatility tied to trade uncertainty could create investment opportunities, says Wells Fargo

Continued market volatility tied to uncertainty around U.S. trade policy could open the door for investment opportunities, according to Wells Fargo Investment Institute senior global market strategist Scott Wren.

“It would seem overly optimistic in our view that quick agreements can be inked with China or the European Union,” Wren wrote in a Wednesday note. “We expect more trade uncertainty and downside volatility to create further opportunities to increase equity exposures in the near to intermediate term.”

— Brian Evans

Stocks open lower Thursday

Stocks opened Thursday in the red. Shortly after 9:30 a.m. ET, the S&P 500 was down nearly 0.3%, while Nasdaq Composite was down roughly 0.2%. The Dow Jones Industrial Average lost 225 points, or 0.5%.

— Pia Singh

Jobless claims total 246,000 but continuing claims rise

Initial filings for unemployment insurance were unchanged last week, though an indicator of longer-term unemployment hit its highest in more than 3½ years, the Labor Department reported Thursday.

Jobless claims totaled a seasonally adjusted 248,000 for the week ending June 7, flat from the previous upwardly revised total and near the Dow Jones consensus estimate for 246,000, the Labor Department reported Thursday.

However, continuing claims, which run a week behind, rose 54,000 to 1.96 million, the highest since Nov. 13, 2021.

—Jeff Cox

Wholesale price measure rose just 0.1% in May, below forecast

Wholesale prices rose less than expected in May, adding to the narrative that tariff-induced inflation has yet to show up in the economic data.

The producer price index, a measure of final demand prices in the U.S. economy, advanced just 0.1% for the month, after decreasing 0.2% in April, and number that was revised from a 0.5% drop, according to seasonally adjusted figures Thursday from the Bureau of Labor Statistics. Economists surveyed by Dow Jones had been looking for a 0.2% increase.

Similarly, producer prices excluding food and energy also rose just 0.1%, after falling 0.2% in April. Core minus trade services also was up 0.1%.

Services prices rose 0.1% while goods increased 0.2%, the latter pushed by a 0.9% jump in tobacco products. Machinery and vehicle wholesaling margins drove services prices higher with a 2.9% surge.

—Jeff Cox

Oil prices fall about 2% as investors monitor Middle East tensions

Crude oil futures fell about 2% as investors monitored tensions in the Middle East.

U.S. West Texas Intermediate was down $1.38, or 2.02%, to $66.77 a barrel. Global benchmark Brent fell $1.35, or 1.93%, to $68.42 per barrel.

Oil prices jumped more than 4% in the previous session after the State Department said it was preparing to evacuate non-essential personnel from the U.S. embassy in Baghdad Iraq.

Israel is considering taking military action against Iran without U.S. support in the coming days, five people with knowledge of the situation told NBC News.

— Spencer Kimball

Shares of Boeing and its suppliers lower in premarket trading after Air India plane crashes

Boeing shares are down 7% in premarket trading after a 787 Dreamliner bound for London crashed shortly after takeoff Thursday in western India. There were 242 passengers and crew aboard the Air India flight.

Stocks of Boeing suppliers GE Aerospace and Spirit AeroSystems were also under pressure Thursday morning, shedding 4% and 3%, respectively.

In an interview on CNBC’s “Squawk Box,” aviation expert and Boyd Group International President Mike Boyd cautioned that it’s too early to know what caused the crash.

“This is not a brand new airplane. Air India has a very good safety record,” he said.

Boyd said investors shouldn’t make the assumption this is “another Max situation.” Boeing’s 737 MAX was grounded for more than a year after two fatal accidents involving the aircraft.

—Christina Cheddar Berk

Oracle climbs in premarket trading after earnings beat

Shares of Oracle are continuing to trend higher on Thursday morning after the tech company reported better-than-expected earnings on Wednesday and offered a bullish outlook.

At around 7:45 a.m. ET, the stock was up nearly 9%. A rally of that size would push Oracle’s market cap above $500 billion.

Barclays analyst Raimo Lenschow hike his price target on Oracle to $221 per share from $202 after the report.

“Oracle has been trying to tell investors that the story has changed but uneven quarters allowed investors to remain skeptical. However, the better Q4, but more importantly [remaining performance obligations] and guidance, are giving a clear picture that should no longer be ignored,” Lenschow said in a note.

— Jesse Pound

Bessent signals possible tariff pause extension for countries ‘negotiating in good faith’

Treasury Secretary Scott Bessent suggested Wednesday that the Trump administration could extend the 90-day pause on reciprocal tariffs for countries that show “good faith” in trade talks.

Bessent said at a hearing before the House Ways and Means Committee that the U.S. has 18 “important trading partners” and that the administration is “working toward deals” with those countries.

“It is highly likely,” he said, that for those countries and trading blocs, such as the European Union, “who are negotiating in good faith,” the U.S. would “roll the date forward to continue good faith negotiations.”

“If someone is not negotiating, then we will not,” he continued.

President Donald Trump’s tariff pause is set to expire on July 8.

— Erin Doherty

Oracle shares jump after earnings

Shares of Oracle rose more than 7% in extended trading Wednesday on the heels of the software maker’s better-than-expected results for the fiscal fourth quarter.

Oracle posted adjusted earnings of $1.70 per share, while analysts surveyed by LSEG had penciled in $1.64 per share. The company’s revenue of $15.9 billion for the period also topped the consensus estimate of $15.59 billion.

The move comes as the stock has outperformed the broader market in recent months, gaining more than 17% in the past month and more than 22% in the last three.

— Jordan Novet, Sean Conlon

Stock futures open little changed on Wednesday

U.S. stock futures traded around the flatline on Wednesday night.

S&P 500 futures fell 0.1% just after 6:00 p.m. ET, while Nasdaq 100 futures declined about 0.2%. Futures tied to the Dow Jones Industrial Average also pulled back 50 points, or 0.1%.

— Sean Conlon