S&P 500 closes higher, recouping Wednesday’s loss and then some

All the three major averages reversed course from Wednesday's slide to finish higher on Thursday.

The S&P 500 rose 0.58% to close at 6,738.44, while the Nasdaq Composite gained 0.89% to end at 22,941.80. The Dow Jones Industrial Average also climbed 144.20 points, or 0.31%, to reach 46,734.61.

— Sean Conlon

This week's pullback in gold does not diminish the bullish outlook for the yellow metal, according to Goldman Sachs.

Gold retraced 6% on Tuesday, a selloff that called to question bullion's continued run-up. The precious metal surged to all-time highs above $4,300, and now is hovering above $4,100. However, the firm's Lina Thomas said she expects that there's still further upside, to $4,900 by year end 2026.

"We maintain our $4,900/toz target by end-2026, supported by continued central bank demand and renewed investment inflows as the Fed cuts," Thomas wrote Wednesday. "The speed of recent ETF inflows and client feedback suggest many long-term capital allocators — including sovereign wealth funds, central banks, pension funds, and both private wealth and asset managers — are planning to increase their exposure to gold as a strategic portfolio diversifier."

— Sarah Min

Uber shares added more than 2% Thursday afternoon after Nvidia announced an update to its partnership with the ridesharing company to further the development of autonomous vehicles.

Nvidia and Uber have together built a system to produce post-trained Cosmos-AV models for autonomous driving development, the company said in a Thursday X post. The companies accomplished this by combining Nvidia's Cosmos AI models with Uber's multi-view driving data powered by Nvidia's DGX Cloud platform, according to the post, which cited a white paper published by Nvidia in August.

The collaboration between the two companies was announced in early January.

"Together, we're exploring how foundation models trained on large-scale, real-world driving data can accelerate progress in autonomy. Using data from Uber's diverse driving scenarios—spanning airport pickups, complex intersections, and variable weather—we post-trained NVIDIA Cosmos World Foundation Models to improve realism and safety," reads the X post from Nvidia Drive, Nvidia's platform working on AI-powered autonomous car and driver assistance platforms.

Uber shares are up more than 56% this year. Nvidia's year to date gains are at roughly 35.8%.

— Pia Singh

Shares of Carpenter Technology rallied to a new all-time high after the specialty metals maker posted its fiscal first-quarter results. The stock was last trading 20% higher.

The stock was on track for its second best daily performance ever, and its best day since 1973.

In its last quarter, Carpenter reported adjusted earnings of $2.43 per share on revenue of $733.7 million. Analysts polled by FactSet had expected earnings of $2.13 and $717.9 million in revenue.

In a press release, the company said that it expects the same tailwinds driving its current performance will only get stronger into the future.

"The markets that we serve, in particular Aerospace and Defense, Medical and Power Generation, have a strong, multi-year outlook," it said.

— Lisa Kailai Han, Tom Rotunno

Deutsche Bank has turned bullish on CME Group, upgrading the stock to buy from hold Thursday. The bank believes there are several strategic organic growth initiatives that will help drive earnings growth for the derivatives marketplace.

"Importantly, we see these new growth initiatives as potentially creating an inflection point for organic growth for the firm in that they are adding capabilities related to, but outside of, traditional futures," analyst Brian Bedell said in a note to clients.

"Potentially the largest of these are the addition of event contracts within prediction markets, in partnership with FanDuel, but allowing other retail partners to access, hence enabling the potential for material revenue and earnings growth," he added.

Bedell also raised his price target on the stock to $300 from $266, implying 12% upside from Wednesday's close.

Shares of CME Group are up nearly 17% year to date.

— Michelle Fox

On Thursday, 11 stocks in the S&P 500 traded at new 52-week highs.

Tickers that reached this milestone included:

• Warner Bros. Discovery trading at levels not seen since April 2022
• General Motors trading at all-time highs back to the "new" GM IPO in November 2010.
• HCA trading at all-time high levels back to its IPO in March 2011
• McKesson trading all-time highs back through our history to 1983
• 3M trading at levels not seen since June 2021
• Raytheon Technologies trading at all-time highs back to when the United Technologies name was adopted in 1975
• CrowdStrike trading at all-time highs back to its IPO in June 2019
• KLA Corporation trading at all-time highs, back to KLA Instruments' IPO in in 1980
• Monolithic Power Systems trading at all-time highs back to its IPO in November 2004
• CBRE trading at all-time high levels back to its IPO in June 2004
• FirstEnergy trading at levels not seen since April 2022

On the other hand, four stocks traded at new 52-week lows:

• Charter Communications trading at lows not seen since April 2024
• Clorox trading at lows not seen since November 2023
• Kimberly-Clark trading at lows not seen since February 2024
• Roper trading at lows not seen since June 2023

— Christopher Hayes, Lisa Kailai Han

Shares of industrial giant Honeywell advanced more than 7% in afternoon trading after the company's third-quarter results surpassed Wall Street's expectations.

Honeywell posted adjusted earnings of $2.82 per share on $10.41 billion in revenue, above the $2.57 per share and revenue of $10.14 billion that analysts surveyed by LSEG had anticipated.

The company also raised its earnings and revenue guidance for the full year.

Thursday's move higher puts the stock on track for its biggest single-day percentage increase since April 9, when it rose almost 9%.

— Sean Conlon

Check out some of the stocks making midday moves Thursday:

• Super Micro Computer — The computer server manufacturer slumped 7% after cutting its fiscal first-quarter revenue forecast to about $5 billion from a prior estimates of $6 billion to $7 billion.
• Quantum computing stocks — Quantum computing shares jumped on a Wall Street Journal report that the Trump administration is in talks to acquire equity stakes in several quantum computing companies. Rigetti Computing is up 11%, while IonQ gained 10% and Quantum Computing rose 8%.
• Hexcel — The maker of composite materials jumped 15% and hit a 52-week high after its latest financial results topped expectations. Hexcel's adjusted earnings came in at 37 cents a share, 1 cent higher than the FactSet consensus estimate. Revenue was $456.2 million, compared with the $443.2 million expected from analysts. Hexcel also authorized $600 million for share buybacks.

Read here for the full list.

— Scott Schnipper

The S&P 500 is on pace today to close above its 50-day moving average for the 122nd consecutive session, the longest stretch since a 130-day run that ended in March 2011.

Traders often view the 50-day as a rough dividing line between short-term uptrends and downtrends, so the index's ability to stay above that level underscores the durability of the rally. Recent volatility has brought the index near the 50-day, but the average has acted as a support band on the downside.

If the large-cap index were to dip below that line in coming sessions, it could mark a shift in the near-term trend and likely draw attention from investors watching for signs of fading breadth or momentum.

-- Nick Wells

The benchmark 10-year Treasury yield rose on Thursday, landing above the 4% threshold after having moved further below that level earlier this week.

The yield on the 10-year Treasury was last higher by more than 4 basis points to 4.001%. Additionally, the 2-year Treasury yield was up more than 3 basis points at 3.478%, and the 30-year bond climbed more than 4 basis points to 4.586%.

— Sean Conlon

President Donald Trump has pardoned Binance founder Changpeng Zhao, who had previously pleaded guilty to enabling money laundering while heading the cryptocurrency exchange, the White House said Thursday.

The pardon came two months after The Wall Street Journal reported that the Trump family's own crypto venture, which has generated about $4.5 billion since the 2024 election, has been helped by "a partnership with an under-the-radar trading platform quietly administered by Binance."

"President Trump exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency," White House Press Secretary Karoline Leavitt said in a statement.. Read more.

— Dan Mangan, Kevin Breuninger

The S&P 500 has become an artificial intelligence index given its substantial weighting in tech and AI-related names, and Scott Wren of Wells Fargo Investment Institute believes that a good amount of the index's increase in 2025 has been due to an anticipated rise in AI spending.

"Overall, large-cap technology companies have been increasing their capital-expenditure (capex) estimate during each of the first two earnings reporting seasons of this year, and investors are waiting with bated breath to hear the same thing, or at the very least confirmation that the planned spending surge is still intact, in this current third- quarter reporting season," the senior global equity strategist said in a note dated Wednesday.

The S&P 500 has surged more than 14% year to date, and Wren said that "much of the rally in the S&P 500 Index (SPX) this year is due to the huge amount of AI-related capex that companies and analysts expect."

"As earnings are reported and forward outlooks are laid out, investors need to pay attention to capex intentions of AI-related companies," he also said. "AI capex dynamics have pushed the SPX higher this year, and the near- and intermediate-term direction hinges on the same."

— Sean Conlon

Home sales hit a seven-month high in September as mortgage rates edged lower, the National Association of Realtors reported Thursday.

Existing units sold at a 4.06 million annualized pace, according to seasonally adjusted numbers. That was 1.5% better than August and a 4.1% gain from the same period a year ago. Inventory held steady at 4.6 months supply, though that was 9.5% higher than a year ago.

Sale prices dropped on a monthly basis, with the average price at $415,200. However, that still marked a 2.1% increase from the same point in 2024.

"As anticipated, falling mortgage rates are lifting home sales. Improving housing affordability is also contributing to the increase in sales," NAR chief economist Lawrence Yun said.

— Jeff Cox

Gold prices rose on Thursday, reversing course from their recent losses.

Spot gold rose around 1.3% to $4,147.60 per ounce. Additionally, U.S. gold futures increased about 2.5% to $4,165.30 per ounce.

— Sean Conlon

The three leading U.S. indexes were flat Thursday morning.

The S&P 500 rose 0.1% shortly after the opening bell, while the Nasdaq Composite traded just above the flatline. The Dow Jones Industrial Average also traded just above the flatline, gaining 8 points.

— Sean Conlon

Several stocks, including IonQ, Quantum Computing, Hilton Grand Vacations and Las Vegas Sands, are making big moves in premarket trading Wednesday:

• Quantum computing stocks—Quantum computing shares jumped on a Wall Street Journal report that U.S. President Donald Trump's administration is in talks to take equity stakes in several quantum computing firms. Rigetti Computing is up 8%, while IonQ and Quantum Computing rose nearly 9%.
• Las Vegas Sands — Shares rose 6% after the resort owner posted strong third-quarter earnings results, largely due to the growth of its Macao and Singapore investments. The company reported $419 million in profit and adjusted earnings of 78 cents per share for the quarter, topping analysts' estimates.
• Hilton Grand Vacations — The stock is up 5% after the global timeshare company's partners, including Travel + Leisure Co., reported strong earnings, boosting investment sentiment on the vacation ownership sector.

Read the full list of names here.

— Liz Napolitano

Oil prices jumped around 5% on Thursday after the Trump administration imposed further sanctions on Russia's two largest crude companies, citing Moscow's "lack of serious commitment to a peace process to end the war in Ukraine."

Global benchmark Brent was last up $3.06, or 4.89%, to $65.65 per barrel. U.S crude oil rose $3.10, or 5.3%, to $61.60 per barrel. On Wednesday, Brent gained 2% to close at $62.59 a barrel, while U.S. crude climbed 2.2% to settle at $58.50. Read more.

— Dan Mangan, Spencer Kimball

American Airlines posted a smaller-than-expected loss for the third quarter, and its outlook for the rest of the year came in ahead of Wall Street forecasts, sending the stock higher.

American expects to earn between 45 cents and 75 cents per share in the fourth quarter, above the 31 per share cents analysts expected. That brought American's full-year earnings guidance to between 65 cents and 95 cents per share, well above the projected 43 cents per share Wall Street forecast. The carrier expects its fourth-quarter capacity to grow between 3% and 5% over the same period last year.

Once a slam-dunk quarter, airlines have found it harder to make money in the summer than in years past. Schools reopen earlier than they used to and some travelers opt to take bigger trips later in the year, when the weather is cooler and there are fewer crowds at many popular destinations.

American posted a net loss of $114 million, or 17 cents a share on revenue of $13.69 billion. Revenue was up 0.3% from last year. Read more.

— Leslie Josephs

Quantum computing stocks rose broadly following a Wall Street Journal report that the Trump administration was in talks with several companies about taking stakes in the sector.

Shares of IonQ and D-Wave Quantum popped more than 11% each, while Rigetti Computing and Quantum Computing jumped 7% and 9%, respectively.

President Donald Trump's administration has already announced stakes in other companies such as MP Materials and Intel.

— Fred Imbert

The technical outlook looks favorable for the S&P 500 in the near term, according Mark Newton of Fundstrat.

"I anticipate a sharp rally to finish the month of October after an interesting period of sector rotation in recent weeks," he said in a note to clients. "Monday's success in climbing over last week's highs for SPX and QQQ should enable these to both push back to new all-time high territory. Despite some minor warnings regarding breadth, high yield spread widening, and/or lack of broad-based participation, it looks like breakouts in AAPL and GOOGL should help Technology show sufficient leadership to carry US stock indices over the next few weeks."

— Fred Imbert

The Trump administration on Wednesday imposed additional sanctions on Russia's two largest oil companies, citing "Russia's lack of serious commitment to a peace process to end the war in Ukraine."

Treasury Secretary Scott Bessent said that "now is the time to stop the killing and for an immediate ceasefire." He added that the Treasury is prepared to take further action if necessary. The sanctions apply to Rosneft and Lukoil.

The news comes after President Donald Trump said Tuesday that he didn't want to "have a wasted meeting" with Russia's President Vladimir Putin — referencing a meeting the two leaders were set to have in Hungary in the next few weeks — as it became clear Russia opposes an immediate ceasefire with Ukraine.

— Dan Mangan, Pia Singh

Check out the companies making headlines after Wednesday's close:

• Southwest Airlines — Shares of the airline gained 2% on the back of a surprise quarterly profit. Southwest also said that demand and fares are both improving. The company reported adjusted earnings of 11 cents per share, while analysts polled by LSEG had expected a loss of 3 cents per share. Revenue came out at $6.95 billion, meanwhile, beating analysts' consensus estimate of $6.92 billion, per LSEG.
• Tesla — The electric vehicle stock, which has shone greater attention to its robotics and humanoid ambitions in recent months, fell nearly 2% after reporting mixed third-quarter results. The company beat third-quarter revenue estimates with a 12% increase to $28.1 billion on the back of strong automotive sales. However, earnings of 50 cents per share after adjustments fell short of the LSEG estimate of 55 cents per share.
• Moderna — Moderna announced topline results from a Phase 3 study of its investigational cytomegalovirus, or CMV, vaccine that did not meet its primary efficacy endpoint of preventing CMV infection in select female participants. Shares of the pharmaceutical giant fell nearly 6% on the back of the announcement. Moderna said it doesn't expect any impact to its 2025 financial guidance.

For the full list, read here.

— Pia Singh

Shortly after 6 p.m. ET on Wednesday, futures tied to the S&P 500 and Nasdaq-100 futures each dropped nearly 0.1%. Futures tied to the Dow Jones Industrial Average lost 98 points, or almost 0.2%.

— Pia Singh