The three leading U.S. indexes finished in positive territory Thursday.

The Dow Jones Industrial Average added 276.31 points, or 0.55%, to 50,285.66 — a new record close. The S&P 500 gained 0.17% to end at 7,445.72, while the Nasdaq Composite inched up 0.09% to 26,293.10.

— Sean Conlon

Oil prices fell Thursday as investors hope the U.S. and Iran will reach a deal that prevents a resumption of the war in the Middle East.

U.S. crude oil fell nearly 2% to close at $96.35 per barrel. International benchmark Brent crude fell more than 2% to settle at $102.58. Read more.

— Spencer Kimball

Spotify shares jumped 15% on Thursday after the music streaming platform laid out guidance for 2030 and reached an artificial intelligence deal with Universal Music, as the technology sparks major disruption concerns across the industry.

The company expects revenue at a compounded annual growth rate in the mid-teens and gross margins between 35% and 40%. Spotify referred to plans to reach 1 billion subscribers and $100 billion in revenue as its "north star."

"We are still firing on all cylinders," co-CEO Gustav Söderström told CNBC's Julia Boorstin at the company's first investor day since 2022. "We're seeing strong growth in free users and in subscribers."

Read more here.

— Samantha Subin

Consumers remain able to withstand higher prices at the pump, according to Bank of America Securities.

Total card spending per household was up a solid 4.8% on a year over year basis for the week ending May 16, according to the Wall Street firm. That's down from 5.5% in the prior week. Excluding gas, spending was up 3.5%, decelerating from 4.1% in the previous week.

"Spending remains resilient to the gas price shock," Shruti Mishra, US economist at BofAS, wrote on Thursday.

Higher income households continued to spend more than other groups.

— Sarah Min

Check out the companies making the biggest moves in midday trading:

• Quantum stocks — Shares of quantum computing companies soared following a Wall Street Journal report that the government plans to award $2 billion in grants to nine firms. The deal also included government equity stakes, the report said. Rigetti Computing jumped more than 30%, D-Wave Quantum surged 22%, and Quantum Computing rallied 13%. IonQ gained 9%, IBM rose 7% and GlobalFoundries added 11%.
• Rare earth stocks — Rare earth stocks extended their rebound from a sell-off tied to concerns around export restrictions in China. USA Rare Earth rose 7% after it announced $19.3 million in funding from the U.S. Department of Energy to support pilot-scale rare earth element separation development. Critical Metals rose 3% after it signed a 15-year offtake agreement with Greenland's Tanbreez rare earth deposit.
• Deere — The agriculture equipment maker reported better-than-expected second-quarter results, with its earnings of $6.55 per share, topping the FactSet consensus estimate of $5.70 per share. It had net sales of $11.78 billion, versus also $11.54 billion expected from analysts. Deere reaffirmed its full-year net income guidance. Shares fell nearly 8%.

Read the full list here.

— Christina Cheddar Berk and Michelle Fox

The small-cap Russell 2000 index ticked 0.2% higher in midday trading Thursday, outperforming the three major averages.

In contrast, the S&P 500 was down 0.3%, while the Nasdaq Composite shed 0.4%. The Dow Jones Industrial Average lost 59 points, or 0.1%.

Some winners that offered a boost to the small-cap index were Bloom Energy, which rose almost 11% to a new 52-week high, and semiconductor stock Credo Technology. Shares of that name jumped more than 5%.

— Sean Conlon

Eli Lilly shares are logging modest gains Thursday after the release of clinical trial data for retatrutide, its next-generation experimental obesity drug.

The fresh batch of results confirms Lilly's "Best-in-Class" efficacy with only a modest tradeoff in tolerability versus Zepbound, JPMorgan analyst Chris Scott wrote in a note to clients.

"Overall, we see retatrutide's profile as consistent with our view for a drug that is likely focused on the high-end of BMI patients (i.e., [body mass index] of 35+) and allowing for substantial weight loss," Schott said. Patients on the highest dose of the drug lost as much as 28% of their body weight at 80 weeks of treatment, the company said.

— Christina Cheddar Berk

Arm Holdings could see considerable upside on Nvidia's push into the central processing units (CPU) market, according to Jefferies.

"The combination of Vera-Rubin and Vera standalone CPU shipments, along with Graviton and Axion growth, should help Arm's hyperscaler CPU share further rise from 50%," analyst Janardan Menon said Thursday in a note to clients. "We expect the Arm's AGI CPU to also see similarly strong demand within a [total addressable market] approaching $200bn.

Nvidia executives said Wednesday on an earnings call that the CPU market presents a $200 revenue opportunity for its growing business. The firm has visibility for $20 billion in standalone Vera CPU sales this year.

Rolled out earlier this week, Vera CPU is a new chip from Nvidia that delivers up to 1.2 terabytes per second (TB/s) of memory bandwidth, or twice that of more traditional CPUs.

"We view Arm's guidance for AGI CPU revenues of $15 billion in 2031 as conservative," Menon wrote.

— Liz Napolitano

The three major averages opened Thursday's session in negative territory.

The S&P 500 fell 0.4% just after the opening bell, while the Nasdaq Composite shed 0.5%. The Dow Jones Industrial Average declined 148 points, or 0.3%.

— Sean Conlon

Elon Musk's SpaceX said a portion of shares in its blockbuster public offering will be sold directly through trading platforms including Robinhood, Fidelity and Charles Schwab, giving everyday traders access that has traditionally been reserved for Wall Street's biggest clients.

The move marks a departure from the traditional IPO process, where retail investors often receive limited allocations and typically end up buying shares only after trading begins, sometimes at sharply higher prices. SpaceX said retail buyers on those platforms would receive shares at the same IPO price and at the same time as institutional investors and other large purchasers.

— Yun Li

Quantum computing shares popped in premarket trading on Thursday, following reports that the U.S. government will award $2 billion in grants to nine firms operating in the space.

The Wall Street Journal first reported on the deals, which will see the U.S. government take equity stakes in the companies.

IBM is reportedly the biggest beneficiary of the package, with the U.S. Commerce Department agreeing to give the firm $1 billion, per the WSJ.

Shares of IBM were trading 6% higher at 7:18 a.m. ET, climbing down from earlier gains that saw shares rise by close to 8%.

— Chloe Taylor

Initial jobless claims were close to expectations while housing data beat and factory activity in the Philadelphia area tumbled in May, according to economic data released Thursday:

• Initial jobless claims totaled a seasonally adjusted 209,000 for the week ending May 16, down 3,000 from the prior period and just below the Dow Jones consensus for 210,000, according to the Labor Department. Continuing claims, which run a week behind, rose 6,000 to 1.78 million.
• Housing starts in April totaled a seasonally adjusted annual rate of 1.465 million, 2.8% below March but above the forecast for 1.42 million, according to the Commerce Department. Building permits totaled 1.442 million, 5.8% above March and better than the 1.39 million forecast.
• The Philadelphia Federal Reserve's manufacturing index slid to -0.4 for May, down from 26.7 in April and missing the estimate for 19.0. Shipments and new order slumped sharply while the employment index nudged higher and the prices index fell 11 points to 47.9. The index measures the difference between companies reporting growth and contraction.

— Jeff Cox

Check out the companies making the biggest moves in premarket trading:

• Quantum stocks — Shares of quantum computing companies soared following a Wall Street Journal report that the government plans to award $2 billion in grants to nine firms. The deal also included government equity stakes, the report said. Rigetti Computing jumped 15%, D-Wave Quantum surged 17%, and Quantum Computing rallied nearly 14%. IonQ gained 8%, IBM rose 6.5% and GlobalFoundries added 13%.
• Walmart — The mega retailer slipped 2% after it issued a worst-than-expected outlook for the full year and its current quarter. Walmart expects adjusted earnings per share to be between $2.75 and $2.85, lower than expectations of $2.91, according to LSEG. Its first quarter adjusted EPS was in line with expectations, while tis revenue topped estimates.
• Rocket Lab — The space company tumbled 6% after Space X filed a prospectus with the Securities and Exchange Commission to trade publicly on the Nasdaq. CNBC reported last week the company plans to kick off a roadshow to market the deal on June 8.

Read more here.

— Michelle Fox

Reuters reported, citing sources, that Iran's supreme leader issued a directive to keep enriched uranium within the country's borders, potentially complicating negotiations for a resolution to the war. The report jolted oil prices higher, which led to Treasury yields resuming their recent upward trajectory and put downward pressure on equity futures.

— Fred Imbert

Asia-Pacific markets mostly rose Thursday, tracking Wall Street gains, on rising optimism over a Middle East peace deal.

Japan's Nikkei 225 ended Thursday's trading session 3.14% higher at 61,684.14, as Japan's exports in April clocked their fastest growth this year since January, beating estimates, thanks to a surge in semiconductor shipments.

SoftBank Group shares surged nearly 20%, as Nvidia's blockbuster earnings overnight signaled strong AI momentum.

South Korea's Kospi advanced 8.42% at 7,815.59 while the small-cap Kosdaq rose 4.7% to 1,105.97. Index heavyweight Samsung Electronics added more than 8.5% after a strike involving more than 47,000 of its workers was averted following a breakthrough in wage negotiations. SK Hynix gained 11.2%.

Daniel Yoo, global strategist and head of global investment department of Yuanta Securities (Korea) said on CNBC's "Squawk Box Asia" he expects Kospi to hit 10,000 by year-end.

South Korea will start 24-hour dollar-won spot trading on July 6, its finance ministry said Thursday, as part of ongoing reforms of its capital market to boost economic growth.

Australia's S&P/ASX 200 advanced 1.47% to 8,621.70.

China's CSI 300 gave up early gains, dropping 1.39% to 4,783.1, while Hong Kong's Hang Seng Index was down 1.15% in the last hour of trade.

India's Nifty 50 was flat in choppy trade, while the BSE Sensex lost 0.31%.

— Justina Lee

Asia-Pacific markets opened higher Thursday, tracking Wall Street gains, as growing hopes that the Middle East conflict could end soon cooled oil prices.

Japan's Nikkei 225 was 3.54% higher after the release of the country's latest trade data.

Exports rose at the fastest pace since January, rising 14.8% in April, exceeding expectations thanks to a surge in semiconductor shipments. Imports grew 9.7% year-on-year, higher than an expected 8.3% rise, according to government data. The country's trade balance narrowed to 301.9 billion yen in April, from 643 billion yen in March.

Meanwhile, SoftBank Group surged nearly 20%, amid signs of AI's strong momentum after Nvidia's blockbuster earnings overnight.

South Korea's Kospi extended early gains to advance 7% while the small-cap Kosdaq was 4.88% higher. Index heavyweight Samsung Electronics added more than 6% after a strike involving more than 47,000 of its workers was averted following a breakthrough in wage negotiations. Another index heavyweight, SK Hynix, gained 11%.

Daniel Yoo, global strategist and head of global investment department of Yuanta Securities (Korea) said on CNBC's "Squawk Box Asia" he expects Kospi to hit 10,000 by year-end.

Australia's S&P/ASX 200 advanced 1.62%.

China's CSI 300 gained 1.67%, while Hong Kong's Hang Seng Index added 0.24%.

— Justina Lee

SpaceX filed its prospectus with regulators on Wednesday, setting the stage for what's expected to be a record-setting IPO. Investors are already getting in on the rocket company through exchange-traded funds.

SpaceX is the largest holding in ETFs such Baron Capital's Partners Fund (BPTRX) and Growth Fund (BFGFX), accounting for almost 30% and 19%, respectively, of the funds as of the end of April.

In Cathie Wood's ARK Venture Fund (ARKVX), SpaceX made up more than 13% of holdings on April 30. Within ERShares' Private-Public Crossover ETF (XOVR), SpaceX had a weight of 21% as of Tuesday.

— Alex Harring

These are some of the stocks moving after hours:

• Nvidia — Shares ticked lower after the chip titan said revenue surged 85% year over year to $81.62 billion in the first quarter, exceeding the prediction of $78.86 billion from analysts polled by LSEG.
• Intuit — Shares tumbled 10.3% after the financial software stock announced a 17% workforce cut. Intuit also missed analyst expectations for revenue in the third fiscal quarter.
• E.l.f. Beauty — Shares of the retailer jumped nearly 5% after beating Wall Street's expectations on the top and bottom lines for the fourth fiscal quarter.

See the full list here.

— Alex Harring

S&P 500 and Nasdaq 100 futures slipped 0.3% and 0.4%, respectively, shortly after 6 p.m. ET Wednesday night. Dow futures ticked down 0.1%.

— Alex Harring