Dow jumps 200 points, boosted by strong earnings and U.S. economic data: Live updates

The fundamental backdrop for Netflix still holds regardless of how its second-quarter earnings play out, according to Bernstein.

Shares of the streaming giant were higher by almost 1% in midday trading Thursday on the back of Bernstein analyst Laurent Yoon reiterating his outperform rating on the stock and upping his price target to $1,390 from $1,200. That implies 11.2% upside from Wednesday’s close.

The move higher also comes ahead of the company’s scheduled earnings release after the bell.

“While there are important short-term questions to address in Q2 (e.g., FxN revenue, 2H slate/expectations, ’26 EBIT guide), we remain confident in the strength of the business and believe its valuation ultimately reflects its industry moat,” Yoon wrote in a note. “Whether Q2 results beat expectations – supporting momentum – or fall short – potentially triggering near-term swings – we do not see a compelling reason to be bearish in the foreseeable future to question the underlying fundamentals or the long-term value of the company.”

“We believe Netflix can reach the Trillion Dollar Club through the fundamental PxQ algorithm, without having to rely on an aggressive market multiple. That said, we expect the stock to trade at a premium, reflecting its moat and the strength of its underlying fundamentals,” the analyst continued.

This comes as analysts have likewise grown bullish on the streamer heading into earnings.

— Sean Conlon

The exterior of the Warner Bros. Discovery Atlanta campus is pictured after the Writers Guild of America began its strike against the Alliance of Motion Pictures and Television Producers, in Atlanta, Georgia, on May 2, 2023.

Alyssa Pointer | Reuters

During Thursday’s session, 27 stocks in the S&P 500 traded at new 52-week highs.

Names that hit this milestone included the following:

• Warner Bros. Discovery trading at levels not seen since August 2023
• Citigroup trading at levels not seen since November 2008
• Coinbase trading at levels not seen since April 2021
• Caterpillar trading at all-time high levels back to when it first began trading on the NYSE in 1929
• L3Harris Technologies trading at lows not seen since March 2022
• Southwest trading at levels not seen since July 2023
• Broadcom trading at all-time high levels back through Avago history and its IPO in August 2009
• Microsoft trading at all-time high levels back to its IPO in March 1986
• NVIDIA trading at all-time high levels back to its IPO in January 1999
• Oracle trading at all-time high levels back to its IPO on March 12 1986
• Palantir Technologies trading at all-time highs back to its IPO in September 2020
• GE Aerospace trading at levels not seen since October 2000
• GE Vernova trading at all-time highs back to its spin-off from GE in April 2024

Just four stocks traded at new 52-week lows: Elevance Health, Centene, Molina Healthcare and Gartner.

— Christopher Hayes, Lisa Kailai Han

• Steven Madden — The fashion footwear company jumped more than 5% after Citi upgraded the stock to buy from neutral. The Wall Street firm said the market is underappreciating the acquisition of UK-based Kurt Geiger, while a favorable shift towards dress shoes and away from sneakers should benefit its core business.
• Lucid Group — Shares of the electric vehicle maker surged 31%. That rally came after a press release Thursday morning showed at least 20,000 Lucid vehicles will be deployed over the next six years using Nuro Driver technology through Uber’s ride-sharing platform.
• Elevance Health — Shares stumbled 16% after the health insurance provider posted second-quarter earnings of $8.84 per share, while analysts polled by LSEG had expected $8.95 per share. However, the company’s $49.42 billion revenue exceeded expectations of $48.23 billion.
• Monarch Casino & Resort — The gaming stock surged 19% after Monarch reported that its net income jumped 19% year over year in the second quarter. Earnings per share of $1.44 came in above the FactSet consensus of $1.20 expected by analysts. Casino revenues were also up 12.1% year over year.

Read more here.

— Fred Imbert

Johnson & Johnson‘s strong second-quarter report is a sign of building momentum for the drugmaker, according to Goldman Sachs analyst Asad Haider.

“While acknowledging that the talc litigation remains an uncertainty, we see scope for continued upward pressure on consensus EPS and sales revisions which, as we’ve noted, have already been trending more positive for JNJ relative to both its pharma peer group and the broader market, creating a fundamental tailwind,” Haider said in a note to clients.

The stock rose 6% on Wednesday after the earnings report. That move was “likely exaggerated by uneven positioning,” Haider wrote, but the analyst does see further upside for the stock.

Haider hiked the price target on Johnson & Johnson to $185 per share from $177. That new target is more than 12% above where the stock closed Wednesday.

— Jesse Pound

Jefferies appears to be unimpressed with Starbucks’ turnaround plans.

The firm downgraded Starbucks to underperform from hold on Thursday, and gave a price that signals downside of 18% ahead for the coffee chain. Starbucks shares have rallied more than 13% over the past three months, leading the stock to trade at a valuation that the firm thinks is not justified.

“We think expectations have once again settled too far ahead of reality: no strong evidence yet (in comps or margins) of meaningful and lasting fundamental improvements to the business,” analyst Andy Barish said, adding that the company has “some questionable strategic priorities.”

Shares of Starbuck are up just 0.6% year to date.

— Pia Singh

Grain elevators at the soybean processing facility at the Archer-Daniels-Midland Co. (ADM) West Plant in Decatur, Illinois, US, on Tuesday, Feb. 6, 2024.

Neeta Satam | Bloomberg | Getty Images

Archer-Daniels-Midland shares slid about 2% Thursday after President Donald Trump said that Coca-Cola has agreed to reformulate its drinks with real cane sugar in the U.S.

“I have been speaking to Coca-Cola about using REAL Cane Sugar in Coke in the United States, and they have agreed to do so. I’d like to thank all of those in authority at Coca-Cola,” Trump wrote in a Truth Social post published Wednesday.

“This will be a very good move by them — You’ll see. It’s just better!” the president added.

Shares of Archer-Daniels-Midland had tumbled as much as 6% in the premarket on the comments. Global ingredients provider Ingredion shares were recently about 4% lower, but that stock also fell as much as 7% before the market’s open.

— Sean Conlon

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

• PepsiCo — The snack and beverage company rose 3% following its second-quarter beat on both the top and bottom lines. Adjusted earnings came in at $2.12 per share on revenues of $22.73 billion, versus the $2.30 per share on revenue of $22.28 billion, according to LSEG.
• GE Aerospace — Shares of the jet engine maker ticked up about 1% after second-quarter results beat expectations. GE Aerospace reported $1.66 in adjusted earnings per share on $10.15 billion of adjusted revenue. Analysts were expecting $1.43 per share and $9.59 billion, according to FactSet. GE Aerospace also raised full-year guidance on several metrics.
• Taiwan Semiconductor Manufacturing — Shares of the chip manufacturer added 3.3% after the company’s second-quarter profit rose 61% from the year prior, hitting a record high and beating estimates.

For the full list, read here.

— Pia Singh

People shop at a Manhattan retail store on July 15, 2025 in New York City.

Spencer Platt | Getty Images

A couple key releases on Thursday are signaling good news for the U.S. economy.

Jobless claims are suggesting that the labor market remains strong. The figure for seasonally adjusted initial claims was 221,000 for the week ending July 12, marking a decrease of 7,000 from the previous week’s revised level, according to U.S. Department of Labor data.

Separately, retail sales in June rose more than expected.

Retail sales were up 0.6% from May, and up 3.5% from last year, according to data from the U.S. Census Bureau. That beat the 0.2% consensus estimate from Dow Jones. Sales excluding autos were also up 0.5% in the previous month, which also was better than the 0.3% estimate from economists polled by Dow Jones.

— Pia Singh

The future of three crypto bills in Congress remains uncertain after two days of House Republican infighting over the contents of the legislation and the process for moving it.

Late Wednesday night, the House GOP finally approved the rules of debate for the crypto bills and an adjacent Pentagon appropriations package, allowing consideration for the bills. The vote was the longest-ever in the House.

The three bills in question include one, the GENIUS Act, which passed the Senate in June, and two others that are moving through the House first: The CLARITY Act and a bill that would bar the Federal Reserve from establishing a central bank digital currency.

Bitcoin has been trading at all-time highs in recent days, fueled by optimism on the crypto legislation and the institutional buying of bitcoin exchange-traded funds (ETFs).

— Erin Doherty, Pia Singh

United Airlines planes at Denver International Airport in Denver, Colorado on Wednesday, July 2, 2025.

Aaron Ontiveroz | Denver Post | Getty Images

United Airlines shares dipped more than 1% in premarket trading after the company issued a new 2025 forecast.

The airline, which beat second-quarter earnings estimates, said it now expects to earn between $9 and $11 a share this year, down from a forecast earlier this year of between $11.50 and $13.50 a share. United Airlines’ third-quarter forecast was within the range of analysts’ expectations, meanwhile.

The company’s CEO said travel demand is picking up. “The world is less uncertain today than it was during the first six months of 2025 and that gives us confidence about a strong finish to the year,” CEO Scott Kirby said.

Shares of United Airlines are down about 8.9% this year, but have jumped roughly 20% over the past month. More on United Airlines’ quarterly results here.

— Pia Singh, Leslie Josephs

PepsiCo shares gained more than 1% after the snack and beverage giant posted second-quarter results that beat analyst expectations — even as demand in the U.S. fell.

The company earned an adjusted $2.12 per share on revenue of $22.73 billion. Analysts polled by LSEG expected a profit of $2.03 per share on revenue of $22.27 billion.

PEP 5-day chart

Asia-Pacific markets mostly ended the day higher Thursday.

Hong Kong’s Hang Seng Index closed flat at 24,498.95, while mainland China’s CSI 300 index increased by 0.68% to 4,034.49.

Japan’s Nikkei 225 benchmark added 0.6% to close at 39,901.19, while the broader Topix index rose 0.72% to 2,839.81.

Meanwhile, South Korea’s Kospi index moved up 0.19% to close at 3,192.29, while the small-cap Kosdaq advanced 0.74% to 818.27.

Australia’s S&P/ASX 200 benchmark ended the day 0.9% higher at 8,639.

Over in India, the 50-stock benchmark Nifty 50 was down 0.12%, while the Sensex index lost 0.25% as of 1.55 p.m. Indian Standard Time (4.25 a.m. ET).

— Amala Balakrishner

Eight of the 11 sectors in the S&P 500 closed higher on Wednesday.

The gains were led by the health-care sector, which added 1.22%. The energy sector was the laggard and fell 0.84%.

Eight of the sectors are negative on the week, again led to the downside by energy, down 3.35%. Tech stocks, up 1.29%, are currently the week’s best performers.

— Christopher Hayes, Lisa Kailai Han

U.S. President Donald Trump and U.S. Federal Reserve Chair Jerome Powell.

Win McNamee | Annabelle Gordon | Reuters

Expect a “mess” for markets if President Donald Trump were to dismiss Federal Reserve Chair Jerome Powell from his post, analysts at Wolfe Research said.

“We expect, as does everyone else, that it would be significantly negative for markets, likely driving both an equity selloff and a counterproductive spike in long-term yields,” Wolfe’s Tobin Marcus and Chutong Zhu said in a Wednesday note.

Wolfe modeled out several scenarios of how things may unfold if Trump were to fire Powell. Click here to read CNBC’s Dan Mangan’s coverage of Wolfe’s findings.

Wolfe issued its note in what was a volatile day for investors as stocks initially tumbled after a White House official said that Trump “likely will soon” fire Powell, leading the Dow Industrials to fall more than 260 points at its session low. The major averages rebounded and ultimately closed higher after Trump later said he was “not planning on doing it,” but noted that he does not “rule out anything.”

—Darla Mercado

These are the stocks moving the most in extended-hours trading:

United Airlines — Shares fell nearly 2% after the airline carrier posted a second-quarter revenue of $15.24 billion, missing analysts’ expectations of $15.35 billion, according to LSEG.

Sarepta Therapeutics — The biopharma stock soared 32% after the company announced a “strategic restructuring” plan that involved a 36% workforce reduction, or around 500 employees.

Monarch Casino & Resort — Shares popped 15% after the casino operator reported second-quarter earnings of $1.44 per share, up about 21% from the year-ago period.

Read the full list of stocks moving here.

— Lisa Kailai Han