Traders work on the floor of the New York Stock Exchange on July 23, 2025 in New York City.
Spencer Platt | Getty Images
The S&P 500 and the Nasdaq Composite ticked higher on Thursday after Alphabet’s latest quarterly results came in better than expected.
The broad market index traded up by 0.3%, as did the tech-heavy Nasdaq. The Dow Jones Industrial Average fell 144 points, or 0.3%, bogged down by shares of IBM slipping 8% after its second-quarter software revenue missed expectations.
Both the S&P 500 and the Nasdaq had scored new intraday all-time highs earlier in the session, bolstered by a 1.5% move higher in Alphabet shares after the Google parent posted a second-quarter earnings and revenue beat.
“Given the size and influence of big tech and [artificial intelligence], I think the Alphabet results were a nice little tailwind for a market that’s constantly asking the question of whether all the AI spend is going to have have solid [return on investment] or whether this can continue,” Ross Mayfield, investment strategist at Baird, said to CNBC. “At least at the beginning of earnings season here, Alphabet provided a nice data point that the answer is positive.”
Along with IBM, gains were kept in check by declines in Tesla, which fell 8% after auto revenue fell for a second straight quarter.
Investors also turned their attention to the ongoing feud between President Donald Trump and the Federal Reserve. The White House said that President Donald Trump will visit the Fed on Thursday, escalating his pressure campaign against Chairman Jerome Powell.
This is the first time in nearly two decades that an American president will make an official trip to the central bank.
The market is coming off a strong performance Wednesday, fueled by progress on trade talks, as the S&P 500 hit its 12th record close of the year and the Nasdaq Composite settled above 21,000 for the first time.
Stocks were also helped by a Financial Times report that the U.S. was inching closer to a trade deal with the European Union. Bloomberg confirmed the progress, citing diplomats briefed on the talks. This trade deal would raise tariffs to 15% on imports from the EU.
“If the administration feels emboldened to come out on Aug. 1 and raise tariffs on any country we don’t have a deal with, that’s going to be a risk-off event,” Mayfield also said. “The market is expecting this to be resolved in a way that’s not ultra anti-growth.”
S&P 500 experiencing longest quiet streak in months
The S&P 500 is on pace for its 21st consecutive trading day without a move of 1% or more in either direction.
That matches the broad market index’s streak that was last seen in December.
S&P 500, month-to-date
— Adrian van Hauwermeiren, Sean Conlon
Trump says he wants Elon Musk’s companies to ‘THRIVE’
U.S. President Donald Trump and White House Senior Advisor, Tesla and SpaceX CEO Elon Musk sit in a Model S on the South Lawn of the White House on March 11, 2025 in Washington, DC.
Andrew Harnik | Getty Images News | Getty Images
President Donald Trump said he wanted billionaire entrepreneur Elon Musk to see his businesses succeed after Tesla’s earnings report came in weaker than analysts expected.
“Everyone is stating that I will destroy Elon’s companies by taking away some, if not all, of the large scale subsidies he receives from the U.S. Government,” Trump wrote in a Truth Social post published Thursday morning. “This is not so! I want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before!”
“The better they do, the better the USA does, and that’s good for all of us,” he added. “We are setting records every day, and I want to keep it that way!”
Trump’s statement follows recent clashes with Musk, who supported the president’s reelection bid and ran his controversial government efficiency initiative. Despite the comment, Tesla stock traded down more than 8% in morning trading.
Tesla, 1-day
— Alex Harring
Unitedhealth shares fall after it reveals DOJ Medicare billing probe
The logo of UnitedHealth appears on the side of one of its office buildings in Santa Ana, California, on April 13, 2020.
Mike Blake | Reuters
UNH, 1-day
The stock has been under pressure all year, with shares down 43% so far in 2025. In May, the Wall Street Journal reported the possibility of the Justice Department probe. Then, the paper reported in July that doctors told the Journal they felt pressure to submit claims in a way that would boost Medicare Advantage payments to the company.
UnitedHealth said in a filing with the Securities and Exchange Commission that it’s complying with both criminal and civil requests and has full confidence in its practices.
— Christina Cheddar Berk
S&P 500, Nasdaq open higher
The S&P 500 and the Nasdaq Composite traded up on Thursday morning, rising to fresh records.
The broad market index gained 0.2% shortly after 9:30 a.m. ET, and the Nasdaq climbed 0.4%.
Conversely, the Dow Jones Industrial Average fell 302 points, or 0.7%.
— Sean Conlon
Opendoor, Dow, Alphabet among the names making moves before the bell
Some stocks are making big moves in the premarket on Thursday:
- Meme stocks — These stocks once again are making attention-grabbing moves. Opendoor Technologies jumped 7%, while GoPro and Krispy Kreme each fell around 4%.
- Dow Inc. — The chemical company’s stock slid more than 10% after disappointing second-quarter results. Dow posted a loss of 42 cents per share, excluding items, on $10.1 billion in revenue, while analysts penciled in a loss of 17 cents a share and $10.23 billion, respectively, according to LSEG.
- Alphabet — Shares of the Google parent rose almost 4% on a stronger-than-anticipated earnings report. Alphabet earned $2.31 per share on $96.43 billion in revenue for the second quarter, surpassing respective expectations of $2.18 a share and $94 billion from analysts, according to LSEG.
Read the complete list of stocks here.
— Alex Harring
Jobless claims total 217,000, below forecast
Layoffs at U.S. companies remained low last week as initial filings for unemployment insurance edged down, the Labor Department reported Thursday.
Jobless claims totaled a seasonally adjusted 217,000 for the week ending July 19, down 4,000 from the prior period and short of the Dow Jones consensus estimate for 227,000.
Continuing claims, which run a week behind, also showed little change, up 4,000 to 1.955 million.
— Jeff Cox
Opendoor up again in meme rally, American Eagle getting love
American clothing and accessories retailer American Eagle store seen in Hong Kong.
Budrul Chukrut | Lightrocket | Getty Images
Shares of Opendoor jumped about 8% in premarket trading Thursday after two days of retreat. The real estate startup gained sudden fandom among retail traders, pushing the stock up more than 300% this month.
Other meme names that had been active were relatively tame. Wearable camera firm GoPro, doughnut maker Krispy Kreme and Kohl’s all traded slightly lower in premarket.
American Eagle Outfitters seems to be catching the meme wave, with shares skyrocketing 18% after the company unveiled a campaign with Sydney Sweeney.
— Yun Li
American Airlines falls on weak guidance
LOS ANGELES, CALIFORNIA – MARCH 30: An American Airlines Airbus A321 airplane departs Los Angeles International Airport en route to Orlando on March 30, 2025 in Los Angeles, California. (Photo by Kevin Carter/Getty Images)
Kevin Carter | Getty Images News | Getty Images
Shares of American Airlines dropped more than 6% in premarket trading on Thursday on the heels of the airline posting disappointing guidance.
For the third quarter, American forecasts an adjusted loss of between 10 cents and 60 cents per share. That’s compared to the consensus estimate of a loss of 7 cents per share, according to LSEG.
Additionally, the airline also reinstated its full-year outlook after withdrawing it back in April. The airline expects to post between an adjusted loss of as much as 20 cents per share to earnings of as much as 80 cents per share for 2025. That’s down from its adjusted earnings of $1.70 to $2.70 per share that it made in January.
AAL, 1-day
However, earnings and revenue for the second quarter topped analyst expectations.
— Leslie Josephs, Sean Conlon
Dow shares plummet after earnings miss
Jim Fitterling, CEO of Dow Chemical
Adam Jeffery | CNBC
Dow shares fell more than 7% in the premarket Thursday after the company’s second-quarter results missed analyst estimates on the top and bottom lines.
Dow reported a loss of 42 cents per share, below the loss of 17 cents per share that analysts surveyed by LSEG were expecting. The company’s revenue of $10.10 billion for the quarter also came up short, as analysts were looking for $10.23 billion.
DOW, 1-day
— Sean Conlon
Thursday earnings calendar preview
Stocks making the biggest moves after the bell: ServiceNow, IBM and more
Bill McDermott, CEO of ServiceNow, speaking on CNBC’s Squawk On The Street outside the World Economic Forum in Davos, Switzerland on Jan. 21st, 2025.
Gerry Miller | CNBC
Health-care sector posts best day since mid-May
Nine out of 11 S&P 500 sectors ended Wednesday’s trading in positive territory, led by health care.
Health care rose 2% in Wednesday’s trading for its best day since May 12. Thermo Fisher Scientific led the advance in the sector. The biotechnology stock jumped 9.1% after Thermo Fisher posted second-quarter results that topped Wall Street’s expectations.
Moderna and Centene also posted solid gains in the session, with both up nearly 6%.
—Darla Mercado
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