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The S&P 500 and Nasdaq Composite pulled back from fresh all-time intraday highs on Thursday.
The broad market index and the tech-heavy index each dropped 0.2%. At their highs of the day, the S&P 500 and the Nasdaq were up 0.2% and 0.1%, respectively. The Dow Jones Industrial Average also declined 159 points, or 0.3%.
Costco was one of the bright spots of the day, as shares gained 2% after the big-box retailer delivered solid September sales data. Delta Air Lines was another winner, jumping 5% on better-than-expected earnings.
The S&P 500 on Wednesday notched its eighth winning day of the last nine. The Nasdaq climbed more than 1% to end above the 23,000 mark for the first time ever.
The Dow, on the other hand, finished slightly below flat as blue-chip stocks lagged. But Nvidia helped the 30-stock index restrict losses, rising more than 2% after CEO Jensen Huang told CNBC that computing demand has “gone up substantially” this year.
“There are reasons to be optimistic ahead, but I wouldn’t be surprised to see some more volatility,” Kevin Mahn, investing chief at Hennion & Walsh Asset Management, said on CNBC’s “Closing Bell Overtime.” “When that volatility comes, money will come off the sidelines.”
There is no economic data releases of note on Thursday due to the ongoing government shutdown.
However, investors will monitor morning remarks from Federal Reserve Chair Jerome Powell at a community bank conference, as well as speeches from other Fed officials such as Michelle Bowman and Mary Daly throughout the day. These appearances come a day after the Fed released minutes for its most recent policy meeting showing divisions around what to do next with interest rates.
New York Fed’s Williams tells paper he supports lower interest rates
New York Federal Reserve Bank President John Williams speaks to Economic Club of New York, in New York City, U.S., May 30, 2024.
Andrew Kelly | Reuters
John Williams, who holds an influential policy position as president of the New York Federal Reserve, favors further interest rate cuts this year, though did not specify how many in a New York Times interview.
A permanent voting member on the Federal Open Market Committee, Williams said he would support “lower rates this year, but we’ll have to see exactly what that means.”
Like other Fed officials, he expressed concern over weakness in the labor market while noting “We still have our eye very much on inflation.”
The FOMC in September penciled in two more cuts this year — presumably one at each of the two remaining meetings — but there was a narrow division against those who see only one.
— Jeff Cox
Citi upgrades Tractor Supply Company to buy, hikes price target
Citi has upgraded Tractor Supply Company, according to an analyst note dated Thursday.
The investment firm upgraded the company to buy from hold. It hiked its price target for shares to $62 from $60.
“Big picture, TSCO is a defensive growth retailer not dependent upon a housing market recovery to return to algo growth and trading at a discount to the retail market share winners’ basket,” Citi analysts said in the note.
Tractor Supply shares have pulled back since last August. The stock is down nearly 6% over the past three months.
— Liz Napolitano
Gold holds above $4,000, silver hits record high
Gold bars of various sizes lie in a safe on a table at the precious metal dealer Pro Aurum.
Sven Hoppe | Picture Alliance | Getty Images
Gold prices held above $4,000 an ounce on Thursday as investors assessed the Israel-Hamas ceasefire deal, while broader geopolitical and economic uncertainty alongside expectations for U.S. rate cuts sustained bullish sentiment towards the metal.
Silver hit a record high, bolstered by gold’s record-breaking rally, growing investor demand and a supply deficit.
Spot gold was steady at $4,038.49 per ounce. U.S. gold futures for December delivery fell 0.3% to $4,057.80.
Silver was up 1.5% at $49.63 per ounce. The metal has gained over 70% this year, benefiting from the same factors as those driving gold’s rally as well as tightness in the spot market.
— Reuters
S&P 500, Nasdaq rise to record
The S&P 500 and Nasdaq Composite rose to fresh all-time intraday highs on Thursday morning.
The broad market S&P 500 jumped 0.2%, while the tech-heavy Nasdaq traded up about 0.1%. The Dow Jones Industrial Average also climbed 61 points, or 0.1%.
— Sean Conlon
Stock making the biggest moves premarket
Here are some of the names making moves before the bell:
- Ferrari — Shares dropped 12% after the luxury carmaker trimmed its electrification targets. Ferrari said it expects its 2030 sports car model line-up to include 20% fully electric vehicles. That’s down from its prior target of 40% EV sales by the end of the decade.
- MP Materials — The rare earth materials producer’s stock gained 4.2%. China said it tightened rare earth export controls ahead of a potential meeting between President Donald Trump and Chinese leader Xi Jinping. Meanwhile, BMO Capital Markets reinstated coverage at a market perform rating, calling MP the U.S.’ “rare earth champion” following a partnership with the Department of Defense.
- Oklo — The nuclear technology company added nearly 3% after Canaccord Genuity initiated coverage of the stock company with a Buy rating. The firm anticipates strong long-term demand for nuclear energy, with Oklo emerging as a leader.
To see more stocks moving in premarket trading, read the full story here.
— Michelle Fox
Powell speaks to community banking conference
Federal Reserve Chair Jerome Powell delivers opening remarks remotely at the Federal Reserve Board’s Community Bank Conference at the Federal Reserve Board headquarters in Washington, DC, on October 9, 2025.
Andrew Caballero-Reynolds | Afp | Getty Images
Federal Reserve Chair Jerome Powell delivered welcoming remarks Thursday to a community bank conference in Washington, D.C. However, the central bank chief did not touch on monetary policy.
In remarks delivered via recorded message, Powell noted that the Fed has “long been committed to tailoring our supervisory practices as appropriate for community banks to reduce unnecessary burden, while still ensuring that community banks continue to operate in a safe and sound manner.”
— Jeff Cox
Costco shares rise following latest sales data
Customers shop at a Costco Wholesale store on Jan. 31, 2025 in Chicago, Illinois.
Scott Olson | Getty Images
Shares of Costco rose more than 1% in the premarket on Thursday on the heels of the big-box retail giant reporting an increase in net sales for September and the first few days of October compared to a year ago.
For the five-week period ended Oct. 5, Costco saw $26.58 billion in net sales. That’s up 8% from the $24.62 billion it saw last year.
Additionally, total comparable sales saw a gain of 5.7%, with the U.S. specifically seeing a 5.1% rise in the period. Canada, meanwhile, had a 6.3% jump in comparable sales, and other international markets grew 8.5%.
COST, 1-day
— Sean Conlon
Baird initiates coverage of Oracle with a buy rating, says it’s a beneficiary of AI boom
Oracle could be still be poised to take advantage of the craze in artificial intelligence and generate big returns for investors, according to Baird.
The firm initiated coverage of the name with an outperform rating and set its price target at $365, which implies that shares could rise 27% from their Wednesday closing price. Analyst Rob Oliver pointed to Oracle’s strong positioning as an AI growth story.
“We view ORCL as very well positioned to benefit from the accelerating spend on AI infrastructure, and the convergence of AI, data and use-cases that will emerge from the move from training to inference,” the analyst wrote. CNBC Pro subscribers can read more here.
ORCL, 6-month
The move comes just days after a drop in Oracle shares weighed on the broader market following a report that the software company is seeing lighter margins on its cloud business and facing trouble renting out Nvidia chips.
Despite the recent pullback, the name has still seen a big run-up in shares over the last few months, with the stock soaring more than 106% in the last six.
— Lisa Kailai Han, Sean Conlon
Delta Air Lines rises on earnings beat, strong guidance
Delta Air Lines shares rose more than 5% after the company issued strong guidance and posted third-quarter results that beat analyst expectations.
The airline earned an adjusted $1.71 per share on revenue of $15.2 billion. Analysts expected by LSEG expected a profit of $1.53 per share on revenue of $15.06 billion. Delta also issued fourth-quarter earnings guidance that exceeded estimates.
— Fred Imbert
Akero Therapeutics rallies on Novo Nordisk acquisition
Akero Therapeutics shares rallied nearly 20% after the biopharma company announced it would be acquired by Novo Nordisk for $54 per share, or $4.7 billion, in cash.
Akero makes drugs aimed at treating metabolic dysfunction-associated steatohepatitis, or MASH. Its efruxifermin drug, EFX, is in phase 3 trials.
“If approved, we believe it could become a cornerstone therapy, alone or together with Wegovy (semaglutide), to tackle one of the fastest-growing metabolic diseases of our time. This acquisition embodies Novo Nordisk’s relentless ambition to move faster, go further, and ultimately deliver on our commitment to pursue leadership in diabetes, obesity and their associated comorbidities,” Novo Nordisk CEO Mike Doustdar said in a statement.
Novo Nordisk shares fell nearly 2%.
— Fred Imbert
PepsiCo shares rise after earnings beat
Pepsi-Cola neon sign at Gantry Plaza State Park in New York, United States of America, on July 4th, 2024.
Beata Zawrzel | Nurphoto | Getty Images
PepsiCo shares rose in the premarket after the snacks and beverage giant reported third-quarter results that beat analyst expectations.
The company earned an adjusted $2.29 per share on revenue of $23.94 billion. Analysts expected a profit of $2.26 per share on revenue of $23.83 billion, according to LSEG.
The stock was last up about 1%.
PEP 5-day chart
— Fred Imbert
Gold still exposed to potential macro headwinds, says BCA
UK gold bars and gold Sovereign coins are displayed at Baird & Co in Hatton Garden in London, Britain, Oct. 8, 2025.
Hiba Kola | Reuters
BCA Research strategists noted that, while gold’s rally to record highs appears unstoppable, the metal could still take a hit due to macro headwinds.
“Gold’s decisive break above $4,000/oz … reinforces the structural bull case driven by persistent central bank demand and mounting fiscal concerns globally,” they said in a note to clients. “These structural forces have overwhelmed the yellow metal’s historically inverse relationship with real yields and the greenback.”
“However, when adjusted for its long-term appreciation trend, gold price still exhibits a clear inverse sensitivity to real rates and the USD, confirming that cyclical factors continue to shape near-term volatility. This pattern highlights that while gold’s structural uptrend remains intact, tactical corrections are likely when real rates firm or the dollar strengthens,” they added.
Gold futures are up more than 53% year to date.
Gold futures year to date
— Fred Imbert
Bassett Furniture shares slide following earnings report
Bassett Furniture Industries fell nearly 2% in extended trading on Wednesday despite showing an improvement in earnings from a year ago.
The company earned 9 cents per share on $80.1 million in revenue for the third quarter. In the same period a year prior, Bassett lost 52 cents a share and saw revenue of $75.6 million.
Bassett shares rallied 5.7% in Wedneday’s session as the report loomed. The stock is up more than 21% in 2025.
— Alex Harring
Stock futures are little changed
Dow, S&P 500 and Nasdaq 100 futures were all near flat shortly after 6 p.m. ET.
— Alex Harring
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