U.S. stocks rose on Thursday, while oil prices declined, with traders looking to recover after the Federal Reserve indicated the possibility of a rate hike this year — a move that sparked a sell-off in equities during the previous session.
The S&P 500 and Nasdaq Composite climbed 0.9% and 1.3%, respectively. The Dow Jones Industrial Average rose by 198 points, or 0.4%.
Intel led chip stocks higher, rising 9% after President Donald Trump said the company will partner with Apple on designing chips in the U.S. Fellow semiconductor names such as Nvidia and Micron Technology were also higher by more than 1% and around 6%, respectively. The iShares Semiconductor ETF (SOXX) jumped more than 5%.
Meanwhile, oil prices dropped after Trump on Wednesday signed a memorandum of understanding with Iranian President Masoud Pezeshkian to end the Middle East conflict. Three supertankers from Saudi Arabia carrying 6 million barrels of oil have since moved through the key Strait of Hormuz passageway.
U.S. West Texas Intermediate futures shed 3% to around $74 per barrel, while international benchmark Brent crude futures lost almost 3% to trade at roughly $77.
“I believe oil prices will continue to moderate if the strait stays open and the 60-day hold becomes clear that it’s not going to be 60 days, it’s going to be longer,” said Robert Conzo, chief executive officer at The Wealth Alliance. “I think oil is going to do the work for the Fed and bring down inflation and help them moderate it,” he also said.
Wall Street sold off Wednesday after the Federal Reserve’s first meeting with Kevin Warsh as chairman raised worries about monetary policy going forward.
Policymakers’ “dot plot” revealed that nine out of 18 Fed officials now see interest rates increasing in 2026.
Complicating the forecast was Warsh’s decision to abstain from submitting a rate forecast. However, the chairman repeatedly emphasized the goal of achieving “price stability” during the press conference, exhibiting a tone seen as rather hawkish.
“There’s uncertainty, but I think underlying that uncertainty is some pretty positive forces moving forward,” Conzo added, citing strong earnings, the better-than-expected May jobs reading and recent upbeat retail sales figures as drivers.
Correction: An earlier version misstated the move in Brent crude oil futures.
Bank of America expects increase for Apple’s EPS
Bank of America analysts expect’s Apple’s F26E revenue and EPS estimates to increase to $469.8 billion and $8.63, respectively, from $468.7 billion and $8.61. Price objective will remain unchanged at $380, they added.
This comes after CEO Tim Cook told the Wall Street Journal that Apple will be raising its pricing because of memory chip shortage.
“With CEO Cook confirming the pricing lever and the continued rise in memory pricing, we raise pricing by an additional $100 on the Pro and Pro-Max models,” they wrote.
— Ananya Chetia
UBS downgrades Jefferies Financial Group to neutral from buy
UBS downgraded Jefferies Financial Group to neutral from buy, despite a strong performance this quarter. Analyst Michael Brown did adjust his price target to $67 from $59, implying an upside of 8% from Wednesday’s close.
Brown noted that most of the good news has already been accounted for in the stock price and expects sponsor-driven M&A activity to remain slow, and the open-market share purchases from Sumitomo Mitsui Banking Corporation appear largely done.
“[W]e see limited upside to consensus’ advisory estimates, especially given high growth baked in and the stubbornly gradual pace of sponsor-driven M&A activity,” he said in a note. “In addition, a key near-term catalyst—open-market share purchases from SMBC—appears largely done.”
Brown noted that their position can change if Jefferies has sustainable execution without hiccups, faster sponsor activity, a successful non-core wind-down and better comp leverage.
Jefferies has risen 51% this quarter. However, the stock is up nearly 1% for the year.
— Assiatou Hann
Intel is getting a brand upgrade from Apple deal, says Deepwater
Intel shares were surging nearly 7% in morning trading on Thursday following an announcement by President Trump that the chipmaker is partnering with Apple to semiconductors in the U.S.
Gene Munster, managing partner at Deepwater Asset Management, told CNBC the partnership amounts to a sort of promotion for Intel from the second tier to the top tier of U.S. tech companies.
“Companies [like Apple, Nvidia and Google] have largely looked down at Intel over the years and that narrative has been changing,” he said. “The reason why Intel’s seeing this pop is it is more of an endorsement that Intel is officially back at the real table, back [to being] considered a real tech company.”
— Tobias Burns
Stocks open higher Thursday
The three leading U.S. indexes began Thursday’s session in the green.
The S&P 500 rose 1.2% shortly after the opening bell, while the Nasdaq Composite gained 1.6%. The Dow Jones Industrial Average increased 438 points, or 0.9%.
— Sean Conlon
Dollar hits highest level in over a year in wake of hawkish Fed meeting
The dollar index hit a high of 100.725 on Thursday — its highest level since May 19, 2025 — as investors react to the Federal Reserve signaling Wednesday that interest rates could rise this year.
The U.S. dollar also hit a high of 160.89 against the yen. That’s its highest level since July 11, 2024.
— Nick Wells and Sean Conlon
Jobless claims nudge up; Philly Fed manufacturing gauge jumps
Initial unemployment claims edged higher last week but were close to consensus, the Labor Department reported Thursday.
First-time filings totaled a seasonally adjusted 226,000 for the week ended June 13, up 4,000 from the prior period but just above the Dow Jones consensus for 225,000. Continuing claims, which run a week behind, edged higher to 1.81 million.
In other economic news, factory activity in the Philadelphia area was a bit stronger than expected in June, according to the regional Federal Reserve bank.
The Philadelphia Fed manufacturing index climbed to 10.3 for the month, up from -0.4 in May and better than the Wall Street estimate for 9.8. The employment gauge jumped to 7.9 from -2.8, while prices indexes were little changed. New and unfilled orders as well as shipments all posted strong increases.
— Jeff Cox
Pfizer, Accenture and Carnival among the stocks moving in premarket trading
Here are some of the names moving before the opening bell:
- Pfizer — The pharma giant shed 1.5% after it said CFO Dave Denton would step down from his role on Aug. 15. The company named senior vice president of finance Cecile Guegan as interim finance chief.
- Accenture — The global professional services company tumbled 13.4% after it agreed to acquire asset intelligence company runZero and device and software supply chain security company Netrise, as well as a majority stake in cybersecurity company Dragos. The combined deal is valued at approximately $4.175 billion.
- Cruise operators — Falling oil prices pushed shares of cruise operators higher. Carnival, Royal Caribbean and Norwegian Cruise Line all advanced roughly 2%.
Read the full list here.
— Michelle Fox
SpaceX shares fall
SpaceX shares fell more than 1% in the premarket on Thursday, after sliding nearly 5% in the previous session. The stock remains higher by more than 19% this week.
— Sarah Min
Intel surges on Trump post
Intel surged 9% in the premarket after President Donald Trump said the company will partner with Apple on designing chips in the U.S.
“Stupid Presidents took our Economy for granted, and let Taiwan and others steal our Semiconductor Factories,” Trump said in a post on Truth Social. “Apple has agreed to work with Intel to design and build its Chips in America.”
Read more here.
— Fred Imbert
Gas prices fall below $4 in the U.S. for the first time since March 30
The average price for regular gas fell to $3.999 per gallon, according to AAA, marking the first time since March 30 that it breaks below $4. Prices have also fallen for 28 days in a row, marking the longest streak of declines since November 2023.
— Nick Wells and Fred Imbert
Switzerland’s central bank leaves interest rate unchanged at 0%
The Swiss National Bank kept its main policy rate unchanged 0% on Thursday, in a move that was widely anticipated by markets.
The SNB said that inflation has ticked higher since its last monetary policy statement, increasing to 0.6% in May from 0.1% in February, mainly due to elevated energy costs following the Middle East conflict.
But medium-term inflationary pressure remains “virtually unchanged” in that time, the central bank said in a statement.
The Swiss franc was down 0.03% against the dollar at 0.79 around 8:55 a.m. in London (3:55 a.m. E.T.)
Looking ahead, the SNB said the key risk for Switzerland’s economic outlook remains the global economic situation, highlighting both U.S. trade policy and Middle East uncertainty.
“The upward pressure on the Swiss franc could also increase again,” it noted.
— Hugh Leask
Asia-Pacific markets close mostly higher; Kospi and Nikkei 225 hit new highs
Asia-Pacific markets closed mixed Thursday, with South Korea’s Kospi and Japan’s Nikkei 225 jumping to fresh record highs.
The Kospi rose 2.3% to 9,063.84, with index heavyweight SK Hynix advancing 6.51% to notch a fresh high, while Samsung Electronics rose 4.62%. The small-cap Kosdaq index declined over 3%.
Japan’s Nikkei 225 rose 1.65% to close at a record 71,053.49, while the Topix was up 1.37%. Australia’s benchmark S&P/ASX 200 slid 0.62% to end the trading day at 8,911.1.
Hong Kong’s Hang Seng index fell 1.6% to 23,924.8, while mainland China’s CSI 300 added 0.21% to 4,941.60.
— Lee Ying Shan
Stoxx 600 opens lower ahead of central bank interest rate decisions
European stock markets opened Thursday’s trading session in mixed territory.
The pan-European Stoxx 600 was 0.1% lower shortly after 8:00 a.m. in London (3:05 a.m. E.T.). Most regional sectors slipped into the red, but a majority of bourses edged higher.
In London, the U.K.’s FTSE 100 was 0.65% lower, while in Paris, the French CAC 40 was up 0.03%. In Frankfurt, Germany’s DAX rose 0.27%. The Italian FTSE MIB added 0.18% in Milan.
Industrials led gains with a 0.46% rise in early trade, while telecoms were up 0.27%.
Interest rate decisions from the Bank of England and the Swiss National Bank are due later. The BoE’s rates-setting Monetary Policy Committee is expected to leave its key interest rate unchanged at 3.75%, while the SNB is also set to hold its rate steady at 0%.
— Hugh Leask
U.K. unemployment rate falls slightly to 4.9%
The U.K. unemployment rate dropped slightly to 4.9% in the three months to April, from 5% in March, official data published Thursday showed.
Economists polled by Reuters had expected the unemployment rate to hold at 5%.
The latest jobless data release from the U.K.’s Office for National Statistics comes comes ahead of the Bank of England’s latest interest rates decision, due 12 p.m. London time on Thursday. The BoE’s rates-setting Monetary Policy Committee is expected to hold rates steady at 3.75%.
The 5% figure for the three months to March was a surprise increase from 4.9% in February.
— Hugh Leask
Wall Street banks and foreign borrowers are rushing to tap China’s cheap money
Foreign governments, Wall Street banks and multinational companies are flocking to China’s domestic bond market as some of the world’s cheapest borrowing costs turn the yuan into an increasingly attractive funding currency.
The yuan-denominated bonds, also known as panda bonds, are sold by overseas issuers in China’s onshore market and have become a major beneficiary of Beijing’s push to internationalize its currency amid a widening gap between Chinese and Western interest rates.
Issuance has accelerated sharply this year, with sovereign borrowers including Kazakhstan and Pakistan joining global financial institutions such as Morgan Stanley and Deutsche Bank, as well as multinational firms including Volkswagen and Henkel. Deutsche Bank, as recently as late May, announced that it raised 3.5 billion yuan ($518 million) through a heavily oversubscribed three- and five-year panda bond offering.
Read the full story here.
— Lee Ying Shan
Nvidia supplier SK Hynix shares jump as it ships next-gen HBM4E samples
South Korea’s SK Hynix jumped over 3% to a fresh record high after the chipmaker announced it has supplied samples of its 12-layer HBM4E memory chip to key customers.
SK Hynix said in a statement said the next-generation product delivers data transfer speeds of up to 16 gigabits per second per pin and improves power efficiency by more than 20% from previous models.
The South Korean chipmaker is a key HBM supplier to Nvidia.
— Lee Ying Shan
Asia markets open higher, Nikkei 225 and Kospi climbs to another record high
Asia-Pacific markets opened broadly higher, with South Korea’s Kospi and Japan’s Nikkei 225 edging higher to fresh records.
The Kospi rose 0.89%. Index heavyweight SK Hynix advanced 3.45% to notch a fresh high, while Samsung Electronics rose 1.23%. The small-cap Kosdaq declined 0.5%.
Australia’s benchmark S&P/ASX 200 was flat.
Japan’s Nikkei 225 traded 1.35% higher to rise above 71,000 for the first time, while the Topix was up 1.27%.
Hong Kong Hang Seng index futures were last at 24,510, higher than the index’s prior close of 24,493.95.
— Lee Ying Shan
All 11 GICS sectors fall on Wednesday
Stocks fell across the board on Wednesday, with all 11 of the GICS sectors ultimately ending lower.
Leading the losses was the communication services sector, which fell 2.98%. This was followed by the consumer discretionary and real estate sectors, which respectively lost 2.69% and 2.47%.
On the other hand, industrials stocks, which shed a mere 0.12%, was the day’s best-performing sector.
— Lisa Kailai Han
Wednesday marked worst ‘Fed day’ S&P 500 performance under a new chair since 1994
The S&P 500 shed 1.21% on Wednesday, with losses steepening during and after Kevin Warsh’s inaugural press conference as chairman of the Federal Reserve.
That marked the worst performance for the index on the first “Fed day” under a new chair since 1994, according to date from Bespoke Investment Group.
To be sure, only three other new Fed leaders have been named in that timespan: Ben Bernanke, Jerome Powell and Janet Yellen.
Read the full story here.
— Alex Harring and Lisa Kailai Han
Asia markets set for mixed open after Fed’s Warsh unveils central bank overhaul
Asia-Pacific markets looked poised for a mixed start on Thursday after Federal Reserve Chairman Kevin Warsh used his first press conference to unveil a broad review of the central bank’s operations.
Japan’s Nikkei 225 was set to jump, with the Chicago futures contract at 70,825 and its Osaka counterpart last trading at 69,980, compared with the index’s previous close of 69,902.25.
Hong Kong’s Hang Seng index futures were last at 24,200, lower than the index’s last close of 24,312.16.
Futures for Australia’s S&P/ASX 200 traded at 8,909, while the index closed at 8,966.3.
Warsh said the Fed would create five dedicated task forces focused on communications, balance-sheet management, data usage, productivity and employment, as well as the central bank’s approach to inflation targeting.
— Lee Ying Shan
