U.S. stocks closed modestly higher on Thursday as investors digested a mixed bag of earnings results, geopolitical developments around Iran, and rising Treasury yields. The session was choppy throughout, with a late-day push helping the major indexes finish in the green after spending much of the afternoon near the flatline.
What Moved Markets
The Dow Jones Industrial Average led the way, climbing 276 points to close at 50,285.66, a gain of 0.55%. The S&P 500 added 12.75 points to finish at 7,445.72, up 0.17%. The Nasdaq Composite barely squeaked out a gain, rising 0.09% to close at 26,293. The Russell 2000 was the standout performer, jumping roughly 1% as small caps benefited from easing geopolitical fears and rotation out of mega-cap tech names.
The primary driver of market sentiment was Nvidia’s fiscal first-quarter earnings report, released after Wednesday’s close. The AI chipmaker beat Wall Street estimates on both revenue and earnings and guided for $91 billion in revenue for the current quarter — well above consensus. It also announced an $80 billion share buyback authorization and hiked its quarterly dividend from 1 cent to 25 cents per share. Despite all that, Nvidia shares finished roughly flat on the day as investors struggled to find a reason to push the stock higher after its massive run. The AI trade, which had been the market’s primary engine for months, simply did not catch fire.
Oil prices pulled back modestly, with West Texas Intermediate crude slipping to $97.64 per barrel as diplomatic signals between the U.S. and Iran raised hopes for a de-escalation of the conflict. Iran said it was reviewing the Trump administration’s latest proposal, and President Trump indicated he was willing to wait a few more days for a response. A separate, unverified report suggesting a draft resolution was “near” briefly boosted stocks in the afternoon before being walked back.
Notable Movers
Walmart (WMT) dropped more than 6% after the retail giant reiterated its fiscal 2027 outlook, which had already disappointed investors last quarter. The company projected adjusted earnings per share of $2.75 to $2.85, below the $2.91 Wall Street estimate, and forecast net sales growth of 3.5% to 4.5% for the year. The guidance reinforced concerns about the consumer spending environment under elevated tariffs.
Intuit (INTU) tumbled nearly 14% after the TurboTax and QuickBooks parent announced it would cut roughly 17% of its workforce. While the company reported better-than-expected quarterly earnings, the scale of the layoffs rattled investors and raised questions about the company’s growth trajectory.
Applied Digital (APLD) surged more than 13% after unveiling a 15-year lease agreement with a U.S.-based hyperscaler for its Polaris Forge 3 AI factory campus, valued at approximately $7.5 billion in base-term contracted revenue. The deal pushed APLD’s total contracted lease revenue above $23 billion, transforming the company’s profile from speculative AI play to a firm with long-dated, high-visibility revenue.
Salesforce (CRM) fell more than 4%, while IBM (IBM) bucked the trend with a gain of nearly 4%.
Looking Ahead
Investors head into Friday with their eyes on the evolving Iran situation, which continues to be a wildcard for oil prices and broader risk sentiment. Any concrete progress — or breakdown — in negotiations could drive sharp moves in energy markets and equities alike. On the earnings front, results from Deere, Ross Stores, and other retailers will offer further clues on consumer health. Treasury yields remain elevated after a rough stretch for bonds, and any further backup in rates could pressure the growth and technology names that have driven the market’s gains this year. For now, the market appears to be in a holding pattern, waiting for a catalyst big enough to break it out of its recent range.