Stock market today: Dow, S&P 500, Nasdaq waver as Nvidia milestone, Trump tariffs vie for focus

Yahoo

10-07-2025

US stocks were mixed on Thursday, putting a Nvidia-fueled (NVDA) rally on pause as Wall Street weighed Delta's (DAL) upbeat earnings amid fresh tariff threats from President Trump.
The Dow Jones Industrial Average (^DJI) rose 0.5% on the heels of a winning day for the major gauges. Meanwhile, the S&P 500 (^GSPC) added 0.1%, and the tech-heavy Nasdaq Composite (^IXIC) fell 0.2% after notching a record high in the prior session.
Markets are regrouping after Trump's latest salvos on tariffs, which have done little to sap the ebullient mood that has pervaded for more than two months. After Wednesday's market close, Trump issued his most stringent threat yet, threatening Brazil with rates of 50% on its imports.
Before the bell, Delta (DAL) kicked off second quarter earnings season with its report, in high focus after the airline pulled its guidance last quarter due to Trump's trade moves. Its profit and revenue narrowly beat Wall Street expectations, and its shares jumped 12%. At the same time, and carrier restored its earnings outlook, citing "greater clarity" as trade deals get done.
Market focus remains on potential trade pacts with bigger US trading partners, such as the EU, India, and Canada. While Trump has said a pact with India is close, the odds have narrowed after he warned of an extra 10% tariff on BRICS members.
Read more: The latest on Trump's tariffs
Amping up the pressure for deals, Trump has sent 22 letters to the heads of countries this week. Each has a similar formula, dictating the tariff rates he says will apply to their imports starting Aug. 1.
Meanwhile, eyes are back on prospects for AI after the Nasdaq Composite clinched a new record close on Wednesday, thanks in large part to a continued surge from Nvidia. The chipmaker's stock rose early on Thursday, set to build on an all-time closing high hit after Nvidia became the first public company to cross a market value of over $4 trillion.
In other news, jobless claims for the week ending July 5 were 227,000, a 5,000 decline from the previous week's revised level. The update comes as investors look for signs of how quickly the labor market is cooling as an indication of when the Federal Reserve will move to cut rates. Few Fed policymakers were open to a July start to lowering rates at their June meeting, according to minutes released on Wednesday.
Yahoo Finance's Brooke DiPalma reports:
Read more here.
New government data showed that weekly jobless claims unexpectedly fell during the week ended July 5. But a deeper look shows a more mixed picture.
Initial jobless claims came in at 227,000, a decline of 5,000 from the previous week's revised level. Analysts were expecting 235,000 claims, per Reuters. Meanwhile, continuing claims, which lag the headline data by a week, ticked up to 1.97 million.
Investors have been closely watching labor market data for clues on when the Fed could next cut interest rates. The central bank is weighing its dual mandate of price stability versus full employment. While the labor market doesn't appear to be cooling significantly yet, some cracks have emerged.
As of Thursday morning, investors were placing a 93% chance on the Fed holding rates steady at its July meeting. The probability of that scenario was 30% for its September meeting.
Ramaco Resources stock (METC) surged more than 27% in early trading on Thursday after the Fluor Corporation (FLR) confirmed large rare earth element deposits at Ramaco's Brook Mine in Wyoming.
According to Fluor's assessment, the rare earth deposits at Brook Mine are not only abundant but also economically viable, per FreightWaves. Rare earths are used in many products, from electric vehicles to military systems.
The feasibility of this mine marks a strategic pivot for the Kentucky-based Ramaco, which was known for its coal-mining operations in Appalachia. It also positions Ramaco Resources as a key player in the lucrative rare earths market, which has been in focus as the US looks to reduce its dependency on foreign critical minerals and China, in particular, which controls roughly 85% of global rare earths production.
Read more here.
Stocks on Wall Street opened mostly flat as investors eyed trade developments with an Aug. 1 date for implementing tariff hikes looming.
Meanwhile, Nvidia (NVDA) shares were headed toward a new record after touching a $4 trillion market cap in the prior session.
The Dow Jones Industrial Average (^DJI) inched down 0.1%, while the S&P 500 (^GSPC) and the Nasdaq (^IXIC) were little changed.
US airline stocks rose across the board after Delta (DAL) — the first airline to report earnings for the June quarter — posted upbeat results.
United Airlines (UAL) gained 9.5% in premarket trading. American (AAL) rose nearly 9%. And Southwest (LUV) added 3.6%.
Delta sparked the rally after indicating that bookings had stabilized in the most recent quarter. The Atlanta-based airline had pulled its guidance amid a swirl of "Liberation Day" tariff uncertainty but now feels confident enough to reinstate that guidance, seeing adjusted earnings in the range of $5.25 a share to $6.25 a share.
Read more here.
US-listed shares of Brazilian firms fell in premarket trading on Thursday after President Trump warned on Wednesday that he was prepared to slap a 50% tariff on Brazilian goods starting Aug. 1. Previously, the US had signaled it would tax Brazilian imports at a more modest 10%.
"These Tariffs may be modified, upward or downward, depending on our relationship with your Country," Trump wrote in a letter, citing the trial of former president and Trump ally Jair Bolsonaro by Brazil's Supreme Court.
Brazil's state oil company Petrobras (PBR) dropped 2% while Brazil's largest bank, Itau Unibanco (ITUB), lost 3.5%. Banco Santander (SAN) also fell 2.7%.
The Brazilian real (BRLUSD=X) sank by as much as 2.4% against the US dollar following the escalating tensions.
As my colleague Jenny McCall noted below, coffee futures (KC=F) also climbed on the tariff news, as around a third of the coffee consumed in the US comes from Brazil. The country also exports significant quantities of orange juice to the US. Orange juice futures (OJ=F) spiked 6% on Thursday morning.
Read more here about the Brazilian markets.
Circle stock (CRCL) jumped 3% in premarket trading on news that the Jack Ma-backed Ant Group Co. is reportedly considering adopting its stablecoin on the Chinese fintech company's blockchain platform.
Bloomberg reported that Ant International, the company's global unit, is planning to incorporate Circle's USD coin (USDC-USD) on its blockchain platform after the asset becomes compliant in the US, according to people familiar with the matter. They did not give a timeline for when that might happen.
Ant Group is also seeking to apply for stablecoin licenses; it has reportedly processed more than $1 trillion in global transactions last year, a third of which were on the blockchain.
And Circle has been buoyed recently by increased optimism over the stablecoin regulatory environment. Circle stock is up over 500% since its IPO a little over a month ago.
Read more here.
Coffee futures (KC=F) rose on Thursday after President Trump threatened to slap a 50% tariff on Brazil, the world's largest producer. The news has shaken the industry and risks US consumers seeing a price surge.
The FT reports:
Read more here.
Taiwan Semiconductor Manufacturing Company's (TSM) revenue rose 39% last quarter, boosting expectations that AI spending remains robust.
Bloomberg reports that TSMC's sales to Nvidia (NVDA) and Apple (AAPL) reached roughly $32 billion for the June quarter, above expectations. Shares of TSMC advanced 0.88% in premarket trading.
More from Bloomberg:
Read more here.
Delta stock (DAL) soared more than 12% in premarket trading after the company's earnings topped Wall Street estimates and Delta reinstated its guidance for the year.
Delta CEO Ed Bastian told Yahoo Finance's Pras Subramanian that progress on trade deals and the approval of the tax deal were "helpful" in removing uncertainty for the airline.
Subramanian reports:
Read more here.
Earnings: Delta (DAL), Conagra Brands (CAG), Levi's (LEVI), WD-40 (WDFC)
Economic data: Initial jobless claims (week ending July 5); Continuing claims (week ending June 28)
Here are some of the biggest stories you may have missed overnight and early this morning:
Nvidia's real edge isn't just its products, but its customers
The early winner in the 'Dexit' war for corporate relocations: Nevada
Trump threatens to impose 50% tariff on Brazil
Nvidia stock set to rise after company becomes first to hit $4T
Kellogg stock soars 50% on report Ferrero buyout is near
Xi signals China may finally move to end deflationary price wars
Tesla to hold annual shareholder meeting in November
Nvidia's Huang to meet Chinese leaders while AI curbs deepen
MP Materials, Pentagon team up on rare earth magnets; stock jumps
Yahoo Finance's Alexis Keenan reports:
Read more here.
Yahoo Finance UK's LaToya Harding reports:
The FTSE 100 (^FTSE) hit a new all-time high on Thursday morning, while European stocks also advanced. The German Dax (^GDAXI) also touched a record, as traders shrugged off the threat of Donald Trump's escalating trade wars.
The US president confirmed overnight that a 50% copper tariff will come into place on 1 August, and announced a 50% tariff on goods from Brazil. ...
The Brazilian Real weakened by 2.29% against the US dollar on the back of the news, its biggest decline since 4 April, but mining stocks rallied in London, signalling that investors are not concerned about the new tariffs. ...
Read more on UK and Europe markets here.
Here are some top stocks trending on Yahoo Finance in premarket trading:
Freeport-McMoRan (FCX) shares rose over 3% before the bell on Thursday after President Trump said he would impose 50% tariffs on copper.
Southern Copper Corporation (SCCO) stock was also up almost 4% in premarket trading following Trump's announcement that he would hit copper imports with a 50% tariff.
Ultragenyx Pharmaceutical Inc. (RARE) stock fell over 20% after announcing that the US FDA had granted Breakthrough Therapy Designation for GTX-102 as a treatment for Angelman syndrome.
Dollar Tree (DLTR) rose 2% before the bell following the news that that its board authorized a $2.5 billion share buyback plan.
Some analyst calls that caught my eye this morning as the Street preps for yet another earnings season.
Advanced Micro Devices (AMD)
HSBC analyst Ryan Mellor drops an upgrade on AMD (AMD) to Buy.
Says Mellor: "Turning bullish on new product pipeline. We now believe there could be significant upside to FY26 estimated AI revenue as our revised forecast of USD15.1 billion is now 57% above consensus forecasts of USD9.6 billion driven by a higher-than-expected pricing premium of its recent MI350 series launch. We are also encouraged by its MI400 rack architecture (to be launched in 2026) but it remains too early to quantify. Hence, we now expect that upside to FY26 estimated AI revenue will lead to higher re-rating to AMD that is not fully priced in by the market despite the 14% share price rally post its AI day event (12 June).
PepsiCo (PEP)
JP Morgan analyst Andrea Teixeira is cautious on PepsiCo (PEP) going into its July 17 earnings report.
Says Teixeira"We believe expectations are for another soft quarter for PEP as consumption trends in the U.S. deteriorated in the quarter for both PFNA and PBNA segments, while International should remain relatively solid with some puts and takes. We don't envision a substantial change to underlying guidance at this point following the cut to EPS with 1Q25 and a low enough bar for OSG, although USD softening could provide some relief to reported results. To date, PEP's initiatives to turn around the snacking business have disappointed with tracked channel trends remaining under pressure, and with more time elapsing from shelf resets and price portioning and pack size adjustments (to lower absolute price points), if the company doesn't begin to show signs of improving trends near term (i.e., getting less bad against easing comparisons) there could be a need for more meaningful investment."
The maker of Nutella and Ferrero Rocher, Ferrero, is reportedly close to finalizing a deal to acquire WK Kellogg Co. (KLG) for a roughly $3 billion dollar price tag, per the WSJ. The stock soared in after-hours trading following the report, up over 50%.
As of Wednesday's market close, the company had a market cap of roughly $1.5 billion.
The cereal maker, behind brands like Froot Loops and Frosted Flakes, has been under pressure lately as consumers crave less breakfast food. Over the course of four weeks, ending June 29, cereal category sales fell 1.8% "in line with the trend from recent months," Stifel analyst Matthew Smith wrote in a note to clients. For WK Kellogg in particular, dollar sales were down 5.7% in that same time frame.
It could get even worse when compared to the highs of the pandemic, per Smith. He said that "cereal sales had been running down -1.5% or so, we believe the volumes are likely to continue to move towards the historical decline rate."
"The category is holding in and it's shifting ... we will shift with it," CEO Gary Pilnick told investors on its recent earnings call, "as consumers are looking for value, they're looking for health and wellness... No matter what the combination is, the cereal category is a tremendous destination for those consumers."
WK Kellogg did not respond to a request for comment.
Yahoo Finance's Brooke DiPalma reports:
Read more here.
New government data showed that weekly jobless claims unexpectedly fell during the week ended July 5. But a deeper look shows a more mixed picture.
Initial jobless claims came in at 227,000, a decline of 5,000 from the previous week's revised level. Analysts were expecting 235,000 claims, per Reuters. Meanwhile, continuing claims, which lag the headline data by a week, ticked up to 1.97 million.
Investors have been closely watching labor market data for clues on when the Fed could next cut interest rates. The central bank is weighing its dual mandate of price stability versus full employment. While the labor market doesn't appear to be cooling significantly yet, some cracks have emerged.
As of Thursday morning, investors were placing a 93% chance on the Fed holding rates steady at its July meeting. The probability of that scenario was 30% for its September meeting.
Ramaco Resources stock (METC) surged more than 27% in early trading on Thursday after the Fluor Corporation (FLR) confirmed large rare earth element deposits at Ramaco's Brook Mine in Wyoming.
According to Fluor's assessment, the rare earth deposits at Brook Mine are not only abundant but also economically viable, per FreightWaves. Rare earths are used in many products, from electric vehicles to military systems.
The feasibility of this mine marks a strategic pivot for the Kentucky-based Ramaco, which was known for its coal-mining operations in Appalachia. It also positions Ramaco Resources as a key player in the lucrative rare earths market, which has been in focus as the US looks to reduce its dependency on foreign critical minerals and China, in particular, which controls roughly 85% of global rare earths production.
Read more here.
Stocks on Wall Street opened mostly flat as investors eyed trade developments with an Aug. 1 date for implementing tariff hikes looming.
Meanwhile, Nvidia (NVDA) shares were headed toward a new record after touching a $4 trillion market cap in the prior session.
The Dow Jones Industrial Average (^DJI) inched down 0.1%, while the S&P 500 (^GSPC) and the Nasdaq (^IXIC) were little changed.
US airline stocks rose across the board after Delta (DAL) — the first airline to report earnings for the June quarter — posted upbeat results.
United Airlines (UAL) gained 9.5% in premarket trading. American (AAL) rose nearly 9%. And Southwest (LUV) added 3.6%.
Delta sparked the rally after indicating that bookings had stabilized in the most recent quarter. The Atlanta-based airline had pulled its guidance amid a swirl of "Liberation Day" tariff uncertainty but now feels confident enough to reinstate that guidance, seeing adjusted earnings in the range of $5.25 a share to $6.25 a share.
Read more here.
US-listed shares of Brazilian firms fell in premarket trading on Thursday after President Trump warned on Wednesday that he was prepared to slap a 50% tariff on Brazilian goods starting Aug. 1. Previously, the US had signaled it would tax Brazilian imports at a more modest 10%.
"These Tariffs may be modified, upward or downward, depending on our relationship with your Country," Trump wrote in a letter, citing the trial of former president and Trump ally Jair Bolsonaro by Brazil's Supreme Court.
Brazil's state oil company Petrobras (PBR) dropped 2% while Brazil's largest bank, Itau Unibanco (ITUB), lost 3.5%. Banco Santander (SAN) also fell 2.7%.
The Brazilian real (BRLUSD=X) sank by as much as 2.4% against the US dollar following the escalating tensions.
As my colleague Jenny McCall noted below, coffee futures (KC=F) also climbed on the tariff news, as around a third of the coffee consumed in the US comes from Brazil. The country also exports significant quantities of orange juice to the US. Orange juice futures (OJ=F) spiked 6% on Thursday morning.
Read more here about the Brazilian markets.
Circle stock (CRCL) jumped 3% in premarket trading on news that the Jack Ma-backed Ant Group Co. is reportedly considering adopting its stablecoin on the Chinese fintech company's blockchain platform.
Bloomberg reported that Ant International, the company's global unit, is planning to incorporate Circle's USD coin (USDC-USD) on its blockchain platform after the asset becomes compliant in the US, according to people familiar with the matter. They did not give a timeline for when that might happen.
Ant Group is also seeking to apply for stablecoin licenses; it has reportedly processed more than $1 trillion in global transactions last year, a third of which were on the blockchain.
And Circle has been buoyed recently by increased optimism over the stablecoin regulatory environment. Circle stock is up over 500% since its IPO a little over a month ago.
Read more here.
Coffee futures (KC=F) rose on Thursday after President Trump threatened to slap a 50% tariff on Brazil, the world's largest producer. The news has shaken the industry and risks US consumers seeing a price surge.
The FT reports:
Read more here.
Taiwan Semiconductor Manufacturing Company's (TSM) revenue rose 39% last quarter, boosting expectations that AI spending remains robust.
Bloomberg reports that TSMC's sales to Nvidia (NVDA) and Apple (AAPL) reached roughly $32 billion for the June quarter, above expectations. Shares of TSMC advanced 0.88% in premarket trading.
More from Bloomberg:
Read more here.
Delta stock (DAL) soared more than 12% in premarket trading after the company's earnings topped Wall Street estimates and Delta reinstated its guidance for the year.
Delta CEO Ed Bastian told Yahoo Finance's Pras Subramanian that progress on trade deals and the approval of the tax deal were "helpful" in removing uncertainty for the airline.
Subramanian reports:
Read more here.
Earnings: Delta (DAL), Conagra Brands (CAG), Levi's (LEVI), WD-40 (WDFC)
Economic data: Initial jobless claims (week ending July 5); Continuing claims (week ending June 28)
Here are some of the biggest stories you may have missed overnight and early this morning:
Nvidia's real edge isn't just its products, but its customers
The early winner in the 'Dexit' war for corporate relocations: Nevada
Trump threatens to impose 50% tariff on Brazil
Nvidia stock set to rise after company becomes first to hit $4T
Kellogg stock soars 50% on report Ferrero buyout is near
Xi signals China may finally move to end deflationary price wars
Tesla to hold annual shareholder meeting in November
Nvidia's Huang to meet Chinese leaders while AI curbs deepen
MP Materials, Pentagon team up on rare earth magnets; stock jumps
Yahoo Finance's Alexis Keenan reports:
Read more here.
Yahoo Finance UK's LaToya Harding reports:
The FTSE 100 (^FTSE) hit a new all-time high on Thursday morning, while European stocks also advanced. The German Dax (^GDAXI) also touched a record, as traders shrugged off the threat of Donald Trump's escalating trade wars.
The US president confirmed overnight that a 50% copper tariff will come into place on 1 August, and announced a 50% tariff on goods from Brazil. ...
The Brazilian Real weakened by 2.29% against the US dollar on the back of the news, its biggest decline since 4 April, but mining stocks rallied in London, signalling that investors are not concerned about the new tariffs. ...
Read more on UK and Europe markets here.
Here are some top stocks trending on Yahoo Finance in premarket trading:
Freeport-McMoRan (FCX) shares rose over 3% before the bell on Thursday after President Trump said he would impose 50% tariffs on copper.
Southern Copper Corporation (SCCO) stock was also up almost 4% in premarket trading following Trump's announcement that he would hit copper imports with a 50% tariff.
Ultragenyx Pharmaceutical Inc. (RARE) stock fell over 20% after announcing that the US FDA had granted Breakthrough Therapy Designation for GTX-102 as a treatment for Angelman syndrome.
Dollar Tree (DLTR) rose 2% before the bell following the news that that its board authorized a $2.5 billion share buyback plan.
Some analyst calls that caught my eye this morning as the Street preps for yet another earnings season.
Advanced Micro Devices (AMD)
HSBC analyst Ryan Mellor drops an upgrade on AMD (AMD) to Buy.
Says Mellor: "Turning bullish on new product pipeline. We now believe there could be significant upside to FY26 estimated AI revenue as our revised forecast of USD15.1 billion is now 57% above consensus forecasts of USD9.6 billion driven by a higher-than-expected pricing premium of its recent MI350 series launch. We are also encouraged by its MI400 rack architecture (to be launched in 2026) but it remains too early to quantify. Hence, we now expect that upside to FY26 estimated AI revenue will lead to higher re-rating to AMD that is not fully priced in by the market despite the 14% share price rally post its AI day event (12 June).
PepsiCo (PEP)
JP Morgan analyst Andrea Teixeira is cautious on PepsiCo (PEP) going into its July 17 earnings report.
Says Teixeira"We believe expectations are for another soft quarter for PEP as consumption trends in the U.S. deteriorated in the quarter for both PFNA and PBNA segments, while International should remain relatively solid with some puts and takes. We don't envision a substantial change to underlying guidance at this point following the cut to EPS with 1Q25 and a low enough bar for OSG, although USD softening could provide some relief to reported results. To date, PEP's initiatives to turn around the snacking business have disappointed with tracked channel trends remaining under pressure, and with more time elapsing from shelf resets and price portioning and pack size adjustments (to lower absolute price points), if the company doesn't begin to show signs of improving trends near term (i.e., getting less bad against easing comparisons) there could be a need for more meaningful investment."
The maker of Nutella and Ferrero Rocher, Ferrero, is reportedly close to finalizing a deal to acquire WK Kellogg Co. (KLG) for a roughly $3 billion dollar price tag, per the WSJ. The stock soared in after-hours trading following the report, up over 50%.
As of Wednesday's market close, the company had a market cap of roughly $1.5 billion.
The cereal maker, behind brands like Froot Loops and Frosted Flakes, has been under pressure lately as consumers crave less breakfast food. Over the course of four weeks, ending June 29, cereal category sales fell 1.8% "in line with the trend from recent months," Stifel analyst Matthew Smith wrote in a note to clients. For WK Kellogg in particular, dollar sales were down 5.7% in that same time frame.
It could get even worse when compared to the highs of the pandemic, per Smith. He said that "cereal sales had been running down -1.5% or so, we believe the volumes are likely to continue to move towards the historical decline rate."
"The category is holding in and it's shifting ... we will shift with it," CEO Gary Pilnick told investors on its recent earnings call, "as consumers are looking for value, they're looking for health and wellness... No matter what the combination is, the cereal category is a tremendous destination for those consumers."
WK Kellogg did not respond to a request for comment.