Dow leads mixed market at the close as investors rotate into blue…

4:10pm: Markets searching for direction

Wall Street ended Thursday on a mixed note. The Dow was the standout, climbing 272 points—or 0.7%—to a high of 42,323. Investors continued to rotate into big-name, blue-chip stocks, giving the index another boost.

The S&P 500 also inched higher, adding 24 points (or 0.4%) to finish at 5,917 thanks to strength in financials and industrials.

But tech stocks took a bit of a breather. The Nasdaq slipped 34 points, or 0.2%, to 19,112 as investors took some profits off the table after a strong run in major tech names.

Meanwhile, the Russell 2000—home to small-cap stocks—ticked up 8 points, or 0.4%, to end the day at 2,092. That shows there’s still some appetite for smaller companies in this market.

Trading was a bit choppy as investors sifted through a mix of corporate earnings and economic data, trying to get a better read on the health of the US economy. Walmart’s latest results were in focus, especially as the retail giant warned that tariffs are pushing up its prices—costs it said it can’t fully absorb.

And while retail sales slowed sharply in April—a clear shift from the spending surge in March—there was one surprise: wholesale inflation came in cooler than expected. The Producer Price Index actually fell 0.5% last month, and year-over-year inflation rose 2.4%, a sign that rising prices may not be spiraling out of control just yet. Earlier in the week, the Consumer Price Index echoed that trend, with inflation cooling to its lowest level in four years.

Adding to the trade drama, President Trump said India has offered to drop tariffs on U.S. goods entirely in an effort to strike a deal. But for now, the market seems to be in a bit of a holding pattern, waiting for its next big catalyst.

3:45pm: Proactive news headlines

Lancaster Resources Inc received final government approval for a four-year exploration license at its Lake Cargelligo gold project in New South Wales, enabling planned acquisition and exploration in Q3.

T Stamp Inc (Trust Stamp) formed a strategic partnership with Partisia to develop a secure, decentralized biometric identity solution combining biometric verification with multi-party computation technology.

Cerro de Pasco Resources plans to pursue a secondary listing on the Lima Stock Exchange while maintaining its primary listing on the TSX Venture Exchange.

Sona Nanotech Inc successfully completed bacterial endotoxin testing on its biocompatible gold nanorods, advancing toward its first-in-human early feasibility study.

Ideal Power Inc expects commercial sales to ramp up in H2 2025 after completing key development milestones early and securing a new order from a Forbes Global 500 power management leader.

Tiziana Life Sciences Ltd published a study showing that its investigational intranasal therapy foralumab significantly reduced neuroinflammation in a patient with moderate Alzheimer’s disease.

Nano One Materials Corp reported a $2.7 million profit in Q1 2025 driven by government grants and a major sale-leaseback, strengthening its financial position for lithium-ion battery technology development.

Gunnison Copper Corp appointed two experienced mining executives to its board as it prepares for copper production at Johnson Camp Mine in Q3 2025.

G Mining Ventures Corp generated $36 million free cash flow in Q1 2025 and reaffirmed 2025 production guidance of up to 200,000 ounces at its Tocantinzinho mine in Brazil.

HIVE Digital Technologies surpassed 8.0 Exahash per second of Bitcoin mining hashrate, advancing toward its goal of 25 EH/s by Q4 2025.

2:56pm: Stocks on the move

Dick’s Sporting Goods is reportedly bidding $2.3 billion to acquire Foot Locker, aiming to expand its presence in lower-income and international markets.

UnitedHealth Group shares plunged over 14% following news that the DOJ is conducting a criminal probe into its Medicare Advantage billing practices.

CoreWeave shares rose after the AI cloud startup reported 420% year-over-year revenue growth in Q1 and raised its full-year guidance.

Birkenstock posted stronger-than-expected Q2 earnings and raised its fiscal 2025 revenue outlook, boosting its shares more than 7%.

Walmart shares dipped despite an earnings beat, as the retailer warned that global tariffs will lead to unavoidable price hikes.

Trust Stamp announced a partnership with Partisia to co-develop a decentralized biometric identity solution combining blockchain and privacy tech.

1:55pm: Thursday’s headlines

UnitedHealth Group Inc (NYSE:UNH, ETR:UNH) shares tumbled after a Wall Street Journal (WSJ) report revealed that the US Department of Justice (DOJ) is conducting a criminal investigation into the company’s Medicare Advantage billing practices.

Walmart Inc (NYSE:WMT, ETR:WMT) management warned that price increases as a result of global tariffs are coming soon. 

Dick’s Sporting Goods (NYSE:DKS) is reportedly nearing an agreement to acquire rival retailer Foot Locker, Inc. (NYSE:FL) for around $2.3 billion, according to sources cited by The Wall Street Journal.

President Donald Trump has signalled that the United States should prioritize paying off its national debt before moving ahead with plans to establish a sovereign wealth fund.

12:24pm: Tech rally stalls

Stocks are putting in a mixed performance around midday as investors sift through fresh economic data and corporate earnings.

The Dow is up 0.4%, leading the charge thanks to some strength in blue-chip names. The S&P 500 is inching up 0.2%, continuing its recent slow-and-steady climb. Meanwhile, the Nasdaq is slipping 0.1% as tech stocks take a breather after a strong run earlier in the week.

Overall, sentiment is cautiously upbeat. Softer inflation numbers and weaker-than-expected April retail sales and producer prices have boosted hopes for potential Fed rate cuts later this year. Treasury yields have nudged lower too, a sign that investors are growing more confident the Fed might ease up if the economy keeps cooling.

11:23am: Powell: unlikely to see near-zero interest rates

Federal Reserve Chair Jerome Powell signaled a shift away from the era of near-zero interest rates, citing ongoing economic volatility and the likelihood of more frequent supply shocks.

Speaking at the Fed’s 2025 monetary policy framework review, Powell said higher real interest rates may reflect increased inflation volatility compared to the relatively stable 2010s. 

Although inflation cooled to 2.8% in April — a four-year low — the Fed’s benchmark rate remains at 4.5%, well above the near-zero levels seen after the 2008 crisis.

Powell reaffirmed the Fed’s 2% inflation target and said it’s too soon to consider rate cuts, hinting at ongoing supply chain disruptions, potentially tied to trade tensions, as a challenge for policymakers.

10:56am: April PPI inflation cools

US producer prices rose less than expected in April, offering some relief on inflation, though an upward revision to March data tempered the optimism.

The Producer Price Index (PPI) rose 2.4% year-on-year in April, below economists’ expectations of a 2.5% increase. Core PPI, which excludes food and energy, matched forecasts, rising 3.1%.

However, March figures were revised sharply higher. Headline PPI was revised up to 4.0% from 3.3%, while Core PPI was revised to 3.4% from 3.1%, suggesting pricing pressures earlier in the year were stronger than initially reported.

“If you are in the stagflation camp, these data aren’t confirming your thesis,” said Jamie Cox, Managing Partner for Harris Financial Group. “While growth is slowing, disinflation remains intact.”

10:34am: Retail sales rise

US retail sales edged up 0.1% in April, slightly better than expected, following a strong upward revision to March’s figures.

Despite a decline in sales at auto and parts dealers—down 0.1% after a 5.5% surge in March—other sectors, such as building materials and garden supplies, continued to show resilience, potentially reflecting lingering effects of tariff-related buying in prior months.

Jeffrey Roach, Chief Economist for LPL Financial, noted that strength in the home improvement sector is helping support overall spending.

“Retailers in the home improvement space are benefiting from strong demand for renovations and home improvements,” Roach said. “Given the abnormalities in the housing market, we should expect that to continue if the labor market holds.”

Roach added that steady consumer incomes could support discretionary spending, “adding to the likelihood that the Fed can stay on hold as long as growth prospects remain stable.”

9.56am: Nasdaq leads losses, UnitedHealth tanks

Wall Street has woken in a negative mood, hit by disappointing updates from Walmart and UnitedHealth, with profit-taking hitting tech.

The S&P 500 has opened 0.4% lower, while the Dow Jones is down 0.5% and the Nasdaq down 0.7%. The small cap Russell 2000 has dipped 0.2%.

UnitedHealth shares are down 15%, with a report from the Wall Street Journal that the insurer is being investigated by the Justice Department for possible Medicare fraud.

The company said in a statement it was not notified about the “supposed criminal investigation reported,” but that the company stood by “the integrity of our Medicare Advantage program.”

Humana, another Medicare company, is down 5%.

Walmart fell on the back of its earnings, where it warned that it will have to start raising prices this month due to new tariffs.

On the Dow, the fall for United was offset by a 5% jump for Cisco, which topped Wall Street estimates for quarterly revenue and earnings and raised its annual forecast.

8am: Nasdaq expected to lead falls

US stock futures were in the red ahead of Thursday’s opening bell, as falls for maga-cap tech are expected to offset any boost from the deals being announced by Donald Trump on his Mideast tour.  

S&P 500 and Dow Jones futures were down 0.3%, while those for the Nasdaq were 0.5% lower. 

This would see the Nasdaq lose most of its gains from the day before, when it rose 0.7% thanks in the main to a 4% jump for Nvidia. The S&P 500 added 0.1% and the Dow Jones lost 0.2% in the midweek session.

Across the other side of the world, there were many headlines coming out of Trump’s Gulf trip, where he arrived in Qatar following a visit to Saudi Arabia, some of which were moving markets. 

Oil prices were down as the US President used his visit to reaffirm US security guarantees, telling regional leaders that the US remains a protective force and also commented on Iran, suggesting the US was “very close” to reaching a new deal with Tehran.

WTI crude oil prices were down 3.3% to just over $61.

During a press conference in Doha overnight, Trump announced a $42 billion agreement to supply Qatar with advanced aircraft and military equipment, with the nation to purchase to 210 of Boeing’s Dreamliner and 777X aircraft. It was the company’s largest-ever widebody order and largest-ever 787 order, the Trump administration said.

Alongside this, Qatar will invest $10 billion in expanding the US military’s Al Udeid Air Base over the coming years, further solidifying its strategic partnership with Washington.

Negotiations with China were said to be progressing, with a “new mechanism” for trade talks in place.

On technology, Trump said he had spoken to Apple CEO Tim Cook, who he discouraged from expanding production in India, but claimed India had offered a tariff-free trade deal to the US.

In other company news, Foot Locker, Inc. (NYSE:FL) shares were up 84% on a WSJ report that Dick’s Sporting Goods (NYSE:DKS) is preparing to swoop in with a takeover.