Stock Market Today: Stocks make a comeback from trade jitters, Boeing crash
President Trump makes new tariff threat. Boeing dives after Indian airliner crash. Oracle shares jump after earnings. Producer prices show small increase.
Updated 10:55 a.m. ET
Stocks pushed into positive territory Thursday despite trade worries and the aftermath of a Boeing BA 787 airliner crash in India.
President Trump said late Wednesday he planned to impose unilateral tariffs on dozens of trading partners in the coming weeks.
The administration wants more deals now and expects to send letters to more than 150 countries saying, essentially, make trade offers now or see new tariffs imposed.
Boeing (BA) shares were off 5.2% after the Air India 787 crash on a flight to London from India’s Ahmedabad airport. The plane crashed after takeoff around 12:30 a.m. EDT. Officials said 242 people aboard the plane with no survivors expected.
At 10:55 a.m. ET, the Standard & 500 Index was up 19 points to 6,041. The Nasdaq Composite Index was up nearly 58 points to 19,674.
The Dow Jones Industrial Average was up six points to 42,873. The index had been down as many as 259 points right after the open. Much of the decline was due to Boeing.
Six of 11 S&P 500 sectors were higher, led by information technology stocks. Oracle (ORCL) was fueling the tech surge. Palantir Technologies (PLTR) , Apple (AAPL) and Microchip Technology (MCHP) were among the decliners.
Oracle shares soar on big earnings, bigger outlook
Oracle shares were up a stunning 14% to $201.69 (a new 52-week high) after the company set the software company set “stunning” growth targets for next year, according to one analyst.
The question now is if Oracle can meet them, Barrons noted.
After Wednesday's close the company reported a better than expected 11% jump in sales and targeted even higher growth ahead. The company sees a total cloud growth rate of 40% in fiscal 2026, up from 24% this year. Oracle sees cloud infrastructure growth north of 70% next year, up from 50% this year.
Jobless claims hold steady at 8-month high
Initial jobless claims were unchanged at 248,000, unchanged from a week ago.
Many economists are watching this report closely to see how tariffs are affecting the economy.
The U.S. labor market appears to be losing steam, in part because of economic uncertainty spawned by President Donald's aggressive tariffs proposals, Reuters said.
Continuing claims were estimated at 1.96 million in the week through May 31. That was the highest level since November as the effects of the Covid0-19 pandemic were easing.
Updated 9:55 a.m. ET
Stocks open lower; Boeing slumps, Oracle stronger
Stocks opened lower on Thursday after President Trump said late Wednesday he planned to impose unilateral tariffs on dozens of trading partners in the coming weeks.
But the administration wants more deals now and expects to send letters to more than 150 countries saying, essentially, make trade offers or see new tariffs imposed.
The market was also weakened by a 4.4% decline to $204.53 in shares of Boeing after an Air India 787 Dreamliner crashed in India.
Airline stocks were generally lower.
Oracle (ORCL) was up more than 10% to $195.30 after the database-software and cloud-services company logged higher-than-expected quarterly revenue and earnings.
It said it expected "dramatically higher" revenue growth in the financial year that started recently.
Shares of Gamestop (GME) were down 17% to $23.73 after the gaming retailer said it wanted to raise $1.75 billion in a note offering to invest in bitcoin.
At 9:55 a.m. ET, the Standard & 500 Index was down 3 points to 6,020. The Nasdaq Composite Index was off 15 points to 19,601. The Dow Jones Industrial Average was off 149 points to 42,717. Much of the decline was due to Boeing.
Crude oil was lower. The 10-year Treasury yield was at 4.82%, down from Wednesday's 4.427%.
Stocks Face Weak Open on Trade Jitters, Boeing, PPI
Stocks were facing a weak open after President Trump said late Wednesday he planned to impose unilateral tariffs on dozens of trading partners in the coming weeks.
Speaking to reporters at the Kennedy Center, he said the U.S. was very happy about its trade truce reset with China. But the administration wants more deals now and expects to send letters to more than 150 countries saying, essentially, make trade offers or see new tariffs imposed.
