Stocks were higher in midday trading Thursday as investors reacted to quarterly results from several major companies and kept an eye out for further developments in President Donald Trump’s feud with Federal Reserve Chair Jerome Powell.
The Dow Jones Industrial Average (DJI) was up 0.4% recently, while the S&P 500 (SPX) and the tech-heavy Nasdaq Composite (IXIC) added 0.5% and 0.8%, respectively. The major indexes are coming off a winning session on Wednesday, when the tech-heavy Nasdaq Composite closed at a record high for the third consecutive session.
Trump on Wednesday denied reports that he is laying the groundwork to dismiss Powell, though he reiterated his longstanding criticism of the Fed chief for not cutting interest rates this year and for his handling of a renovation at the Fed’s headquarters. The reports of Powell’s potential dismissal briefly roiled financial markets yesterday amid concerns that the Fed’s independence, which is a critical source of investor confidence in the U.S., could be compromised.
Several of the companies reporting earnings were on the move Thursday. Taiwan Semiconductor (TSM) was up 4% after the world’s largest contract chip manufacturer raised its growth outlook amid booming AI demand. PepsiCo (PEP) shares jumped 7% to pace Nasdaq 100 gainers, after the beverages and snacks giant reported better-than-expected results boosted by international sales growth. GE Aerospace (GE) shares were down 2%, even as the airplane engine maker reported strong results and boosted its forecasts. United Airlines (UAL) and Dow component Travelers (TRV) were each up more than 2% after their earnings reports.
Shares of the world’s largest technology companies were mostly higher today. Chipmaker Broadcom (AVGO) rose more than 1%, while rival Nvidia (NVDA) and Microsoft (MSFT) both gained more than 1%. Apple (AAPL), Amazon (AMZN), Alphabet (GOOG) and Meta Platforms (META) each inched higher, while Tesla (TSLA) was down slightly.
Bitcoin was at $118,700 in recent trading, after surging yesterday to around $120,000. The digital currency, which hit a record high of $123,000 early Monday, has bounced around this week as cryptocurrency legislation works its way through Congress.
The yield on the 10-year Treasury note, which affects borrowing costs on all sorts of loans, was at 4.45% recently, down from 4.46% at yesterday’s close. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, rose 0.2% to 98.62, trading at its highest level in a month.
Gold futures were down 0.5% at $3,340 an ounce, while West Texas Intermediate futures, the U.S. crude oil benchmark, rose 1.1% to $67.10 per barrel.
TSMC Rises as Chips Giant Boosts Revenue Outlook
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Taiwan Semiconductor Manufacturing Co. (TSM) boosted its full-year revenue growth projection to around 30%, with strong AI demand fueling results at the world’s largest contract chipmaker.
Shares of the company, which works with tech heavyweights Apple (AAPL) and Nvidia (NVDA), were 4% higher in recent trading. The stock has now gained 25% since the start of 2025.
The company expects its 2025 revenue to rise around 30% in U.S dollar terms, TSMC CEO C.C. Wei said in the company’s second-quarter earnings call, according to a transcript provided by AlphaSense. In April, Wei had said he expected the chipmaker’s full-year revenue to rise by “close to mid-20s percent.”
I-Hwa Cheng / AFP / Getty Images
The chipmaker said it expects revenue of between $31.8 billion and $33 billion during the third quarter. At the midpoint of the range, that was higher than Visible Alpha’s consensus estimate of 932.04 billion New Taiwan dollars, or about $31.67 billion.
Meanwhile, the company registered second-quarter earnings per share of 15.36 New Taiwan dollars on revenue that rose 39% year-over-year to NT$933.79 billion. Analysts polled by Visible Alpha expected NT$14.6 and NT$929.79 billion, respectively.
PepsiCo Soars After Better-Than-Expected Results
1 hr 27 min ago
PepsiCo (PEP) shares surged Thursday after the beverage and snack food giant affirmed its outlook and also posted better-than-estimated quarterly results.
The maker of Pepsi soda and Doritos and Cheetos chips reported adjusted earnings per share of $2.12 on sales of $22.73 billion. Analysts surveyed by Visible Alpha had expected $2.06 and $22.35 billion, respectively.
“Our international business momentum continued, while our North America businesses improved their execution and competitiveness in key subcategories and channels,” CEO Ramon Laguarta said. While North American revenues rose 1% year-over-year, volume dropped by 2%.
PepsiCo said it continued to expect EPS to be “approximately even with the prior year” in constant-currency terms. The company also said it expects a 1.5% year-over-year decline in core EPS in 2025 versus its previous 3% decline projection, with Laguarta crediting the weaker U.S. dollar for the improvement in earnings forecast.
“We’re encouraged by the acceleration in our net revenue growth versus the previous quarter with our businesses effectively navigating through a challenging environment,” Laguarta said.
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PepsiCo shares were up more than 6% recently and were among the big gainers in the S&P 500 Thursday.
Why MP Materials is Sliding After Soaring in Recent Weeks
2 hr 39 min ago
A hot company is cashing in—and its shares are falling.
After nearly doubling in value over the last week and closing Wednesday at a record high, shares of MP Materials (MP) are sinking after the rare earths miner announced plans to sell new stock.
MP’s shares started moving lower after yesterday’s closing bell, when MP Materials said it was planning to raise at least $500 million through the sale of new shares. Early Thursday, the company put out another release announcing that it would sell just over 11.8 million shares at $55 per share for a total offering worth $650 million.
MP Materials shares were down more than 5% in early trading today after closing at $58.55 on Wednesday.
The company said it plans to use the proceeds “to fund the acceleration and expansion of our operations,” including the construction of a second domestic magnet manufacturing facility, along with other “strategic growth opportunities and for general corporate purposes.”
MP Materials’ stock has surged lately as the company announced investments from the Department of Defense and Apple (AAPL). The Trump administration has said it is a priority to make the U.S. less reliant on other countries for the materials used in a variety of technologies and products.
Watch These AMD Levels as Stock Continues Surging
3 hr 11 min ago
Advanced Micro Devices (AMD) shares climbed again Wednesday amid optimism about the company’s plans to restart exports of its MI308 chips to China once it receives final approval from U.S. authorities.
Reports that the U.S. Commerce Department had informed the company that it will once again review applications for licenses to sell the chips in China sent AMD shares more than 6% higher on Tuesday. The stock gained another 3% Wednesday, closing at around $160, its highest level since late October.
Rival chip giant Nvidia (NVDA) had announced late Monday that it planned to resume exports of its H20 chips to China after receiving assurances from the Trump administration that the restrictions that were imposed in April would be lifted. AMD had previously said it expected to face charges of up to $800 million related to the export of its MI308 chip, while Nvidia anticipated the curbs to cost it $5.5 billion.
AMD shares have more than doubled since hitting their low for the year in early April. The stock is up 33% so far in 2025, outpacing Nvidia’s 28% year-to-date gain.
AMD shares gapped above a tight rectangle formation in Tuesday’s trading session, laying the groundwork for a continuation move higher. Importantly, the breakout occurred on the highest volume since mid-June, suggesting buying conviction from larger market participants. Moreover, the relative strength index confirms bullish momentum, though it also flashes overbought conditions with a reading above the indicator’s 70 threshold.
It’s also worth noting that the 50-day moving average crossed above the 200-day MA on Wednesday to form a golden cross, a chart signal that indicates the start of a new trend higher.
Investors should watch key overhead areas on AMD’s chart around $187 and $215, while also monitoring important support levels near $148 and $123.
Read the full technical analysis here.
Major Index Futures Mixed
3 hr 49 min ago
Futures tied to the Dow Jones Industrial Average were down 0.2% recently.
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S&P 500 futures edged lower.
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Nasdaq 100 futures rose fractionally.
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