U.S. stock indexes were mostly higher by midday Thursday as investors reviewed corporate earnings and trade developments. Delta Air Lines led a strong surge in airline stocks after issuing an upbeat financial outlook for the rest of the year.
The S&P 500 edged up 0.2%, staying close to the record high it reached last week following strong June employment data. The Dow Jones Industrial Average rose 231 points, or 0.5%, as of 12:30 p.m. Eastern, while the Nasdaq slipped slightly, down less than 0.1%, a day after hitting a record high.
Delta shares jumped 11.4% after surpassing revenue and profit expectations and providing a more optimistic summer forecast than earlier this year. Back in the spring, Delta and other major airlines had cut their projections due to concerns over President Donald Trump’s tariff policies, which had dampened consumer spending confidence.
Delta’s strong report boosted the broader airline industry. United Airlines soared 14.5%, American Airlines climbed 12.8%, and JetBlue gained 9.9%.
Gains were broad across most sectors of the S&P 500, particularly in financial and consumer-oriented stocks. JPMorgan Chase was up 1.5%, and McDonald’s rose 1.9%. However, tech stocks weighed on the market, with Autodesk dropping 8.1%.
Shares of WK Kellogg spiked 30.5% following news that Italian confectioner Ferrero is acquiring the company for approximately $3.1 billion. The deal includes Kellogg’s cereal operations across the U.S., Canada, and the Caribbean.
In other economic news, the Labor Department reported that unemployment benefit applications fell last week to 227,000, continuing a trend of historically low layoff levels over the past two years.
Wall Street remains cautious as it tracks President Trump’s ongoing push to raise tariffs in an effort to pressure trading partners into new agreements. Although July 10 had been set as a key deadline, the White House extended the timeline to August 1. Since April, only two new trade deals have been announced—one with the U.K. and another with Vietnam.
Freeport-McMoRan stock gained 3.3% after Trump confirmed a 50% tariff on copper imports will go into effect August 1. Copper prices rose 2.3% to $5.61 per pound.
Corporate earnings season is ramping up, and analysts expect S&P 500 companies to post about 5% growth for the second quarter, the slowest pace since late 2023, according to FactSet.
Among individual movers, Conagra Brands fell 2.8% after missing earnings and revenue forecasts and lowering its outlook due to continued tariff-related cost pressures.
Helen of Troy, which owns Hydro Flask and OXO brands, plunged 21.6% after posting weak quarterly results and opting not to issue guidance for fiscal 2026, citing economic and policy uncertainty.
AZZ Inc., a manufacturer of electrical equipment, rose 8.3% after reporting stronger-than-expected quarterly earnings.
Big banks including JPMorgan Chase, Wells Fargo, and Citigroup are set to release their earnings next week, marking the start of the peak reporting period.
Bond yields were mostly up. The yield on the 10-year Treasury note increased to 4.37%, from 4.34% the day before.
International markets were mixed. European stocks showed varied performance, while Japan’s Nikkei 225 dropped 0.4%, pressured by a stronger yen that hurt exporters and by lack of progress in Japan-U.S. trade negotiations.
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Wall Street Declines as Trump Targets Trade Partners with New Tariffs
