US markets closed higher on Thursday, reversing earlier weakness. The stock rise in Oracle, which powered tech stocks, and a favourable inflation report buoyed the markets.
The S&P 500 ended 0.38% up. Dow Jones inched 0.24% higher. The tech-heavy Nasdaq index also closed 0.24% up in the green.
Market movers
Oracle shares jumped 13% and reached its all-time high in the session after the company’s fourth quarter earnings beat expectations.
The company also projected $67 billion for the coming year. It also expects the cloud infrastructure revenue to grow 70% in FY26.
Newmont Corporation and Vistara Corporation were among the top gainers with more than 4% gains.
Shares of Microsoft, Nvidia, Broadcom, and Apple ended up in the green, with the first 3 gaining more than 1%.
On the other hand, Boeing’s shares fell more than 4% as a London-bound Air India Dreamliner 787 from Ahmedabad crashed near a residential area, killing 241 people.
The crash is the deadliest aviation accident in India in decades.
This is also the first fatal crash involving the Boeing 787 Dreamliner, which puts further pressure on a company that is on the path to recovery.
The accident might play spoilsport for the company ahead of the Paris Air Show, an event typically marked by large commercial jet orders.
Coinbase Global, Warner Bros Discovery were among the top losers, with the stocks losing more than 3% in the session.
Fresh Trump concerns
US President Donald Trump added fresh concerns as he threatened unilateral tariffs against trading partners within two weeks.
Trump said on Wednesday that he was open to extending a July 8 deadline for concluding trade negotiations with key partners, but suggested extensions might be unnecessary.
Trump pointed out that the US made a deal with China, and they are in the process of making deals with Japan, South Korea, and a lot of other countries.
Talks between US and Chinese officials this week in London resulted in a framework for continued discussions.
Treasury Secretary Scott Bessent also indicated that the 90-day pause on reciprocal tariffs could be extended for 18 of the United States’ major trading partners currently “negotiating in good faith.”
Middle East tensions
Rising uncertainties in the Middle East also weighed on the market sentiments.
US personnel are being moved out of the Middle East as the US perceives it to be unsafe for its citizens.
Trump said the US will not allow Iran to have its own nuclear weapons. Both countries are slated to meet on Sunday for further nuclear talks.
Markets also digested a new economic data.
The May producer price index — a gauge of final demand prices — rose just 0.1% following a 0.2% decline in April.
Economists had expected a 0.2% increase, reinforcing expectations that inflation pressures remain muted.
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