U.S. Stocks Steady as Investors Eye Corporate Earnings and Trump Tariff Hearing
U.S. stocks traded in tight ranges on Thursday, as investors weighed a new round of corporate earnings and closely followed the Supreme Court hearing on President Donald Trump’s tariffs.
At 09:35 ET (14:35 GMT), the Dow Jones Industrial Average rose by 10 points (0.1%), while the S&P 500 slipped 7 points (0.1%) and the NASDAQ Composite dropped 50 points (0.2%).
After a sharp selloff earlier in the week, Wall Street appeared to stabilize, with concerns over inflated AI-driven tech valuations easing for now.
Tech Sector Earnings in Focus
The tech sector remained the center of attention as quarterly earnings continued.
Qualcomm (NASDAQ:QCOM) shares declined after revealing potential business losses from Samsung Electronics next year, overshadowing strong quarterly results that exceeded Wall Street’s forecasts.
Conversely, Arm Holdings (NASDAQ:ARM) shares climbed following a strong fiscal third-quarter outlook, supported by robust AI industry spending.
Elsewhere, Snap (NYSE:SNAP) surged after beating revenue expectations and narrowing its net loss, while Lyft (NASDAQ:LYFT) rose after posting higher revenue and returning to profitability.
Moderna (NASDAQ:MRNA) gained despite a steep drop in revenue, as results still topped analyst forecasts. Datadog (NASDAQ:DDOG) also advanced after beating earnings estimates and raising its full-year guidance.
However, Warner Bros Discovery (NASDAQ:WBD) fell after posting disappointing revenue, weighed down by slower streaming growth and ongoing cable TV declines.
Meanwhile, Marvell Technology (NASDAQ:MRVL) jumped after reports surfaced that SoftBank Group explored a potential takeover and merger with Arm Holdings earlier this year.
Investors also awaited the outcome of Tesla’s (NASDAQ:TSLA) shareholder vote on a massive compensation package for CEO Elon Musk.
Supreme Court Reviews Trump Tariff Legality
Investor attention also turned to Washington, where the Supreme Court began reviewing the legality of Trump’s tariffs.
The hearings center on the 1977 International Emergency Economic Powers Act (IEEPA), which Trump used to justify the tariffs. Lower courts previously ruled that he may have exceeded presidential authority, sending the case to the Supreme Court.
The outcome could reshape future presidential trade powers and impact U.S.–China relations, with potential consequences for global markets.
Oil Prices Rebound After Sharp Declines
Oil prices edged higher Thursday, recovering slightly after recent three-month declines driven by oversupply fears and weakening demand.
- Brent crude rose 0.1% to $63.59 per barrel
- West Texas Intermediate (WTI) gained 0.1% to $59.66 per barrel
Both benchmarks fell by roughly 1% on Wednesday, extending a multi-month losing streak.
Concerns over a potential U.S. government shutdown and expectations of a 2026 supply glut continued to weigh on the crude oil outlook.
