Stock Market Update

[BRIEFING.COM] The tech-heavy Nasdaq Composite (+0.12%) is in front of the major averages with about two hours to go on Thursday, up about 29 points.

Gold futures settled $10.50 higher (+0.3%) at $4,243.00/oz, supported by rising expectations of a Fed rate cut after softer U.S. employment data. A weaker dollar and persistent macro uncertainty added to safe-haven demand, keeping gold firmly bid.

Meanwhile, the U.S. Dollar Index is up less than +0.1% to $98.94.

[BRIEFING.COM] The Dow Jones Industrial Average (+0.08%) is now modestly higher, up about 40 points, after spending a brief period this afternoon in the red.

A look inside the DJIA shows that UnitedHealth (UNH 333.37, -6.34, -1.87%), Amazon (AMZN 228.15, -4.23, -1.82%), and 3M (MMM 170.45, -2.64, -1.53%) are underperforming.

Meanwhile, Salesforce (CRM 248.68, +9.96, +4.17%) is firmly atop the standings.

The DJIA is now +0.43% higher week-to-date.

[BRIEFING.COM] The S&P 500 (+0.1%), Nasdaq Composite (+0.1%), and DJIA (flat) have spent the entirety of the session in a tight range near their unchanged levels. 

Today's action reflects the lack of directional catalysts that has led to some back-and-forth movement across stocks as the market awaits next week's FOMC decision. 

Breadth figures are tight, and sector strength is a nearly even split, with six S&P 500 sectors currently holding gains. 

Additionally, gains and losses are relatively narrow across most sectors. 

The consumer discretionary sector (-0.9%) is a laggard as Amazon (AMZN 227.60, -4.78, -2.06%) slips below its 50-day moving average.

Mega-cap stocks are mixed today, which certainly helps keep things subdued at the index level. Meta Platforms (META 665.12, +25.52, +3.99%) is the standout, rising after Bloomberg reported this morning that the company is considering slashing its budget for its contentious metaverse group by up to 30% to focus on higher ROI AI prospects. 

The Vanguard Mega Cap Growth ETF is flat for the day as several notable moves seemingly cancel themselves out. 

NVIDIA (NVDA 183.69, +4.10, +2.28%) is one of the market's leaders that trades higher, helping the top-weighted information technology sector (+0.4%) shake off some early weakness. 

Despite NVIDIA's gain, chipmakers are generally weaker today, sending the PHLX Semiconductor Index 0.5% lower. Intel (INTC 41.16, -2.60, -5.93%) is the weakest performer in the sector, facing some profit-taking after an outsized gain in Tuesday's session. 

The market also had mixed reactions to the latest batch of earnings reports. Dollar General (DG 122.98, +13.09, +11.91%) and Salesforce (CRM 246.35, +7.63, +3.20%) trade higher after topping expectations and delivering upbeat guidance, while Snowflake (SNOW 235.37, -29.63, -11.18%) and Kroger (KR 63.18, -3.02, -4.57%) slip after issuing lighter guidance.

With no clear leadership and sector moves largely offsetting each other, the major averages remain locked in a narrow range as participants look for the next catalyst to break the stalemate.

Reviewing today's data:

• Weekly Continuing Claims 1.939 mln; Prior was revised to 1.943 mln from 1.960 mln, Weekly Initial Claims 191K (Briefing.com consensus 220K); Prior was revised to 218K from 216K
  • The key takeaway from the report is initial claims dropped to their lowest level in nearly two years, which is an encouraging sign about the health of a labor market at a time when visibility remains reduced due to some missing Employment Situation reports from the BLS.
• October Trade Balance DELAYED (Briefing.com consensus -$61.3 bln); Prior -$59.6 bln
• September Factory Orders 0.2%; Prior was revised to 1.3% from 1.4%
  • The key takeaway from the report is that orders increased again in September despite a big jump in August with new orders for nondefense capital goods excluding aircraft, which is a proxy for business spending, jumping 0.9% for the second month in a row.

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (+0.1%), and DJIA (-0.1%) remain flattish amid a backdrop of mixed sector strength. 

Though the day is relatively devoid of directional drivers, Meta Platforms (META 667.42, +27.82, +4.35%) continues to be a standout after a Bloomberg report that the company is considering slashing its metaverse unit budget by up to 30%, easing long-standing investor skepticism over the profit potential of Reality Labs initiatives. Over the first nine months of 2025, the segment posted an operating loss of $13.2 billion, widening from $12.8 billion a year earlier, primarily driven by ballooning R&D expenses on hardware like Quest headsets, immersive VR/AR development, and content creation amid tepid consumer adoption and high manufacturing costs

The potential budget cuts signal a strategic pivot, freeing up billions to reinvest in higher-ROI AI projects that are proving more effective at driving revenue and profits.

[BRIEFING.COM] The major averages remain little changed from their opening values at midday. 

Most sectors hold modest gains and losses against a backdrop of nearly evenly split sector strength, though the consumer staples sector (-1.2%) is emerging as a laggard. 

A majority of its components trade lower, with Kroger (KR 62.13, -4.07, -6.15%) now the worst-performing S&P 500 name after beating EPS expectations but issuing just in-line guidance for FY26. 

Ironically, the sector is also home to today's best-performing S&P 500 name, Dollar General (DG 122.21, +12.32, +11.21%). The company posted a strong Q3 beat-and-raise, with net sales up 4.6% to $10.6 billion and same-store sales growth of 2.5% driven by traffic, aligning with robust results from discount peers Dollar Tree (DLTR 116.69, +3.77, +3.34%) and Five Below (FIVE 163.24, +0.10, +0.06%) amid consumers prioritizing value in a pressured environment.