Dow Jones| Nasdaq | US Stock Market Today | Live: S&P 500 ends nearly flat as investors assess US-Iran conflict

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Dow Jones Today Live Updates: AI stocks lose steam as investors turn to Trump-Xi summit.
Synopsis
The S&P 500 lost 2.20 points, or 0.03%, to end at 7,703.83 points, while the Nasdaq Composite gained 1.76 points, or 0.01%, to 26,937.79. The Dow Jones Industrial Average fell 162.41 points, or 0.32%, to 51,349.18.,932.46, respectively.
Dow Jones Today | US Stock Market Live: The S&P 500 ended near unchanged on Thursday, with Microsoft dipping and Meta Platforms rising, as uncertainty about the Middle East lifted oil prices and Treasury yields.
1 New Update
the S&P 500 lost 2.20 points, or 0.03%, to end at 7,703.83 points, while the Nasdaq Composite gained 1.76 points, or 0.01%, to 26,937.79. The Dow Jones Industrial Average fell 162.41 points, or 0.32%, to 51,349.18. (Read)
The dollar hit a fresh two-month high on Thursday as Treasury yields rose and expectations of further Federal Reserve interest rate hikes strengthened after hawkish remarks from several central bank officials and solid economic data.
The US Federal Reserve on Thursday proposed new rules for issuers of dollar-backed cryptocurrency tokens known as stablecoins, as required by last year's GENIUS Act, which established a federal regulatory framework for the tokens.
Gold prices eased on Thursday, hitting a one-week low, as a rise in oil prices and a hawkish shift in rhetoric by the US Federal Reserve anchored expectations of higher interest rates.
Spot gold was down 0.5% at $4,265.50 per ounce as of 14:00 p.m. ET (1800 GMT), after having hit its lowest since September 16. US gold futures for December delivery settled 0.5% lower at $4,298.
Philadelphia Federal Reserve President Anna Paulson said on Thursday additional interest rate hikes may be needed to bring high inflation back to the US central bank's 2% target.
Inflation "remains stubbornly elevated," Paulson said in the text of a speech to be delivered at an event at her regional Fed bank. "Returning inflation to 2% is a top priority, and I will support the policy path that gets us there while carefully weighing risks to the labor market along the way."
General Motors and Ford are projected to lose more US market share than any other automakers this year as high gas prices push buyers toward fuel-efficient vehicles, according to Cox Automotive. Through September 30, Ford’s sales are expected to fall 8.8% and GM’s 6.2%, reducing their market shares to 12.5% and 16.7%, respectively.
US Energy Secretary Chris Wright has contacted executives at several major American refiners in recent days to gauge support for a voluntary restriction on diesel exports as the Trump administration searches for an alternative to a short-term ban, according to three people familiar with the discussions.
The effort to enlist companies voluntarily underscores the limited options available to the White House amid surging fuel prices that are pushing inflation higher and beginning to ripple through the broader economy as crucial November midterm elections approach.
Chinese President Xi Jinping said during a meeting with US President Donald Trump at the White House on Thursday that China supports the US and Iran returning to a June deal that was meant to end the war and open the Strait of Hormuz, Xinhua news agency said.
It has been a difficult job market for new graduates, especially in fields like software development where artificial intelligence is shouldering more of the work. While college students majoring in computer science during the recent coding boom were getting job offers without even applying, graduates today in philosophy, art history and ethnic studies majors all have higher employment rates.
But as the job market evolves with AI and entry-level jobs become harder to find, students and schools are adapting. Colleges are experimenting with business-specific internships and bolstering training in AI tools. Schools say most graduates ultimately are getting jobs, although increasingly, the employers hiring aren’t tech giants but smaller businesses looking for help figuring out what to do with AI.
The average long-term U.S. mortgage rate rose this week above 7% for the first time since January 2025, the latest affordability setback for prospective homebuyers following a five-week run of rate increases.
The weekly average rate on a 30-year fixed-rate home loan rose to 7.03% from 6.95% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.30%.
The average rate is now the highest its been since Jan. 16, 2025, when it was at 7.04%.
Borrowing costs on 15-year fixed-rate mortgages, often sought by borrowers refinancing a home loan, also rose this week. That average rate increased to 6.42% from 6.26% last week. A year ago, it was at 5.49%.
US and Iranian negotiators in New York are exploring a phased path out of war that would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran, sources close to the talks said.
The strait has become the central bargaining chip in efforts to end the nearly seven-month US-Iran conflict, with Iran seeking relief from the US blockade that is choking its economy and Washington seeking free passage for ships on the global oil supply route now blocked by Tehran.
The talks face a big obstacle as neither side wants to be the first to surrender its leverage, according to comments to Reuters by two Iranian sources, two regional officials and two Western diplomatic sources, but behind Iran's stance is a recognition of the economic cost of prolonged confrontation.
Oracle lost 5.5% after a report said the company sent a 'force majeure' notice to a New Mexico data center.
The bond selloff has intensified on Thursday, with the yield on 30-year US Treasury bonds rising to their highest level since 2004 on Thursday after data indicated strong US growth and rising inflation pressures. (Read)
The dollar hit a fresh two-month high on Thursday, boosted by growing views for Federal Reserve interest rate hikes after hawkish comments from several central bank officials and expectations for solid economic growth.
PepsiCo is set to hike prices on some chips and sodas by the end of this year or in early 2027, Bloomberg News reported on Thursday, citing people familiar with the matter.
The company had cut prices by up to 15% on products such as Lay's and Doritos earlier this year in response to customer backlash against several rounds of earlier price hikes.
New claims for US unemployment benefits hovered near 57-year lows last week, suggesting the labor market was regaining momentum after struggling through much of summer and appeared for now to be weathering headwinds from the Middle East conflict.
The weekly jobless claims report from the Labor Department on Thursday, the most timely data on the economy's health, also suggested the unemployment rate remained steady at 4.1% this month.
US Treasury yields mostly rose on Thursday, adding to the ongoing selling in the bond market, with the 30-year yield earlier touching its highest level since 2004. The yield on the 30-year bond rose 1.8 basis points to 5.42%.
Following a poor auction of five-year notes on Wednesday, investors will be watching Thursday's auction of US seven-year notes later in the day closely. The yield on the benchmark US 10-year Treasury note was up 1.1 basis points at 5.125%.
US and Chinese officials have been working to encourage a more balanced trading relationship between the two countries, including new market access for American farmers and ranchers, US President Donald Trump said on Thursday.
New York sued Polymarket on Thursday, accusing the prediction markets operator of running an illegal gambling operation.
Shares of MGM Resorts slid 10% on Thursday after media mogul Barry Diller's People Inc withdrew its more than $18 billion proposal to buy the casino operator.
At $34 in premarket trading, MGM's stock was on track for its lowest open in seven months, if losses hold. The slump was set to wipe out all gains made since People, which already owns 27% of MGM, offered to buy the remaining shares for $48.30 apiece in June.
US natural gas futures eased on Thursday on forecasts for milder weather and less demand next week than previously expected. Front-month gas futures for October delivery on the New York Mercantile Exchange fell 1.9 cents, or 0.6%, to $3.004 per million British thermal units. On Wednesday, the contract closed at its highest since July 8.
The Dow Jones Industrial Average fell 95.8 points, or 0.19%, at the open to 51415.75. The S&P 500 fell 39.0 points, or 0.51%, at the open to 7666.99, while the Nasdaq Composite dropped 201.5 points, or 0.75%, to 26734.508 at the opening bell. (Read)
Two top Democrats in the US Senate launched a report on Thursday saying that oil and gas companies were rewarded with tax breaks, subsidies and rollbacks of environmental regulation after then-candidate Donald Trump asked them for $1 billion in donations during the 2024 campaign.
MGM Resorts tumbled 9.3% in premarket trading after media mogul Barry Diller's People Inc withdrew its proposal to buy the casino operator. Among other movers, Knife River rose 5% after activist investor Starboard disclosed a significant stake and said it would push the construction materials and contracting firm to improve margins or explore a sale, while Olive Garden parent Darden Restaurants fell 5.5% after missing first-quarter sales and profit estimates.
Higher energy costs and data pointing to strong business activity have led investors to ramp up bets on further interest rate increases by the Federal Reserve, with traders now pricing in a 71% chance of at least a 25-basis-point hike next month, up from around 50% a day earlier, according to the CME Group's FedWatch tool. New York Fed President John Williams, a voting member of the Federal Open Market Committee, reinforced those expectations, saying it was reasonable to think rates might need to rise again this year. A weekly jobless claims report is due later in the day, along with remarks from policymakers Thomas Barkin, Beth Hammack and Anna Paulson.
AI-related stocks that had powered the Nasdaq to record highs earlier this week were among the top decliners, with Meta and Nvidia falling 1.9% and 1%, respectively, and Marvell and Intel sliding about 3% each. Attention now turns to the Trump-Xi summit, where investors expect talks on AI regulation, the Middle East conflict and Taiwan, with top executives from General Motors, Meta, Apple, Amazon and Tesla also expected to meet the two leaders.
Wall Street futures fell on Thursday as the Middle East conflict showed little sign of resolution, while investors turned cautious ahead of a closely watched summit between Presidents Donald Trump and Xi Jinping. At 7:32 a.m. ET, Dow E-minis were down 151 points, or 0.29%, S&P 500 E-minis had lost 40 points, or 0.51%, and Nasdaq 100 E-minis were down 278.5 points, or 0.91%.
Investors are looking ahead to the high-stakes summit between President Donald Trump and Chinese President Xi Jinping. The two leaders are expected to discuss extending last year's trade truce, AI regulation and US arms sales to Taiwan.

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