Market Snapshot for Thursday 6/12/2025
- S&P 500 – 6,045.26 (+0.38%)
- Dow Jones – 42,967.62 (+0.24%)
- NASDAQ – 19,662.48 (+0.24%)
Market Performance
U.S. equity markets ended Thursday in positive territory, supported by steady jobless claims and producer price inflation that came in slightly below forecasts. Utilities and technology stocks led the gains, while communication services and consumer discretionary sectors underperformed. Globally, Asian markets mostly closed lower as investors evaluated reports of a U.S.–China agreement to ease export restrictions on technology and rare-earth minerals. European markets also declined, with the travel and leisure sector weighing on performance following this morning’s Air India plane crash.
Economic Takeaways –
- The U.S. dollar weakened against major global currencies.
- WTI crude oil was little changed as traders kept an eye on ongoing tensions between Israel and Iran.
- Bond yields continued to retreat, with the 10-year U.S. Treasury yield settling at 4.36%. A 30-year Treasury bond auction drew strong interest, with a bid-to-cover ratio of 2.43, indicating robust demand.
- Initial jobless claims held steady at 248,000 last week, coming in slightly above the consensus estimate of 244,000.
- Insured unemployment, which reflects the total number of individuals receiving jobless benefits, increased to 1.95 million from 1.9 million the previous week.
- The producer price index (PPI) rose 0.1% in May, below estimates for a 0.2% increase. On an annual basis, PPI inflation rose to 2.6%, as expected, up from 2.5% the prior month. Core PPI inflation, which excludes more-volatile food and energy prices, dropped to 3.0% on a year-over-year basis, from 3.2% in April.
Gold –
- Gold prices scaled a one-week peak on Thursday, steered by simmering Middle East tensions and cooler U.S. economic data that fuelled fresh bets on Federal Reserve rate cuts.
- Spot gold gained 0.9% to $3,383.22 an ounce by 1408 ET (1808 GMT), its highest level since June 5.
- U.S. gold futures settled 1.8% higher at $3,402.4.
- “Gold is up for the second straight day, largely on heightened geopolitical risks. If gold clears $3,400 again, minor hurdles at $3,417 and $3,431 remain — but a breakout to new all-time highs looks likely ultimately,” said Peter Grant, vice president and senior metals strategist at Zanier Metals.
Oil –
- Oil prices ended modestly lower on Thursday, as traders took profits following a 4% surge in the previous session sparked by escalating tensions in the Middle East that raised fears of potential supply disruptions.
- Brent crude futures settled down 41 cents, or 0.6%, at $69.36 a barrel. U.S. West Texas Intermediate crude fell 11 cents, or 0.2%, to settle at $67.97 a barrel.
Bitcoin –
- Bitcoin began the day trading above $109,000, with investors eyeing a potential breakout past the $110,000 mark. However, despite reports suggesting inflation is having less impact on consumers and U.S. manufacturers than previously expected, the coin was unable to push through that key psychological level.
Oracle’s Earnings Continue to Impress Wall Street
Oracle stock (ORCL) jumped more than 13% on Thursday to notch a record closing price of $199.87 after the company’s fiscal fourth quarter results topped Wall Street’s expectations.
Shares also touched an all-time high of $202.44 during intraday trading.
Oracle’s adjusted revenue of $15.9 billion was ahead of the projected $15.6 billion, while its earnings per share of $1.70 surpassed the expected $1.64. The company raised its annual revenue forecast, as it expects strong demand for its AI cloud services.
“What is clear is that more customers will use the Oracle database to leverage AI,” CEO Safra Ada Catz told analysts in a call after the market close Wednesday.
Catz said she expects the company’s fiscal year 2026 revenue to hit “at least $67 billion,” up from the prior guidance of $66 billion.
Some Auto Tariffs May be On the Way
President Donald Trump said Thursday that he may raise tariffs on imported vehicles, a move he believes could accelerate automakers’ investments in the United States.
“I might go up with that tariff in the not too distant future,” Trump said during a White House event. “The higher you go, the more likely it is they build a plant here.”
Automakers have been lobbying the White House to reduce the current 25% auto tariffs, which were put in place during Trump’s previous term. The Detroit Three automakers have criticized recent trade negotiations that reduced tariffs on British-made cars while leaving rates on vehicles from Canada and Mexico unchanged.
Trump pointed to a series of major investment announcements as evidence that tariffs are having an impact. This week, General Motors said it will invest $4 billion in three U.S. plants and move some SUV production from Mexico. He also highlighted Hyundai’s $21 billion investment unveiled in March, which includes building a U.S. steel plant.
“They wouldn’t have invested 10 cents if we didn’t have tariffs, including for manufacturing American steel, which is doing great,” Trump said.
Adobe Beat on Earnings
Adobe (ADBE) reported stronger-than-expected results for its fiscal second quarter, driven by record sales and solid growth in its core business segments. The company also raised its full-year revenue and earnings guidance, signaling continued momentum.
The software giant posted quarterly revenue of $5.87 billion, an 11% increase from a year earlier and ahead of consensus estimates from Visible Alpha. Adjusted net income rose to $2.17 billion, or $5.06 per share, compared to $2.02 billion, or $4.48 per share, in the same quarter last year—both figures exceeding Wall Street expectations.
The growth was led by Adobe’s Digital Media segment, which includes its popular Creative Cloud suite. Revenue in that division rose 11% year-over-year to $4.35 billion, surpassing analyst projections.
Looking ahead, Adobe raised its full-year revenue forecast to a range of $23.5 billion to $23.6 billion, up from its prior guidance of $23.3 billion to $23.55 billion. The company now expects adjusted earnings per share of $20.50 to $20.70, compared with its earlier outlook of $20.20 to $20.50. For the third quarter, Adobe projects adjusted earnings of $5.15 to $5.20 per share and revenue between $5.88 billion and $5.93 billion, both above analyst expectations.
Top Gainers
Several stocks experienced significant gains. Some of the top gainers included:
- MP Materials Corp. (MP) moved higher 13.88%
- Oracle Corp. (ORCL) soared by 13.31%
- TransAlta Corp. (TAC) exploded 8.98%
- Genius Sports Limited (GENI) surged 8.39%
- Comstock Resources, Inc. (CRK) rose 7.02%
- AngloGold Ashanti plc (AU) moved up 6.43%
- Fabrinet (FN) jumped 5.66%
- Newmont Corp. (NEM) spiked 4.90%
- VEON Ltd. (VEON) moved up 4.82%
- Atour Lifestyle Holding Company (ATAT) surged 4.81%
Top Losers
The top US stock losers today, based on percentage change included:
- GameStop Corp. (GME) moved lower 22.45%
- Tonix Pharmaceuticals (TNXP) moved lower 8.43%
- Kiniksa Pharmaceuticals (KNSA) sank 8.24%
- Joby Aviation, Inc. (JOBY) fell 7.89%
- Quantum Computing, Inc. (QUBT) down 7.70%
- PagSeguro Digital Ltd. (PAGS) moved lower 6.48%
- Carvana Co. (CVNA) sank 6.28%
- Nu Holdings Ltd. (NU) dragged 5.96%
- Wingstop, Inc. (WING) moved down 5.92%
- Equinox Gold Corp. (EQX) slumped 5.90%
Notables
- General Electric (GE) fell 4% in early trading after Barron’s reported that its GEnx engines were installed on the Air India plane that crashed near Ahmedabad today.
- Shares of Oracle (ORCL) jumped nearly 10% early Thursday, boosted by stronger-than-expected fiscal fourth-quarter results and optimistic guidance for fiscal 2026. Cloud infrastructure revenue surged 52% year-over-year, with the company forecasting even faster growth next year.
- CureVac (CVAC) soared close to 39% following German biotech BioNTech’s (BNTX) announcement to acquire the company in an all-stock deal valued at around $1.25 billion.
- Voyager Technologies (VOYG) carried momentum from Wednesday’s explosive 82% debut, adding over 4% in pre-market trading Thursday.
- GameStop (GME) shares tumbled as much as 19% early Thursday after the video game retailer announced a $1.75 billion convertible bond issuance, raising investor concerns over potential dilution.
- Semiconductor stocks including Nvidia (NVDA) and Broadcom (AVGO) dipped more than 1% ahead of the open, following Wednesday’s losses amid doubts about a U.S.-China deal boosting American chip exports.
- Quantum Computing (QUBT) rose another 1% after climbing about 25% Wednesday, supported by bullish remarks from Nvidia CEO Jensen Huang. Peer Rigetti Computing (RGTI) also gained 12% yesterday.
- Tesla (TSLA) declined 2.3% in early trading despite recent enthusiasm around its upcoming Robotaxi launch later this month.
- Amazon (AMZN) slipped 0.5% Thursday morning following a 2% drop the previous day, after a court allowed President Trump’s tariffs on imports to remain in place amid ongoing legal challenges. Retailers reliant on foreign sourcing, including Nike (NKE), Walmart (WMT), and Target (TGT), also extended their losses.
- Energy stocks Chevron (CVX), Exxon Mobil (XOM), and ConocoPhillips (COP) were slightly down pre-market, retreating from the 1% to 2% gains posted Wednesday amid rising oil prices.
What to Watch Ahead
Friday: Preliminary June University of Michigan Consumer Sentiment.
Monday: BOJ rate decision and expected earnings from Lennar (LEN).
Tuesday: May retail sales and May industrial production.
Wednesday: Fed rate decision, May housing starts, and May building permits.
Thursday: U.S. markets closed for Juneteenth holiday observance.
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