The S&P 500 climbed for a fourth session, adding to this week’s rally after the U.S. and China agreed to temporarily slash tariff rates. Treasury yields also fell, providing a tailwind to stocks.
Market Snapshot
The broad market index rose 0.41% to end at 5,916.93, while the Dow Jones Industrial Average added 271.69 points, or 0.65%, and closed at 42,322.75. The Nasdaq Composite underperformed, slipping 0.18% and settling at 19,112.32.
Market Movers
UnitedHealth fell 11% following a report from The Wall Street Journal that said the Justice Department was investigating the company for possible Medicare fraud. The investigation has been active since at least last summer, the Journal reported, citing people familiar with the matter. UnitedHealth said it hadn't been notified by the Justice Department of the criminal investigation, adding that it stands "by the integrity of our Medicare Advantage program."
Wal-Mart fell 0.5% after reporting fiscal first-quarter earnings that beat analysts' estimates and reiterating its financial guidance for the year. Still, executives said the outlook was subject to "substantial uncertainty" as a result of fluctuating tariff policies, and that higher import costs will result in higher prices for shoppers.
Foot Locker soared 86% to $23.90 after it was confirmed that Dick's Sporting Goods would buy the sneaker company for $24 a share, or $2.4 billion. Shares of Foot Locker ended Wednesday's session at $12.87. Dick's, meanwhile, declined 15% following the announcement.
Alibaba reported fiscal fourth-quarter earnings and revenue that missed analysts' estimates, sending U.S.-listed shares of the Chinese e-commerce company down 7.6%. Ahead of the report, Alibaba shares had risen nearly 60% in 2025.
Super Micro Computer fell 2.3%, snapping a three-day winning streak. Shares of the artificial-intelligence server maker closed up 16% at $45 on Wednesday. Boosting the stock this week has been positive coverage from analysts and a $20 billion deal with the Saudi Arabian data center company DataVolt.
Apple slipped 0.4% after President Donald Trump chided Apple CEO Tim Cook, saying he wanted the iPhone maker to build more of its devices in the U.S. and not in India. "I had a little problem with Tim Cook yesterday. I said to him, Tim, you're my friend. I treated you very good. You're coming here with $500 billion but now here you are building all over India," Trump said in Qatar.
Cisco Systems boosted its fiscal-year sales outlook after reporting better-than-expected fiscal third-quarter adjusted earnings as revenue rose 11% from a year earlier to $14.15 billion. Cisco said it now expects fiscal-year revenue of $56.5 billion to $56.7 billion, up from a prior outlook of $56 billion to $56.5 billion. Shares of the networking and security company rose 4.9%.
Coinbase Global, Inc. was down 7.2% after the cryptocurrency exchange reported it was the victim of a data breach that could cost up to $400 million.
Boot Barn jumped 17% after posting fiscal fourth-quarter earnings and revenue that rose from a year earlier. The Western apparel retailer said it anticipates first-quarter sales of between $483 million and $491 million compared with Wall Street estimates of $486.5 million. Boot Barn sees earnings in the first quarter of between $1.44 and $1.52 a share; analysts expect $1.44. The company's board also authorized a $200 million stock buyback program.
DXC Technology Company , the information-technology consultant, slumped 3.3% after guiding for fiscal first-quarter profit of 55 cents to 65 cents a share, below estimates of 77 cents. It said it expects fiscal 2026 earnings of $2.75 to $3.25, below consensus of $3.41.
Fintech eToro was down 0.2% at $65.85 after soaring in its trading debut Wednesday. The stock opened for trading at $69.69 and closed at $67, up 29% from eToro's initial public offering price of $52 a share.
Deere rose 3.8% after reporting better-than-expected fiscal second-quarter earnings but reducing its financial guidance. Deere said that including the effects of tariffs, it expects fiscal 2025 net income of between $4.8 billion and $5.5 billion, below prior guidance of $5 billion to $5.5 billion, and down from $7.1 billion reported in the previous fiscal year.
STERIS plc , the medical-equipment company, rose 8.5% after fiscal fourth-quarter earnings beat analysts' estimates. Steris was the top-performing stock in the S&P 500 on Thursday.
Market News
Trump announces $200 billion in deals during UAE visit, AI agreement signed
President Donald Trump on Thursday pledged to strengthen U.S. ties to the United Arab Emirates and announced deals with the Gulf state totalling over $200 billion and the two countries also agreed to deepen cooperation in artificial intelligence.
After Trump's meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan, the White House said he announced deals that included a $14.5 billion commitment from Etihad Airways to invest in 28 Boeing 787 and 777x aircraft powered by engines made by GE Aerospace.
Meta asks judge to rule that FTC failed to prove its monopoly case
Facebook parent company Meta Platforms asked a Washington judge on Thursday to throw out the U.S. Federal Trade Commission's case accusing it of an illegal social media monopoly, saying the agency failed to prove its case at a high-stakes antitrust trial over the company's acquisitions of Instagram and WhatsApp.
