4:15pm: Markets close higher on tariff relief

Wall Street closed solidly higher on Thursday, shrugging off midday swings to end the session in the green after President Trump called off threatened tariffs on European allies over his pursuit of Greenland.

The Dow Jones added 307 points, or 0.6%, to finish at 49,384, while the S&P 500 climbed 38 points, also 0.6%, closing at 6,913. The Nasdaq outperformed with a 0.9% gain, rising 211 points to 23,436, and the Russell 2000 added 20 points, or 0.7%, to 2,718.

Gold also continued its record-breaking run, topping $4,900 an ounce for the first time, extending a streak of highs that’s been in place since the start of the year.

All eyes now turn to Big Tech, with Intel set to kick off the sector’s earnings season after the bell. Investors will be watching closely for signs of AI-driven spending from companies like Meta, as well as the impact of a global memory shortage on the chipmaker’s turnaround efforts.

3:30pm: Proactive news headlines


C3 Metals Inc (TSX-V:CCCM, OTC:CUAUF) increased its bought deal private placement to 22.1 million shares at $1.10 each, raising over $24 million due to stronger-than-expected investor demand.
Medicus Pharma (NASDAQ:MDCX) reduced future royalties on its experimental drug Teverelix from ~4% to 2% under a revised licensing agreement with LifeArc, enhancing the asset’s long-term commercial potential.
Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF) has started supplying ultra-high purity hydrogen in Ontario to fuel cell generators for film and television production sets, replacing diesel generators.Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF, FRA:1SS) launched Nextech Event AI, an AI-powered platform unifying its event technology stack to streamline registration, engagement, analytics, and operations for enterprise and Fortune 500 customers.

2:05pm: Market movers


Mobileye (MBLY) shares slid after the autonomous driving firm missed fourth-quarter earnings expectations despite posting revenue above forecasts.
Alibaba Group (BABA) is preparing to spin out and potentially list its chipmaking arm T-Head Semiconductor after restructuring it as a standalone business, according to Bloomberg.
Medicus Pharma (MDCX) said its subsidiary amended a licensing deal to cut future royalties on experimental drug Teverelix, improving the asset’s long-term commercial outlook.
GE Aerospace (GE) beat fourth-quarter profit and revenue estimates, but shares fell as investors focused on signs of slowing growth and a more moderate 2026 outlook.
Procter & Gamble (PG) reported flat organic sales in its fiscal second quarter, missing expectations as price hikes were offset by weaker volumes.
Ubisoft Entertainment (UBSFF/UBI) shares plunged after the company cancelled six games, including a Prince of Persia remake, as part of a major restructuring to cut costs and reorganize operations.

1:00pm: Strong consumer spending

Stocks are still firmly in the green as the afternoon trading session gets underway.

As of 1pm ET, the Dow is up over 1%, the S&P around 0.8% and the Nasdaq leading the way with a 1.2% gain.

US consumer spending remains resilient, with real PCE likely up nearly 3% in Q4, Wells Fargo said. Real disposable income rose just 1% in November, lagging behind spending growth, raising concerns about sustainability. Upcoming tax relief could support a 2%-2.5% pace of spending through 2026. Moderating inflation, aided by fading tariffs, a cooler labor market, and strong productivity, is also expected to sustain real spending.

11:45am: P&G, GE Aerospace report

Procter & Gamble and GE Aerospace kicked off earnings season with mixed signals, as P&G grappled with flat sales and rising costs, while GE Aerospace beat estimates but flagged slower growth ahead.

Procter & Gamble Co (NYSE:PG) reported flat organic sales in its fiscal second quarter, missing expectations as higher prices were offset by lower volumes. Net sales rose 1% to $22.2 billion, while core EPS was $1.88, flat year-on-year. Gross margin was 51.2%, with earnings weighed down by higher restructuring charges and tariffs. The company maintained fiscal 2026 guidance but lowered diluted earnings growth to 1%-6%.

GE Aerospace (NYSE:GE) beat Q4 profit and revenue estimates, with adjusted EPS of $1.57 and revenue up 18% to $12.7 billion, though growth is slowing. 2026 guidance anticipates more moderate expansion, with adjusted EPS of $7.10-$7.40.

10:50am: GDP growth surges

The US economy grew at a 4.4% annualized rate in the third quarter, according to the first revision of GDP data, well above historical averages.

Chris Zaccarelli, Chief Investment Officer at Northlight Asset Management in Charlotte, North Carolina, said the pace is likely to moderate but could still support strong equity performance.

“The U.S. economy is producing at a very high level and the 4.4% real growth rate is much higher than normal and is likely to moderate over the course of the year, but if we can stay above 3% for the entire year it could lead to double-digit returns in the stock market,” Zaccarelli said.

He noted that while the stock market and the economy do not move in lockstep, sustained increases in productivity and output can boost corporate profits, which in turn support stock prices. Zaccarelli added that “much of the multiple expansion that we would expect to see during this bull market has already happened, so in order for stock prices to move higher, most of the heavy lifting is going to need to come from higher corporate profits.”

9.55am: Stocks open higher, Russell and Nasdaq lead

US stocks have opened higher, as expected. 

The small-cap Russell 2000 is leading the way, starting 1.1% higher, followed by the tech-powered Nasdaq, up 0.7%.

The Dow Jones and S&P 500 have risen 0.6% and 0.5% respectively.

Top risers on the Nasdaq 100 are ARM, Datadog and MercadoLibre, all up over 4%. 

Meta Platforms is the top riser among the Mag 7, up 3.6%, while Alphabet and Microsoft are both up more than 1%. 

Fallers on the Nasdaq are led by Micron, Intel, Netflix and Strategy.

Procter & Gamble shares are up 1.6% despite the FMCG group reporting flat organic sales for its fiscal second quarter, which missed market expectations, while price increases were offset by lower volumes but higher restructuring charges weighed on year-on-year earnings growth.

8am: Nasdaq tipped to lead second-day rebound after tariff U-turn

Futures point to a positive start for Wall Street stocks on Thursday morning, with a further rebound expected on the back of Donald Trump’s U-turn on Greenland tariffs. 

Dow Jones futures were up 0.3%, S&P 500 futures rose 0.5%, and the Nasdaq was in the lead with a 0.8% gain.

The previous day, a sharp bounce followed the President’s announcement that he had agreed “the framework of a future deal” on Greenland with Nato secretary general Mark Rutte.

Traders and market commentators said it was a classic TACO move from Trump, given they say “Trump always chickens out” – or what the President would not doubt call “the art of the deal”. 

Either way, it saw the Dow climb 589 points or 1.2% to 49,077, while the S&P rose 1.2% to 6,876, pushing it back into positive territory for the year, with the Nasdaq also gaining 1.2% to close at 23,225. The Russell 2000 led the day with a 2% jump to 2,697.

 

“Tariff risk is now on the back burner, and this week’s price action tells us that financial markets fear tariffs more than geopolitical risks,” said market analyst Kathleen Brooks at XTB.

“The terms of the deal that Nato have agreed with the US around Greenland are unknown, but the Nato Secretary General said that it did not involve Greenland’s sovereignty [so] Greenland is not about to become the 51st US state.” 

President Trump is expected to meet with Ukraine’s President Zelensky later today.

Away from President Trump’s dealmaking, the global bond market sell-off that was sparked by fears about fiscal expansion in Japan continued to recover.

The US dollar and the Japanese yen continue to be the weakest currencies in the G10 FX space this week.

US economic data to watch later today includes the final reading of Q3 GDP and the core PCE report, the Fed’s preferred measure of inflation, for November. 

Earnings include Procter & Gamble and GE Aerospace before the opening bell, and Intel after the close.Â