U.S. stocks edged lower on Thursday, pausing after a record-setting run. The S&P 500 slipped 0.4% by midday in New York, retreating from an all-time high of 5,674 hit at the open. The Nasdaq 100 and Dow Jones Industrial Average posted similar declines, while the Russell 2000 underperformed, down 0.7%.
Losses were led by industrials, energy and materials, each down about 1%, while consumer staples stood out as the only sector avoiding red.
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Earnings Movers: Delta and Pepsi Rise
Corporate earnings provided a few bright spots. Delta Air Lines Inc. (NYSE:DAL) jumped 4.3% after reporting third quarter 2025 net income of $1.42 billion and adjusted EPS of $1.71, beating estimates.
Revenue climbed 6% year-over-year to $16.67 billion. PepsiCo Inc. (NASDAQ:PEP) also gained after posting adjusted EPS of $2.29, slightly above expectations, though down 2% from a year earlier. Net revenue rose 2.6% to $23.9 billion, just topping forecasts of $23.8 billion.
Geopolitical Headlines Take Focus Amid Shutdown
With U.S. economic data still delayed by the government shutdown, investors turned attention overseas.
President Donald Trump announced a peace agreement between Israel and Hamas, saying it will involve the release of hostages and a withdrawal of Israeli troops as early as this weekend.
Dollar Extends Rally, Metals and Crypto Slip
The U.S. dollar continued its advance, with the Dollar Index heading for a fourth straight daily gain, touching its strongest level since early August.
The stronger greenback weighed on precious metals, erasing early advances after both gold and silver hit record highs at the open. Silver briefly topped $50 an ounce, surpassing its April 2011 peak.
In cryptocurrencies, Bitcoin (CRYPTO: BTC) fell nearly 3% to $120,000, while Solana (CRYPTO: SOL) and Ethereum (CRYPTO: ETH) dropped 5% and 5.2%, respectively.
Thursday’s Performance In Major U.S. Indices, ETFs
| Major Indices | Price | % Chg. |
| S&P 500 | 6,729.20 | -0.4% |
| Nasdaq 100 | 25,031.74 | -0.4% |
| Dow Jones | 46,360.97 | -0.5% |
| Russell 2000 | 2,462.92 | -0.8% |
According to Benzinga Pro data:
- The Vanguard S&P 500 ETF (NYSE:VOO) slipped 0.4% to $615.99.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) fell 0.6% to $463.37.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) dropped 0.5% to $608.52.
- The iShares Russell 2000 ETF (NYSE:IWM) fell 0.9% to $244.55.
- The Consumer Staples Select Sector SPDR Fund (NYSE:XLP) outperformed, up 0.3%; the Industrials Select Sector SPDR Fund (NYSE:XLB) lagged, down 1.2%.
S&P 500’s Top 5 Gainers On Thursday
| Company | % Change |
|---|---|
| Albemarle Corporation (NYSE:ALB) | +5.78% |
| Delta Air Lines, Inc. | +4.3% |
| PepsiCo, Inc. | +3.41% |
| Kenvue Inc. (NYSE:KVUE) | +3.31% |
| Oracle Corporation (NYSE:ORCL) | +3.18% |
S&P 500’s Top 5 Losers On Thursday
| Company | % Change |
|---|---|
| Dell Technologies Inc. (NYSE:DELL) | -5.35% |
| AppLovin Corporation (NASDAQ:APP) | -5.28% |
| Pulte Group, Inc. (NYSE:PHM) | -4.87% |
| Stanley Black & Decker, Inc. (NYSE:SWK) | -4.64% |
| D.R. Horton, Inc. (NYSE:DHI) | -4.56% |
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Photo: rblfmr via Shutterstock
