Wall Street advanced on Thursday as investors mulled a mixed batch of corporate earnings and shifting geopolitical concerns. All three major U.S. stock indexes closed higher, with tech strength nudging the Nasdaq into the lead. But the small-cap Russell 2000 was the clear outperformer.

Market Snapshot

The Dow Jones Industrial Average rose 144.20 points, or 0.31%, to 46,734.61, the S&P 500 gained 39.03 points, or 0.58%, to 6,738.43 and the Nasdaq Composite gained 201.40 points, or 0.89%, to 22,941.80.

Market Movers

Tesla - Tesla pared earlier losses to rise 2.3%. The electric-vehicle maker reported a 37% decline in third-quarter net income. Adjusted earningsin the period of 50 cents a share missed analysts’ estimates of 56 cents, even as total revenue jumped 12% to $28.1 billion, higher than Wall Street expectations of $26.5 billion. Automotive revenue of $21.2 billion topped estimates of $19.6 billion, boosted by a rush by consumers to buy EVs before the expiration of U.S. federal tax credits. Tesla’s free cash flow in the quarter was $3.99 billion, the highest quarterly total in the company’s history.

IonQ, Rigetti Computing, D-Wave Quantum - IonQ rose 7.1%, Rigetti Computing gained 9.8%, and D-Wave Quantum jumped 13.8% after The Wall Street Journal reported the Commerce Department was considering taking equity stakes in the companies in exchange for federal funding. The Commerce Department denied the report, telling Barron’s it isn’t currently negotiating equity stakes with quantum computing companies.

Beyond Meat - Shares of plant-based protein company Beyond Meat tumbled 20.7% on Thursday after the recent, unsustainable 'meme stock' rally appeared to collapse, with the stock reversing sharply after a massive surge in the previous week.

Lam Research - Chip-equipment maker Lam Research rose 4.5% as fiscal first-quarter adjusted earnings of $1.26 a share beat analysts’ predictions of $1.22. Revenue rose to $5.32 billion from $4.17 billion a year earlier and topped expectations of $5.22 billion.

IBM - IBM swung to a profit in the third quarteras revenue of $16.33 billion rose 9% from a year earlier and beat Wall Steet estimates of $16.09 billion. Adjusted earnings in the quarter of $2.65 a share topped analysts’ forecasts of $2.45. For the full year, IBM forecasts more than 5% revenue growth in constant currency and expects to generate about $14 billion in free cash flow. Shares, however, fell 0.9%, as the stock’s rally this year had set a high bar.

Honeywell - Honeywell rose 6.8% after the industrial conglomerate reported better-than-expected third-quarter earnings. The company posted earnings $2.82 a share on sales of $10.4 billion. Wall Street was expecting earnings of $2.57 on sales of $10.1 billion.

Dow Inc. - Dow Inc. jumped 13% as the commodity chemicals producer reported an adjusted loss in the third quarter of 19 cents a share on net sales of $10 billion versus Wall Street expectations that called for a loss of 31 cents on sales of $10.2 billion. Operating profit of $180 million fell from $461 million a year earlier. CEO Jim Fitterling noted “continued pressure across our industry.” He added that Dow remains confident it was “in a strong position to navigate this environment.”

American Airlines - American Airlines climbed 5.6% after the carrier reported a narrower-than-expected third-quarter loss and beat analysts’ revenue expectations. The airline also signaled a strong end to 2025 as it hiked full-year guidance and forecast a fourth-quarter profit above estimates.

Southwest Airlines - Southwest Airlines reported a surprise third-quarter adjusted profit of 11 cents a share, better than analysts’ calls for a loss of 4 cents, as the discount carrier said “results are showing” from its strategy shift. Southwest reported record third-quarter revenue of $6.95 billion. The airline said it expects “meaningful margin expansion in the fourth quarter.” However, the results didn’t impress Wall Street, and shares declined 6.3%.

T-Mobile - Third-quarter revenue at T-Mobile rose 8.9% from a year earlier to $21.96 billion, beating the $21.91 billion analysts had expected. The telecommunications company added a record 2.3 million postpaid subscribers over the quarter. The stock, which has been tamped down this year due to concerns about an economic slowdown, declined 3.3%.

Moderna - Moderna fell 2.2% after saying it would stop development of a vaccine designed to prevent birth defects caused by cytomegalovirus, or CMV, once among its most-watched experimental programs. Moderna had hoped its shot would be at least 49% effective at preventing CMV infections. But top-line data from a Phase 3 trial in 7,500 women found the shot was only between 6% and 23% effective.

Las Vegas Sands - Las Vegas Sands jumped 12.4% after the casino company reported third-quarter adjusted earnings of 78 cents a share, beating analysts’ estimates of 62 cents, as revenue jumped 24% to $3.33 billion. Casino revenue in the quarter rose to $2.51 billion from $1.94 billion a year earlier.

West Pharmaceutical - West Pharmaceutical Services gained 10.9% after the company raised its forecast for the year. West Pharmaceutical expects adjusted earnings of $7.06 to $7.11 a share on sales of $3.06 billion to $3.07 billion. Previous guidance called for adjusted earnings of $6.65 to $6.85 a share on sales of $3.04 billion to $3.06 billion.

Molina Healthcare - Molina Healthcare tumbled 17.5% after it again cut its full-year guidanceand reported lower third-quarter earnings because of underperformance in the healthcare-services provider’s marketplace business. Net income of $79 million, or $1.51 a share, declined from $326 million, or $5.65 a year earlier. Adjusted earnings of $1.84 a share missed forecasts of $3.90. Peer insurerCentenedropped 4.6% while healthcare giantUnitedHealthtraded down 0.3%.

Medpace - Medpace Holdings rose 9.1% after the contract research organization posted third-quarter earnings of $3.86 a share on revenue of $659.9 million, significantly higher than a year earlier and better than analysts’ expectations. The company said it sees revenue growth of between 17.6% and 20% for the full year, above a prior forecast of between 14.7% and 19.5%.

Market News

Anthropic to Use Google's AI Chips Worth Tens of Billions to Train Claude Chatbot

Anthropic is expanding its deal with Google to use as many as one million of the tech giant's artificial intelligence chips, worth tens of billions of dollars, as the startup races to advance its AI systems in the competitive market.

Under the deal announced on Thursday, Anthropic will have access to more than one gigawatt of computing capacity, coming online in 2026, to train the next generations of its Claude AI model on Google's in-house tensor processing units, or TPUs, which were traditionally reserved for internal use.

Anthropic said it chose the TPUs due to their price-performance ratio and efficiency, as well as its existing experience in training and serving its Claude models with the processors.

The deal is the latest sign of insatiable chip demand in the AI industry, where companies are rushing to develop technology that can match or surpass human intelligence.

Record $38 Billion Debt Sale Nears for Oracle-Tied Data Centers, Bloomberg Reports

Banks are preparing to launch a $38 billion debt offering as soon as Monday that will help fund data centers tied to Oracle in what would be the largest such deal for artificial intelligence infrastructure to come to market, according to people with knowledge of the matter, Bloomberg reported.

JPMorgan Chase & Co. and Mitsubishi UFJ Financial Group are among banks leading the deal, which is split across two separate senior secured credit facilities, said the people, who asked not to be identified when discussing private matters. One $23.25 billion package will go toward financing a data center in Texas and another $14.75 billion facility will help fund a project in Wisconsin, the people said.

Vantage Data Centers is developing both data centers, which are set to be used by Oracle to power OpenAI, Bloomberg has reported. The projects are part of Oracle’s broader effort to invest $500 billion in AI infrastructure alongside OpenAI, known as Stargate.