S&P 500 rises slightly on Thursday, but is still on pace for its worst month of the year: Live updates

The Fed should be done hiking rates, says BlackRock's Rick Rieder
The Fed should be done hiking rates, says BlackRock's Rick Rieder

Stocks rose Thursday, as Wall Street tried to regain some of this month's steep losses and traders kept an eye on Treasury yields.

The Dow Jones Industrial Average climbed 116.07 points, or 0.35% to 33,666.34. The S&P 500 added 0.59% to 4,299.70 — just shy of the key 4,300 level. The Nasdaq Composite jumped about 0.83% to 13,201.28.

Stocks are headed for what's been a tough trading month and quarter. The Dow is poised to end 3% lower in September and more than 2% lower in the quarter. The S&P 500 is slated to finish the month down 4.6% and the quarter off by 3.4%. The Nasdaq is on pace to finish the month and quarter lower by 5.9% and 4.3%, respectively.


The communication services sector jumped 1.2% to lead the S&P 500 higher, boosted by a 2% gain in Meta Platforms. Intel and Cisco Systems rose 1.6% and 1.3%, respectively, lifting the Dow.

"You're just getting a little bit of reprieve from the selling pressure. Absent a big catalyst, it's usually hard to sustain such movement in one direction," Ross Mayfield, investment strategy analyst at Baird, said. "This little bit of a pause, maybe a slight downtime shouldn't be unexpected, even amidst the kind of more negative backdrop."

The major averages got a boost as Treasury yields eased from multiyear highs. Stocks have struggled lately with rising yields and the prospects of higher interest rates for longer than expected.

The yield on the benchmark U.S. 10-year Treasury hit a fresh 15-year high as data out Thursday showed a still-resilient labor market with jobless claims coming in lower than expected. The benchmark rate retreated from that level later in the day.

The stock market has been taking its cues from the bond market lately with any surge in rates raising worries about a recession and sending equities to new lows. The S&P 500 hit the lowest level since June this week as the 10-year yield hit its highest since 2007.

Investors will turn their attention to the latest personal consumption expenditures price index reading due Friday. The PCE reading is the Federal Reserve's preferred inflation metric.

Wall Street is also keeping an eye on Washington, as lawmaker negotiations on a U.S. spending bill continue before a Oct. 1 deadline. House Speaker Kevin McCarthy told CNBC Thursday morning that he was confident that Congress would avoid a shutdown this weekend, though he criticized a bill proposed by the Senate for not dealing with border security. Traders have their doubts that McCarthy can get his party in the House aligned by the deadline.

Retail investor pessimism climbs to 4-month high as optimism drops to 4-month low

Individual investor bearishness climbed to 40.9%, the highest since mid-May, from 34.6% last week, in the latest weekly survey by the American Association of Individual Investors. The survey asks investors their outlook for stocks over the next six months.

Conversely, optimism retreated to 27.8%, a four-month low, from 31.3% last week.

The historical average for bearishness is 31.0% and for bullishness is 37.5%.

Bullish sentiment is below its historical average for the sixth week in seven, and has dropped by 14.4 percentage points in just the past three weeks.

— Scott Schnipper

AMD pops after Microsoft executive applauds A.I. work

AMD climbed nearly 5% on Thursday as investors reacted to comments made a day earlier by Microsoft's technology chief that noted the chip maker's growing role in artificial intelligence.

"They're making increasingly compelling GPU offerings that I think are going to become more and more important to the marketplace in the coming years," Microsoft CTO Kevin Scott said at the Code Conference in California on Wednesday.

Microsoft shares rose about 0.4% in afternoon trading on Thursday.

— Jordan Novet, Alex Harring

Everyday investors are selling off this big tech stock

Individual investors have sold off this mega-cap stock over the past week, according to JPMorgan. That aligns with a broader trend seen by the firm of retail investors gradually selling off big technology names.

CNBC Pro subscribers can click here to see which stock it is.

— Alex Harring

Stocks advance in the final hour of trading

Stocks gained into the final hour of trading.

The Dow Jones Industrial Average advanced 126 points, or about 0.4%. The S&P 500 rose 0.6%, and the Nasdaq Composite jumped 0.8%.

— Sarah Min

UBS says this 'best-in-class' language stock can grow thanks to AI

UBS says a key language education stock can find more room to run thanks to a growing user base and an application boost from generative artificial intelligence.

The firm initiated coverage of the stock with a buy rating in a Wednesday note.

CNBC Pro subscribers can read the full story here.

— Brian Evans

Nasdaq Composite's Thursday climb briefly pulls index into positive territory on the week

A nearly 1% rally for the Nasdaq Composite on Thursday briefly pulled the technology-heavy index above flat on the week.

The composite flickered above flat on a week-to-date basis as of Thursday afternoon. It closed Wednesday's session down about 0.9% on the week.

Despite the gains in the session, the Nasdaq is still on pace to end the trading month and quarter, which both end on Friday, with steep losses. The index is down about 5.9% on the month and 4.2% on the quarter.

— Alex Harring

Walgreens, Nike lead Dow's quarterly losses

As the end of the quarter nears, the 30-stock Dow Jones Industrial Average is on pace to end more than 2% lower.

Walgreens Boots has suffered the largest declines in the quarter, down by 26.6% quarter-to-date as of Thursday afternoon. Athletic retailer Nike is the second-largest loser, down nearly 19%, followed by American Express and Verizon, which have fallen 13.7% and 12.6%, respectively.

— Hakyung Kim

GameStop reverses, falls 1% after Ryan Cohen takes over as CEO

GameStop shares fell into the red in mid-morning trading and are now down more than 1%, erasing the premarket gains that followed the announcement that Ryan Cohen will take over as CEO, effective immediately.

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GameStop shares turned negative for the session on Thursday morning.

Cohen, the co-founder of Chewy, is no stranger to GameStop. He has been an activist investor in GameStop and was previously serving as the company's executive chairman.

Cohen began building his stake in GameStop shortly before the meme stock mania, which has been turned into a new movie called "Dumb Money." Cohen became something of a hero for retailer traders, who saw him as an ally in their fight against hedge funds that were shorting the stock.

But turnaround efforts from Cohen and other GameStop leaders have so-far failed to boost sales for the retailer compared to pre-pandemic levels. GameStop fired its previous CEO in June. Cohen already had sway at GameStop when that CEO was originally hired, in 2021. The company's CFO also resigned in July.

— Jesse Pound

'No let up' from oil, rates, or U.S. Dollar, says Verrone

The "relentless" rise in the U.S. Dollar, rates and oil have created what Strategas' technical and macro head Chris Verrone calls the "unholy trinity" of macro investing. 

Both oil and the 1-year yields hit new 52-week highs on Tuesday despite overbought conditions in recent weeks, according to Verrone — which he called "the signature of a strong trend." 

"Crude's bid also remains evident with the continued outperformance from the Energy stocks – but it's not without a cost, and on the other side of Energy's strength remains Consumer Discretionary," said Verrone. 

"In the tactical sense, there are some oversold conditions developing for both the broader market and its weakest components, but we'd stop short of calling sentiment panicked. Be very critical of any rallies that develop over coming weeks, as individual stock trends are damaged and the macro may have other intentions," he added.

— Hakyung Kim

JPMorgan upgrades key U.S. Navy shipbuilding stock

JPMorgan upgraded Huntington Ingalls Industries stock in a Thursday note thanks to an excessive backlog of orders and an "attractive entry point."

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Huntington Ingalls Industries stock.

CNBC Pro subscribers can read the full story here.

— Brian Evans

These are the stocks making the biggest midday moves

Check out the companies making headlines in midday trading.

  • Trimble — The technology services provider jumped about 6.4% on Thursday on the back of an announcement that AGCO Corp will acquire an 85% stake in Trimble's agribusiness for $2 billion in cash, as the tractor and seeding equipment firm looks to grow its precision-agriculture portfolio.
  • Accenture — Shares of the IT and consulting firm fell nearly 5% on Thursday after Accenture reported mixed results for its fiscal fourth quarter. The company reported $2.71 in adjusted earnings per share on $15.99 billion of revenue. Analysts were expecting $2.65 per share on $16.07 billion of revenue, according to FactSet. The company's full-year guidance for the upcoming fiscal year for earnings and cash from operations also came in below expectations, according to StreetAccount.
  • Jefferies Financial Group — The financial services stock rose more than 2% even though the company's third-quarter profits were hurt by a slowdown in dealmaking. After the market closed Wednesday, Jefferies posted earnings of 22 cents per share on revenue of $1.18 billion. Still, the company's CEO expressed optimism that momentum in investment banking activity will return.

Read here for the full list.

— Pia Singh

Stocks hit session highs

The major averages hit their session highs midday, with the Dow and S&P 500 up more than 200 points and 1%, respectively. The Nasdaq was also up more than 1%.

— Fred Imbert

NYSE advancers lead decliners roughly 3-1

More than two stocks at the New York Stock Exchange rose for every decliner Thursday, as Wall Street tried to recoup some of September's steep losses. Overall, 1,976 NYSE-listed stocks were higher, while 719 fell.

— Fred Imbert