Stock market today: Live updates

The Dow Jones Industrial Average finished at record levels on Thursday.

The blue-chip index added 874.86 points, or 1.73%, to 51,561.93. The S&P 500 also finished in the green, rising 0.41% to 7,584.31.

The Nasdaq Composite, however, dropped 0.09% to end at 26,830.96.

— Sean Conlon

Bitcoin is getting pummeled to kick off June as the market loses its dominant narrative and liquidity continues to rotate into other assets.

The combination has left the flagship cryptocurrency vulnerable to further downside pressure as investors scale back risk and capital shifts toward markets with more momentum or more obvious near-term catalysts, like the chip rally or the SpaceX IPO. Bitcoin is down 13% this week and heading for its worst week since February, according to Coin Metrics.

It’s a familiar feature of crypto cycles: when the main narrative loses momentum, liquidity shifts quickly to other parts of the market. And absent a fresh catalyst to help support demand, bitcoin becomes vulnerable to sharp, flow-dominated price moves. Now, traders are reassessing what’s supposed to be driving the next leg of the cycle. Read more.

Quantinuum opened trading at $68 per share on the Nasdaq on Thursday, after upsizing its initial offering.

The company raised $1.68 billion in an upsized IPO after it priced at $60 per share, above of its earlier range of $53 to $55 per share. At the first trade price, Quantinuum has a market cap of about $17.6 billion.

The firm was founded in 2021 out of a merger of Honeywell‘s quantum computing division and UK-based Cambridge Quantum. The company describes itself as a “full-stack quantum computing platform,” spanning both hardware and software. Read more.

— Annie Palmer and Samantha Subin

Here are the companies making headlines in midday trading:

Alnylam Pharmaceuticals – Shares advanced 4% after Alnylam announced a strategic artificial intelligence collaboration with Inceptive Nucleics, valued at up to $2 billion. In the partnership Alnylam plans to use Inceptive’s generative AI models to aid its discovery of RNA interference therapeutics.Blackstone – The asset manager jumped 8% as investors seemed to shake off news that the firm is limiting withdrawals from the Blackstone Private Credit fund after a pickup in investor redemption requests. The stock is now on track to snap a three-day string of losses. Fellow asset managers Ares Management and KKR each saw shares gain 6% in sympathy.Humana – Shares of the health insurer rose more than 6%. Morgan Stanley raised its price target on Humana to $249 per share, suggesting roughly 24% downside from Wednesday’s close. Still, that compares to an anticipated decline of nearly 34% based on the earlier price target of $217 a share. Morgan Stanley stuck with its underweight rating on shares.

Read here for the full list.

— Michelle Fox

Thursday’s rotation out of technology is benefitting small cap stocks.

The Russell 2000 climbed 1.4% in midday trading. By comparison, the broad S&P 500‘s inched higher.

The small-cap focused Russell index is now up 0.4% on the week. The S&P 500, on the other hand, is marginally below its flatline.

Bernstein maintained its outperform rating at $110 price target, arguing that Netflix remains the strongest business in streaming despite concerns around content spending, margin pressure and competition from short-form video.

Despite the streaming giant’s struggle over the past year, the firm based its analysis on the fundamental strength of Netflix’s core business model: “P x Q x M(argin)”, adding that it has room to grow subscribers, raise prices and expand its advertising business.

“Netflix still remains a utility SVOD at low cost, underpenetrated in non-Anglophone markets, and continues to expand operating leverage, albeit at a slower pace than previously anticipated,” according to the note.

Netflix stock declined more than 30% over the past year and is now trading at levels comparable to when it was pursuing the Warner Bros Discovery Inc. transaction.

But Bernstein believes investors are focusing too much on short-term concerns and missing the company’s longer-term earnings potential. Netflix has the potential to roughly double EPS from $3.15 (consensus EPS ex-breakup fee received from Warner Bros Discovery Inc.) in 2026 to go over $6 by 2030. Currently it trades 22 times the 2027 EPS.

“While this is a meaningful opportunity, membership in the “Trillion-Dollar Club” appears less likely within this timeframe-though that remains an arbitrary milestone,” according to the note.

Netflix expects ad revenue to reach about $3 billion this year, and Bernstein projects that Netflix’s advertising figure could more than double roughly $7.6 billion to $8.3 billion by 2030 as the company rolls out its ad tier in more markets and grows its advertising audience.

The analysts said if content spend growth moderates to 6% by 2030, then this could support outcomes toward the higher end of our EPS range, reaching mid-$6 level. Bernstein estimates the stock could reach at least $135 over the next two to three years, representing roughly 60% upside from the current level.

— Deena Zaidi

UnitedHealth popped 6% on the day, putting it on pace for its biggest daily advance since April 21, when it surged nearly 7%.

The gain also brings its year-to-date advance to 21%.

— Fred Imbert

CrowdStrike Chief Executive George Kurtz said the cybersecurity industry reached an “inflection point” during the quarter as advances in artificial intelligence accelerated both cyber defense and potential threats.

Speaking on the company’s earnings call, Kurtz pointed to new AI models from Anthropic and OpenAI that can identify and chain together software vulnerabilities far faster than before. He said the rapid pace of development has reinforced the need for specialized cybersecurity protections, with CrowdStrike participating in early-access programs for both companies’ latest AI systems.

“The discussion evolved from is AI going to disrupt cybersecurity to organizations and even the frontier AI labs relying on Falcon as their AI-powered defender,” Kurtz said, while warning that increasingly powerful AI tools could also enable adversaries to “democratize destruction.”

Wells Fargo analysts said first-quarter results were solid but may not be enough to satisfy investors after CrowdStrike shares surged 64% over the past month, compared with a 7% gain for the Nasdaq Composite.

Still, they said a stronger-than-expected full-year outlook, accelerating organic growth and management’s commentary around an AI-driven inflection point help “set the stage for the next act.” The firm maintained an overweight rating and a $725 price target.

— Yun Li

The broad market index lost 0.4%, while the Nasdaq Composite shed 1%. The 30-stock Dow, however, rallied 526 points, or 1.1%.

— Fred Imbert

Initial jobless claims hit their highest level since early February last week, the Labor Department reported Thursday.

First-time filings totaled 225,000 for the week ending May 30, up 13,000 from the prior period and higher than the Dow Jones consensus estimate for 215,000. The week marked the highest level for claims since Feb. 7.

In other economic news, productivity rose 0.3% in the first quarter, below the 0.5% forecast, while unit labor costs increased 1.8%, below the 2.4% estimate, according to the Bureau of Labor Statistics.

—Jeff Cox

Check out the companies making the biggest moves in premarket trading:

Broadcom — Shares tumbled 15% after the chipmaker reported fiscal second-quarter revenue of $22.19 billion, short of the $22.27 billion expected from analysts polled by LSEG. This marked Broadcom’s first revenue miss since December 2024. The company’s $7.18 billion infrastructure revenue also missed the $7.32 billion StreetAccount estimate.Five Below — The discount retailer fell nearly 11%, even as the company provided a better-than-expected outlook. Second quarter revenue is expected to range from $1.18 billion to $1.2 billion, versus the StreetAccount estimate of $1.15 billion. Same-store sales for the period are expected to grow 7% to 9%, versus 4.4% consensus.CrowdStrike — The cybersecurity company lost 10% on lackluster second-quarter guidance. CrowdStrike sees Q2 revenue around $1.44 billion, just above a StreetAccount estimate of $1.3 billon. It also expects earnings per share of $1.16 per share to $1.17 per share. Analysts expected a forecast of around $1.16 per share. Shares of Palo Alto Networks and Fortinet also traded lower in sympathy.

Read more here.

— Michelle Fox

Wells Fargo strategist Scott Wren said it’s been a “roller coaster” for all markets since the U.S.-Iran war began. He doesn’t expect the big moves to end anytime soon, even after the U.S.-Iran war began.

For example, the U.S. benchmark West Texas Intermediate (WTI) has swung 5% to 10% both ways on a single day on multiple occasions. U.S. Treasury yields are also not left to spare. The 10-year yield was at 4% but by March, the yield moved up to 4.5% and traded as high as 4.67% in May only to slide back to 4.45%.

“We do see pressure building quickly on both the U.S. and Iran to make a deal that reopens the flow of energy to the world, but, even with a deal tomorrow, inflation figures to be part of the outlook for the rest of the year,” he wrote to clients. “Investors may consider adding money to industries that can pass on higher input costs to their business customers, including Industrial Gases and Machinery & Eqwuipment industry groups.”

— Ananya Chetia

CrowdStrike dropped 10% after giving lackluster second-quarter revenue guidance. The move put the stock on pace for its worst day since July 22, 2024 — when it plunged 13.5%.

Broadcom shares were down more than 12% following the company’s underwhelming quarterly report. If that decline holds through the close, it would mark the stock’s worst day since Jan. 27, 2025 — when it tumbled 17.4%.

Asia-Pacific markets fell Thursday, tracking Wall Street losses overnight, as tensions between Iran and the U.S. keep oil prices elevated, stoking energy and inflation worries.

South Korea’s Kospi ended Thursday’s session 1.84% lower at 8,639.41, but the small-cap Kosdaq advanced over 2.31% at 1,049.73 as trading resumed after a holiday.

Japan’s Nikkei 225 fell 1.36% at 67,470.69 after hitting a record high in the previous session, while the Topix declined 1.11% at 3,951.85. SoftBank Group dropped over 10% amid a broader decline in Asia tech stocks.

Australia’s S&P/ASX 200 fell 1.88% to 8,686.10.

Mainland China’s CSI 300 fell 0.69% at 4,904.75, while Hong Kong’s Hang Seng lost 1.31% in its last hour of afternoon trade.

India’s Nifty 50 was marginally higher, while the BSE Sensex was flat as of 1:20 pm local time (3:50 a.m. ET.)

— Justina Lee

Asia-Pacific markets opened lower Thursday, tracking Wall Street losses, as tensions between Iran and the U.S. keep oil prices elevated, stoking energy and inflation worries.

South Korea’s Kospi fell 1.25%, but the small-cap Kosdaq advanced over 3.83% as trading resumed after a holiday.

Japan’s Nikkei 225 fell 1.74% after hitting a record high in the previous session, while the Topix declined 1.09%.

Australia’s S&P/ASX 200 was 1.14% lower.

Mainland China’s CSI 300 fell 0.84%, while Hong Kong’s Hang Seng lost 0.93%.

— Justina Lee

These are the stocks moving the most in extended-hours trading:

Broadcom — Shares fell 5% after the chipmaker reported fiscal second-quarter revenue of $22.19 billion, coming in below the $22.27 billion analysts polled by LSEG had expected.CrowdStrike — The cybersecurity stock fell 9% on lackluster second-quarter guidance.PVH — The Tommy Hilfiger and Calvin Klein parent tumbled more than 20% after it reiterated its full-year earnings guidance.

Read the full list of stocks moving here.

— Lisa Kailai Han

Energy stocks were the clear winners from Wednesday’s session.

The sector added 1.38% on Wednesday, and was the best-performing of the 11 GICS sectors. The consumer staples and health care sectors followed, rising 0.77% and 0.69%, respectively.

The materials and real estate sectors also rose on Wednesday.

On the other hand, information technology stocks, down 1.52%, were the day’s laggards. Financials and consumer discretionary stocks followed, respectively shedding 1.21% and 1.07%.

— Lisa Kailai Han

SpaceX set its IPO prices at $135 per share, valuing the company at more than $1.75 trillion. Wedbush analyst Dan Ives called it a “watershed moment.”

“This listing represents the first major test for public markets after years of muted IPO activity with SpaceX paving the way for AI giants Anthropic and OpenAI to follow soon after,” he wrote to clients. “The proceeds of the IPO are expected for multiple business purposes including the expansion of its AI computing resources and SpaceX’s Starlink satellite network while fueling investments for technologies that have yet to be built including solar-powered data centers in space.”

— Fred Imbert

S&P 500 futures fell on Wednesday night.

Shortly after 6 p.m. ET, futures linked to the broad market index fell 0.4%. Nasdaq 100 futures shed 0.6%. On the other hand, Dow futures were trading marginally higher.

— Lisa Kailai Han