Financial Markets                      07/10 15:25

   

   Stock indexes closed higher on Wall Street, enough to nudge the S&P 500 and 
the Nasdaq composite to more records. The S&P 500 rose 0.3% Thursday, and the 
Nasdaq edged up 0.1%. It was the second all-time high in a row for the Nasdaq. 
The Dow Jones Industrial Average added 0.4%. Delta Air Lines led a rally in 
airline stocks after issuing a solid outlook for the rest of 2025. Delta soared 
12%, and United Airlines climbed 14.3%. Cereal maker WK Kellogg jumped 30.6% 
after agreeing to be acquired by Nutella maker Ferrero Group. Copper prices 
rose.

   THIS IS A BREAKING NEWS UPDATE. AP's earlier story follows below.

   U.S. stock indexes rose in afternoon trading Thursday as Wall Street sized 
up quarterly results from several companies including Delta Air Lines, which 
led a rally in airline stocks after releasing a solid outlook for the rest of 
this year.

   The S&P 500 was up 0.4%. The benchmark index was on pace to surpass the 
record it set last week after a better-than-expected June jobs report.

   The Dow Jones Industrial Average was up 277 points, or 0.6%, as of 2:05 p.m. 
Eastern time, and the Nasdaq composite was up 0.2%, within striking distance of 
topping its own new high for the second day in a row.

   Delta surged 13.2%, bringing other airlines along with it, after beating 
Wall Street's revenue and profit targets. The Atlanta airline also gave a more 
optimistic view for the remaining summer travel season than it had just a 
couple months ago.

   Delta and other major U.S. carriers had pulled or slashed their forecasts in 
the spring, citing macroeconomic uncertainty amid President Donald Trump's 
tariff rollouts, which have consumers feeling uneasy about spending on travel.

   Delta's encouraging report boosted the entire airline sector. United jumped 
16.4%, American climbed 13.9% and JetBlue gained 11.9%.

   Most of the sectors in the S&P 500 were up, with banks and consumer-focused 
companies accounting for much of the gains. JPMorgan rose 1.4% and McDonald's 
was 2.5% higher.

   Communication services stocks were the only laggard. Netflix fell 3%.

   Shares of WK Kellogg vaulted 30.7% after Italian candy maker Ferrero agreed 
to acquire the cereal company in a deal valued at roughly $3.1 billion. The 
transaction includes the manufacturing, marketing and distribution of WK 
Kellogg Co.'s portfolio of breakfast cereals across the United States, Canada 
and the Caribbean.

   In economic news, the Labor Department reported Thursday that applications 
for unemployment benefits, a proxy for layoffs, fell last week, remaining in 
the historically healthy range they've been in the past couple of years.

   It's been a choppy week for the stock market as Wall Street monitors the 
latest developments in President Donald Trump's renewed push to use threats of 
higher tariffs on goods imported into the U.S. in hopes of securing new trade 
agreements with countries around the globe.

   Wednesday was initially set as a deadline by Trump for countries to make 
deals with the U.S. or face heavy increases in tariffs. But with just two trade 
deals announced since April, one with the United Kingdom and one with Vietnam, 
the window for negotiations has been extended to Aug. 1.

   Shares in mining company Freeport-McMoRan rose 3.9% after Trump said a 50% 
tariff on copper imports would take effect on Aug. 1. The price of copper rose 
1.9% to $5.59 per pound.

   Wall Street analysts predict that companies in the S&P 500 will deliver 5% 
growth in second-quarter earnings, according to FactSet. That would mark the 
lowest rate since the fourth quarter of 2023.

   Conagra Brands fell 3.3% Thursday after the maker of Slim Jim, Swiss Miss 
and other food products reported earnings and revenue that fell short of Wall 
Street's estimates. The company also lowered its earnings outlook, saying it 
expects continued cost increases due to tariffs.

   Helen of Troy, the company behind Hydro Flask water bottles and OXO kitchen 
tools, sank 23% after its latest quarterly results came in below Wall Street's 
forecasts. The company said it would not be providing a fiscal year 2026 
outlook, citing uncertainty over tariff policy and the economy.

   Shares in AZZ jumped 7.3% after the electrical equipment maker's latest 
quarterly earnings topped analysts' forecasts.

   The corporate earnings season gets into high gear next week with JPMorgan 
Chase, Wells Fargo and Citigroup among the big banks due to report their 
results on Tuesday.

   Bond yields were mostly higher. The yield on the 10-year Treasury was at 
4.35%, up from 4.34% late Wednesday.

   European stock indexes were mixed Thursday following an uneven finish in 
Asian markets.

   Tokyo's Nikkei 225 fell 0.4%, weighed down by selling of exporters' shares 
amid the yen's appreciation, which cuts profits from exports, and dampened 
sentiment because of the lack of progress in the Japan-U.S. trade talks.

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