US Equity Indexes Trade Mixed as Treasury Yields Rise After Jobless Claims Decline

01:14 PM EDT, 07/10/2025 (MT Newswires) -- US equity indexes traded mixed as jobless claims unexpectedly fell and investors weighed President Donald Trump's latest moves on tariffs.

The Nasdaq slipped less than 0.1% at 20,595.88 after hitting a new all-time high of 20,653.86 earlier in the session. The S&P 500 rose 0.2% to 6,273.2, trading close to its all-time high of 6,284.65. The Dow Jones Industrial Average was up 0.5% to 44,674.2, also trading close to its record of 45,073.63.

Consumer discretionary and healthcare led the gainers, while communication services and technology were the twin decliners intraday.

In economic news, US initial jobless claims fell to a level of 227,000 in the week ended July 5 from a downwardly revised 232,000 level in the previous week, compared with expectations for an increase to 235,000 in a survey of analysts compiled by Bloomberg.

The four-week moving average fell by 5,750 to 235,500 after decreasing to a revised level of 241,250 in the previous week, the US Department of Labor said Thursday.

Most US Treasury yields rose, with the US 10-year Treasury up 2.6 basis points to 4.37% and the two-year 2.3 basis points higher at 3.89%.

The Trump administration has sent letters to several US trading partners outlining new tariff rates that are scheduled to come into effect on Aug. 1. While Trump threatened to slap a 50% tariff on imports from Brazil, according to a letter he posted on Truth Social, he confirmed a new 50% levy on US copper imports from Aug. 1.

The ICE US Dollar Index rose 0.2% to 97.74 intraday. Gold futures climbed 0.2% to $3,328.21 per ounce.

In company news, Delta Air Lines (DAL) reported better-than-expected Q2 results as demand trends stabilized and the air carrier restored its full-year earnings guidance. Shares surged 12% intraday, the biggest outperformer on the S&P 500. In sympathy, shares of United Airlines (UAL) and Southwest Airlines (LUV) soared 13% and 7.4%, respectively.

Advanced Micro Devices (AMD) rose 4.2% intraday, the top gainer on the Nasdaq, after HSBC upgraded the chipmaker's shares to buy, from hold, and doubled its price target to $200.

Autodesk (ADSK) is mulling the acquisition of PTC (PTC), Bloomberg reported Wednesday, citing people familiar with the matter. Shares of Autodesk (ADSK) slumped 7.3% intraday, the steepest decline on the S&P 500 and the Nasdaq.

In energy markets, West Texas Intermediate crude oil futures sank 2% to $67.00 a barrel.

The drop comes as supply is on the rise, with OPEC+ continuing to return 2.2 million barrels per day of production cuts. The cartel added a third tranche of 411,000 barrels per day on July 1 and agreed to boost output by 548,000 during August.

US crude oil inventories increased by 7 million barrels to 426 million barrels in the week ended July 4, the US Energy Information Administration said Wednesday. Analysts polled by Reuters had forecast a decline of 2.1 million barrels.

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