LIVE MARKETS-U.S. stocks drift higher as S&P 500, Nasdaq close at records

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U.S. STOCKS DRIFT HIGHER AS S&P 500, NASDAQ CLOSE AT RECORDS

U.S. stocks held in a tight range on Thursday, slowly gaining ground throughout the session with both the S&P 500 .SPX and Nasdaq .IXIC ultimately closing at record levels, their eighth and sixth of the year, respectively.

Delta Air Lines DAL.N surged 12%, its biggest daily percentage rise since April 9, after the company said its bookings stabilized and provided a full-year outlook after pulling its guidance in April.

That helped boost sentiment among travel and tourism stocks, with fellow airline United UAL.O the best performer in the S&P 500 with a 14.3% jump, while car rental companies and cruise lines also advanced, as some concerns were eased about the tariff landscape affecting the groups.

Earlier economic data showed weekly initial jobless claims fell to a seven-week low, indicating the labor market continues to hold steady.

Meanwhile, Federal Reserve Governor Christopher Waller reiterated his belief the central bank could cut interest rates at its policy meeting later this month, while San Francisco Fed President Mary Daly said the time to cut rates is nearing.

However, St. Louis Fed President Alberto Musalem said it could take until the end of this year or early into 2026 before the impact of tariffs on inflation becomes clear, suggesting a patient approach.

On the sector front, consumer discretionary .SPLRCD was the best performing group with a gain of roughly 1%, while communication services .SPLRCL was the weakest, joining only tech .SPLRCT. among the 11 S&P 500 sectors in the red on the day.

Below is your closing market snapshot:

(Chuck Mikolajczak)

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