Wall St Indexes Post Record-High Closes; Opendoor Soared 80%; Warner Bros Surged 29%; Micron Up 8%; Tesla Up 6%

Wall Street's main indexes notched record-high closes on Thursday following gains in Tesla and Micron Technology, while U.S. inflation and jobless data fueled expectations that the Federal Reserve will cut interest rates this month.

Market Snapshot

The S&P 500 climbed 0.85% to end the session at 6,587.47 points. The Nasdaq gained 0.72% to 22,043.08 points, while the Dow rose 1.36% to 46,108.00 points.

Market Movers

Tesla Motors stock rose Thursday. It’s themost expensive, and heavily shorted, stock among the Magnificent Seven. Shares of the electric-vehicle maker rose an impressive 6%, closing at $368.81. The market helped some. CPI data were in line with expectations, solidifying investors’ belief that rate cuts were coming. Car companies like lower rates. Cars are generally financed.

Warner Bros. Discovery surged 29% after The Wall Street Journal reported that Paramount Skydance was prepping a takeover bid. Paramount is looking to make a majority cash bid for the entire company including its cable networks and movie studio, the Journal reported, citing people familiar with the matter.

Oracle was down 6.2%, a day after shares of the database-software company gained 36% to hit a record high of $328.33. The move followed news that Oracle's backlog of work under contract rose to $455 billion in its fiscal first quarter from $138 billion in the fourth quarter. The significant jump indicated surging demand for renting artificial-intelligence servers in the cloud.

Nvidia was down 0.1%. Shares of the leading maker of artificial-intelligence chips were upgraded Thursday to Buy from Neutral at D.A. Davidson.

Broadcom was down 2.7%. Shares rose 9.8% on Wednesday to close at a record high of $369.57. Oracle's backlog numbers, the frenzy surrounding all things AI, and a filing late Tuesday that revealed CEO Hock E. Tan's stock-based compensation was directly tied to the company's AI revenue all contributed to the gain. The stock has gained 55% this year.

Klarna Group plc shares fell 6.7% to $42.74. The stock made its trading debut Wednesday at $52 and ended the session at $45.82, up 15% from its initial public offering price of $40. The Swedish buy now, pay later service provider raised $1.37 billion from the sale.

Shares of Synopsys , the electronic design automation company, were up 13% after sinking 36% -- the stock's largest same-day percent decrease on record -- on Wednesday. The steep losses came after fiscal third-quarter earnings and revenue missed analysts' estimates. CEO Sassine Ghazi said an 8% decline in revenue at the company's semiconductor intellectual property business was behind the shortfall.

Micron Technology was up 7.6%. Citi Research analysts reiterated a Buy rating on shares of the memory-chip maker and boosted their price target to $175 from $150, citing heavy AI exposure. The firm expects Micron's fiscal fourth-quarter earnings to be in line with consensus estimates, though first-quarter guidance could top Wall Street's lofty expectations.

Delta Air Lines declined 1.6% after the carrier reaffirmed its third-quarter earnings outlook but said it was struggling to fill economy-class seats. Delta President Glen Hauenstein, during an appearance at the Morgan Stanley Laguna Conference on Thursday, indicated the airline continued to see sluggish demand from lower-paying customers. Though corporate travel has been strong, the main cabin economy-class continues to be "negative," he said.

Oxford , the owner of brands such as Tommy Bahama and Lilly Pulitzer, jumped 28% after its second-quarter earnings exceeded forecasts. Oxford said it is sticking with earlier financial guidance. It expects to incur about $80 million of tariff costs over the fiscal year but estimated it has been able to mitigate roughly half of the exposure through actions such as shifting its sourcing.

Opendoor Technologies soared 80% after the online housing platform tapped Kaz Nejatian, Shopify's chief operating officer, as CEO. Nejatian's appointment follows Opendoor's ouster of its former chief executive in August due to pressure from retail investors. Opendoor said it was emphasizing AI and bringing the company's founders back to its board.

Centene gained 9% after the healthcare company said in a securities filing that it was maintaining the fiscal-year earnings guidance it had issued in late July, and issued an encouraging update at an investor conference. Figure Technology surged 24% in its trading debut. The stock began trading on the Nasdaq under the ticker symbol FIGR and opened at $36 a share, or 44% above the offering price. Figure, which uses blockchain technology to help generate home equity lines of credit, posted revenue of $190.6 million in the first half of 2025, with a $29.4 million profit.

Market News

Bessent, Chinese vice premier to meet in Madrid next week on trade, TikTok

U.S. Treasury Secretary Scott Bessent plans to with Chinese Vice Premier He Lifeng and other senior officials next week in Madrid to continue their discussions on trade, economic and national security issues, the Treasury said on Thursday.

The meetings, which will also cover the status of the Chinese-owned social media platform TikTok and joint efforts to combat money laundering, are part of a September 12-18 trip that Bessent is making to Spain and Britain, the Treasury said in a statement to Reuters.

Microsoft, OpenAI reach non-binding deal to allow OpenAI to restructure

Microsoft and OpenAI said on Thursday they have signed a non-binding deal for new relationship terms that would allow OpenAI to proceed to restructure itself into a for-profit company, marking a new phase of the most high-profile partnerships to fund the ChatGPT frenzy.

Details on the new commercial arrangements were not disclosed, but the companies said they were working to finalize terms of a definitive agreement. This marks a step forward in OpenAI's prolonged talks with Microsoft as the former seeks to raise capital under a more common governance structure and eventually go public to fund artificial intelligence development.