Airline Stocks Take Off, Trump Hits Brazilian ETF: What's Moving Markets Thursday?

A quiet day on Wall Street turned into a major win for airline investors Thursday, as Delta Air Lines Inc. DAL surged 12% after posting second-quarter results that topped both earnings and revenue expectations, while indicating a strong demand outlook, sparking a broad rally across the sector.

Shares of American Airlines Group Inc. AAL jumped 12.5% and United Airlines Holdings Inc. UAL rallied 13.5%. The U.S. Global Jets ETF JETS, which tracks airline stocks, soared 7.2% for its best day since the 90-day tariff pause in April.

Elsewhere, major large-cap averages were little moved. The Nasdaq 100 slipped 0.3% after hitting all-time highs on Wednesday. Nvidia Corp. NVDA eased 0.2%, following a 1.8% surge the day before that pushed its market cap to a record-breaking $4 trillion — the largest ever for any company.

Small-cap stocks continued to outperform, with the Russell 2000 touching levels last seen in February.

A day earlier, President Donald Trump announced sweeping 50% tariffs on imports from Brazil and confirmed the 50% tariff on copper, effective Aug. 1.

iShares MSCI Brazil ETF EWZ fell 1.6% Thursday, adding to a 1.7% decline on Wednesday. The combined 3.3% drop marked the worst two-day performance for Brazilian equities since early April.

Copper futures surged 2.2% to around $5.60 per pound in reaction, with strength spilling into other industrial metals. Silver rose 1.6%, while palladium gained 3.6%, reflecting expectations of tightening supply.

Crude oil prices declined over 2% as the market absorbed reports that OPEC+ is considering halting its planned production increases starting in October, highlighting concerns about a potential oversupply after the summer.

In economic news, the U.S. labor market showed continued resilience as initial jobless claims dropped to 237,000 last week, beating forecasts. However, continuing claims rose to 1.965 million, the highest level since 2021.

Bitcoin BTC/USD traded flat at $111,300 after touching a fresh record of $112,040 on Wednesday.

Thursday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

• The Vanguard S&P 500 ETF VOO inched 0.2% higher to $574.78.
• The SPDR Dow Jones Industrial Average DIA rose 0.6% to $446.98.
• The tech-heavy Invesco QQQ Trust Series QQQ slipped 0.3% to $554.72.
• The iShares Russell 2000 ETF IWM soared 0.7% to $225.12.
• The Health Care Select Sector SPDR Fund XLV outperformed, up 1%; the Technology Select Sector SPDR Fund XLK lagged, down 0.4%.

Thursday’s Stock Movers

• Norwegian Cruise Line Holdings Ltd. NCLH jumped more than 4% after NorthCoast Research raised its price target to $28 from $21, reiterating its ‘Buy’ rating.
• Freeport-McMoRan Inc. FCX climbed 3.3% as copper prices extended gains, with futures rising above $5.60 per pound amid renewed supply concerns.
• Nu Holdings Ltd. NU dropped 5.1% after Trump announced a 50% tariff on Brazilian imports, sparking a broad selloff in Brazil-linked assets.
  
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