The majority of Wall Street saw gains as investors awaited a flood of earnings reports, with Amazon’s results particularly anticipated after market closure.

Amazon’s quarterly earnings and revenues exceeded analysts’ expectations, marking the first time its sales outperformed Walmart’s during the final months of the year. However, the company’s sales forecast for the current quarter fell short of anticipations, leading to a nearly 4% drop in its shares during after-hours trading.

Investors were also keen on insights regarding Amazon’s plans for artificial intelligence. Concerns arose with the emergence of DeepSeek, a competitive AI model from China developed on a modest budget, prompting questions about the huge investments U.S. companies are making in AI. Analysts suggest investors will be looking for details on how Amazon intends to leverage its AI investments to generate profits.

The S&P 500 index finished up 0.36%, gaining 22.09 points to reach 6,083.57, marking a third consecutive day of gains. The Dow Jones Industrial Average, on the other hand, slipped 0.28%, or 125.65 points, to 44,747.63. Meanwhile, the tech-heavy Nasdaq gained 0.51%, rising by 99.66 points to close at 19,791.99.

The yield on the benchmark 10-year Treasury note increased to 4.438% following statements from Treasury Secretary Scott Bessent, indicating that the Trump administration is more focused on maintaining low Treasury yields instead of reacting to Federal Reserve policies. He also noted that President Donald Trump will not be urging the Fed to cut rates as was the case in his first term.

Market participants largely brushed off a rise in weekly jobless claims, which came in at 219,000—higher than the 213,000 average forecasted by economists surveyed by Reuters. A significant monthly jobs report is expected to be released on Friday morning.

The Magnificent 7 stocks losing strength

Recently, the renowned Magnificent 7 stocks—Amazon, Tesla, Alphabet, Meta, Apple, Nvidia, and Microsoft—have shown signs of weakness due to skepticism regarding the return on mega investments in AI. These leading tech firms have significantly contributed to stock market gains over the last few years, but their pull is diminishing. For instance, shares of Alphabet, Google’s parent company, fell on Wednesday even while the overall market increased, suggesting a positive trend for the broader market.

“Despite several notable earnings disappointments, the S&P 500 has remained resilient in 2025, with market flows aggressively rotating,” stated Mike O’Rourke, chief markets strategist at JonesTrading. “The Magnificent Seven has gained just under 1% this year, lagging behind the S&P 500’s 3% rise, while the strength has come from the remaining 493 stocks.”

Corporate updates

Notable stock movements on Thursday included:

• Qualcomm exceeded earnings expectations due to strong smartphone demand, although licensing revenues fell short. Its shares dropped by 3.72%.
• Yum Brands surpassed earnings forecasts, aided by strong sales from KFC’s international outlets and Taco Bell, leading to a 9.73% increase in shares.
• Tapestry’s shares surged 12.02% to a new 52-week peak after it downplayed a new 10% tariff on Chinese goods and raised its sales growth forecast.
• Bristol-Myers Squibb’s shares slid 3.84% due to a surprisingly weak full-year outlook brought on by competition from generic drugs.
• Eli Lilly reported quarterly results above expectations and expressed optimism about the future, causing its shares to rise by 3.28%.
• Skyworks Solutions’ shares fell 24.67% after announcing a projected decline in its sales to Apple, which is its largest customer, of 20% to 25%.
• Hershey surpassed earnings forecasts but cautioned about rising cocoa prices impacting profitability this year, resulting in a 4.4% increase in shares.
• Ford projected that weaknesses in its electric vehicle division would negatively impact financial performance this year, with shares dropping 7.39% to their lowest since 2020.
• Arm Holdings reported earnings that exceeded expectations, largely driven by AI, but offered a weaker outlook, leading to a 3.34% decline in shares.
• Honeywell projected lower full-year earnings than analysts forecasted and announced a split into two companies: automation and aerospace, causing its shares to fall by 5.64%.
• Ralph Lauren beat earnings expectations and raised its revenue guidance due to robust spending by affluent consumers, resulting in a 9.69% increase in shares.
• Peloton shares jumped 12% following better-than-expected quarterly sales results.
• Roblox’s stock plunged 11% after announcing it expects annual bookings to fall below forecasts.

Bitcoin update

Bitcoin saw a slight increase but remained below the crucial $100,000 threshold. The cryptocurrency gained early momentum from Microstrategy’s rebranding as “Strategy” to demonstrate its dedication to bitcoin, adapting its logo to feature a bitcoin symbol and claiming to be “the world’s first and largest Bitcoin Treasury Company.”

Strategy also revealed that it had increased its bitcoin holdings in the last few months of the previous year, coinciding with bitcoin reaching new heights around the time of Trump’s election.

In other news, Trump Media and Technology Group announced its application for trademarks for several ETFs related to bitcoin and energy independence, with plans to launch them within the year.

As of the last update, Bitcoin rose by 0.15% to $96,790.44.

(This story has been updated with additional information.)

Medora Lee is a reporter covering finance, markets, and personal finance topics.