Thursday's big stock stories: What’s likely to move the market in the next trading session

U.S. equities, including the S&P 500 and Nasdaq, reached new closing highs, propelled by significant gains in AMD (+43% in three days), Nvidia, and Amazon, despite Fair Isaac's underperformance. Federal Reserve minutes indicated officials are divided on whether to implement two or three interest rate cuts by year-end. Ahead of Thursday's earnings, Delta Air Lines faces a >5% YTD stock decline despite a positive 2025 outlook, and PepsiCo is down 8.7% YTD, while Levi Strauss is on track for its best yearly performance, up over 42%. Separately, Macao's travel rebound is boosting casino operators, with Wynn Resorts up over 40% in 2025.

Analysis

Stocks @ Night is a daily newsletter delivered after hours, giving you a first look at tomorrow and last look at today. Sign up for free to receive it directly in your inbox. Here's what CNBC TV's producers were watching on Wednesday and what's on the radar for Thursday's session. Stocks back on track Following Tuesday's dip, the S & P 500 and Nasdaq scored new closing highs . AMD has surged 43% over the past three days, on pace for its best weekly performance since 2016, per CNBC's Nick Wells. Among the "Magnificant Seven," Nvidia posted a fresh closing high as Amazon posted its best day in a month. Meanwhile, Fair Isaac was the biggest laggard in the S & P 500, notching its worst day since late May. According to the Fed minutes , divided central bank officials split on whether there should be two or three interest rate cuts by the end of the year, including the September quarter-point reduction. Stuck on the runway Delta is scheduled to report its earnings Thursday morning. In July, Delta reinstated its 2025 profit outlook and forecast a stronger summer travel season than Wall Street expected. However, the stock has fallen more than 5% this year, putting it on track to snap two straight years of double-digit gains. Among the major carriers, only shares of United Airlines are trading in the green in 2025. Its stock is up 1% year to date. Don't miss CNBC's exclusive interview with Delta CEO Ed Bastian on "Squawk Box " tomorrow at 7 a.m. ET. Looking to pop PepsiCo is also reporting its quarterly results before the opening bell tomorrow. Last quarter, the company projected that weak North American demand will rebound as strategy changes take hold. PepsiCo shares have lost their fizz — falling 8.7% this year. CEO Ramon Laguarta will be on CNBC tomorrow at 10 a.m. ET. PEP YTD mountain PepsiCo shares year to date Blue jeans, green gains If that wasn't enough earnings action, Levi Strauss is posting its quarterly results after the bell. It's early, but the stock is on track for its seventh straight positive month — its longest monthly winning streak on record. Levi Strauss has climbed more than 42% in 2025 — pacing for its best yearly performance ever. Macao's hot hand CNBC's Contessa Brewer will be reporting live from Macao, where the city is cashing in on a global travel rebound. Las Vegas Sands , Wynn Resorts and MGM Resorts all operate properties there. Wynn is up more than 40% in 2025 — on track for its best yearly performance since 2017. WYNN YTD mountain Wynn shares year to date. US equities, led by the S&P 500 and Nasdaq, achieved new closing highs, reflecting broad market strength. Key technology names displayed significant momentum, with AMD surging 43% over three days, marking its best weekly performance since 2016, while Nvidia also posted a fresh closing high and Amazon recorded its best day in a month. Conversely, Fair Isaac (FICO) emerged as the biggest S&P 500 laggard, experiencing its worst day since late May. Federal Reserve minutes revealed internal division among officials concerning the pace of interest rate cuts, with views split between two or three reductions by year-end, including a potential September quarter-point cut. Ahead of Thursday's earnings, Delta Air Lines (DAL) faces scrutiny, as its stock is down over 5% year-to-date despite reinstating a positive 2025 profit outlook and forecasting a strong summer travel season. PepsiCo (PEP) is also set to report, having seen its shares decline 8.7% this year amidst projections for a rebound in weak North American demand. In stark contrast, Levi Strauss (LEVI) is demonstrating exceptional performance, up over 42% in 2025 and on track for its longest monthly winning streak on record, highlighting robust consumer demand in specific apparel segments. The global travel rebound is significantly benefiting Macao-exposed casino operators, with Wynn Resorts (WYNN) notably surging over 40% in 2025, marking its best yearly performance since 2017, alongside positive movements in Las Vegas Sands (LVS) and MGM Resorts (MGM).

Key Decisions for Investors

• Evaluate sustained momentum in specific technology leaders like AMD and Nvidia, but acknowledge potential for volatility given their recent strong rallies.
• Monitor Federal Reserve communications closely for clearer guidance on interest rate policy, as current divisions among officials introduce market uncertainty.
• Assess upcoming earnings reports from Delta Air Lines and PepsiCo for fundamental shifts, especially given their year-to-date underperformance relative to the broader market.
• Consider opportunities in consumer discretionary stocks like Levi Strauss and Macao-exposed gaming companies such as Wynn Resorts, which are benefiting from robust thematic tailwinds.
• Exercise caution or conduct deeper due diligence on significant laggards like Fair Isaac, understanding the drivers behind its recent sharp underperformance.