Dow Jones Today: Major Stock Indexes Mixed; Data-Storage Firms Pull Nasdaq Lower

The Economy Is Going Fine—Except for People Who Make Stuff

30 minutes ago

It’s tough out there for anyone in the business of making things, but the rest of the economy is hanging in there

The services sector of the economy expanded at its fastest pace all year in December, while manufacturing continued to struggle, according to a pair of reports this week from the Institute for Supply Management. The service sector logged its 10th month of growth over the last 12 months, the ISM said Wednesday. The manufacturing sector on the other hand slowed down for a 10th straight month, according to a Monday report.

The pair of releases, based on surveys of supply managers, highlighted how much manufacturers have struggled this year compared to other parts of the economy under the regime of tariffs that were actually meant to help them. President Donald Trump imposed far-reaching import taxes last year in an effort to shield U.S. manufacturing from competition and introduce a “golden age” for industry.

Instead, manufacturers have grappled with increased costs, reduced demand, and uncertainty about rapidly changing trade policy.

“It has not been a great year,” one manager in the chemical business told ISM. “We have had some success holding the line on costs; however, real consumer spending is down and tariffs are ultimately to blame. I hope for some return to free trade, which is what consumers have ‘voted for’ with their spending.”

Read the full article here.

–Diccon Hyatt

Lockheed Martin Leads Defense Stock Rally as Trump Calls For Military Spending Surge

1 hr 4 min ago

Shares of several defense contractors took flight on Thursday after President Donald Trump said that the federal budget for the military should increase significantly.

“For the Good of our Country, especially in these very troubled and dangerous times, our Military Budget for the year 2027 should not be $1 Trillion Dollars, but rather $1.5 Trillion Dollars,” Trump said in a post on his Truth Social platform.

Shares of Lockheed Martin (LMT), Huntington Ingalls (HII) and L3 Harris (LHX) were each up more than 7% recently, pacing gainers in the S&P 500 index. Shares of General Dynamics (GD) and Northrop Grumman (NOC) added more than 4%, while RTX Corp. (RTX), parent company of defense contractor Raytheon, tacked on 2%.

The Department of Defense had a budget of $850 billion in fiscal 2025, an increase of $34 billion from the prior year. In its budget proposal to Congress last year, the White House said the Defense budget should be increased by more than $113 billion in fiscal 2026, which runs through September. Trump’s $1.5 trillion proposed budget would be a roughly 50% increase.

–Aaron McDade

Frontier Group Holdings Raises Q4 Profit Forecast, Removes Interim Tag for Leader

1 hr 53 min ago

Shares of Frontier Group Holdings (ULCC) surged 4% soon after markets opened Thursday after the parent of ultra-low-cost carrier Frontier Airlines lifted its fiscal 2025 fourth-quarter profit forecast.

Frontier now expects adjusted earnings per share “at the higher end of the previously provided guidance range of between $0.04 and $0.20 per share.” The carrier added that “this reflects strong revenue performance as the quarter progressed, overcoming the impact of the government shutdown.”

In addition, Frontier named interim chief executive James Dempsey its President and CEO, and a member of its board, effective yesterday. Dempsey had been named interim CEO on Dec. 15, replacing Barry Biffle, who had served as the airline’s CEO for 11 years.

Even with today’s rise, Frontier shares have lost more than 37% of their value over the past year.

More Americans Are Working Multiple Jobs Than at Any Time Since 1999

2 hr 23 min ago

Here’s the irony of today’s job market: Hiring is slowing down, but people who are employed are more likely to be working multiple jobs than at any time since 1999.

That’s according to the Bureau of Labor Statistics, which found that in November, 5.8% of working individuals had more than one job. That’s the highest percentage of moonlighters since December, 1999, when 6% of workers held multiple jobs. November 2025 was up from 5.4% in the prior 12 month period.

Some forecasters expect that 5.8% figure to hold steady or increase Friday when December jobs data is released.

Read the full article here.

–Diccon Hyatt

Applied Digital Shares Jump as Revenue Blows Pasts Expectations

3 hr 19 min ago

Shares of Applied Digital (APLD) are surging after the data center provider topped estimates in its latest quarterly results.

In the fiscal second quarter, Applied Digital’s revenue soared 250% to $126.6 million, while the company roughly broke even with an adjusted profit of $0.1 million. Analysts had expected about $110.3 million in revenue, and an adjusted loss of $13.3 million, according to Visible Alpha.

The company said it has now signed two data center leases with AI hyperscalers to lease facilities in North Dakota, and that they are in talks with a third.

Shares were up more than 6% in premarket trading, and have more than tripled in value in the last 12 months.

–Aaron McDade

Vanda Pharmaceuticals Stock Sinks After FDA Does Not Approve Treatment for Jet Lag

3 hr 47 min ago

Vanda Pharmaceuticals (VNDA) stock sank in premarket trading Thursday after the company announced that the the U.S. Food and Drug Administration did not approve its supplemental New Drug Application (sNDA) for its treatment of jet lag disorder.

Shares of the biopharmaceutical firm, which entered the day with a market capitalization of just over $500 million, dropped more than 12% about 75 minutes before the bell.

Vanda wrote that the FDA’s Center for Drug Evaluation and Research (CDER) concluded that the sNDA for HETLIOZ, or tasimelteon, “cannot be approved in its current form.” 

“The FDA acknowledged positive efficacy from Vanda’s controlled clinical trials,” Vanda wrote in its press release. “However, the FDA concluded that these data do not provide substantial evidence of effectiveness for jet lag disorder, primarily on the grounds that controlled phase advance protocols (5-hour and 8-hour bedtime shifts) are not sufficiently analogous to actual jet travel, which according to the FDA involves additional factors such as reduced oxygen pressure, physical constraints, noise, and lighting changes.”

Vanda said it “respectfully disagrees with this interpretation,” and that it “remains committed to working constructively with the FDA while pursuing all appropriate avenues to advance approval of HETLIOZ® for jet lag disorder and make this important therapy available to travelers.”

Shares of Vanda have risen more than 80% over the past year entering Thursday’s session.

These Stocks Could Gain From Venezuela’s Upheaval

4 hr 18 min ago

The U.S. is planning big changes for Venezuela’s oil industry after ousting the country’s president. Shares of a handful of U.S. companies stand to benefit from the upheaval.

Energy Secretary Chris Wright on Wednesday said that the U.S. will control Venezuelan oil sales “indefinitely,” funneling proceeds to American banks and rolling back sanctions that have choked the country’s crude exports for years. Refiners Valero Energy Corp. (VLO) and Phillips 66 (PSX) rose on the news.

Chevron (CVX) is the only U.S. oil major still operating in Venezuela. That head start could be worth billions if the Trump administration follows through on its promise to rebuild the country’s energy sector.

Venezuela has more proven reserves than any other country, but years of economic turmoil, corruption and sanctions have dramatically curtailed its ability to produce and export oil.

So which stocks are positioned to gain from a revitalization of Venezuela’s oil industry?

Read the full article here.

–Peter Gratton

Is the Turnaround Gamble Finally Paying Off for Intel?

4 hr 53 min ago

Shares of Intel (INTC) have surged more than 15% in 2026 as investors grow more optimistic about the future of its chip manufacturing business.

Intel earlier this week unveiled its new “Panther Lake” AI PC chips, its first product made with its long-awaited 18A manufacturing process. The launch marked a milestone for the company that has for years been trying to prove it’s capable of developing and scaling cutting-edge chip manufacturing processes.

Intel’s foundry business entered 2025 in dire straits. The company’s CEO Pat Gelsinger had just been ousted after years of overseeing an expensive and largely fruitless effort to make Intel a viable competitor to chip manufacturing powerhouse Taiwan Semiconductor Manufacturing Co. (TSM). Chip industry veteran Lip-Bu Tan was made CEO in March. He immediately began cutting costs and selling assets to stanch the bleeding, but shares remained under pressure amid uncertainty about the foundry’s future. 

Then, in August, a chummy meeting between Tan and President Trump changed everything. The Trump administration announced a nearly $10 billion investment in the company, making the U.S. government Intel’s largest shareholder. A month later, Nvidia (NVDA) came on board, agreeing to invest $5 billion and collaborate with its competitor. 

Shares are little changed in premarket trading Thursday.

Read the full article here.

–Colin Laidley

Trump’s Next Reform: Who Gets to Own America’s Homes

5 hr 5 min ago

President Donald Trump provided the first details of his plan for “aggressive” reforms to the housing market on Wednesday.

Trump wrote in a social media post that he is taking steps to ban large institutional investors from purchasing single-family homes. He also said he is asking Congress to write it into law.

“People live in homes, not corporations,” he wrote.

This is likely the first of several housing industry reforms Trump promised during his Dec. 17 address to the nation. More details on the ban are expected during Trump’s upcoming speech at the annual World Economic Forum conference in Davos, Switzerland, scheduled for Jan. 19-23.2

The housing market has sidelined many would-be buyers as affordability has declined: Mortgage rates remained well above 6% throughout 2025 and housing prices remained elevated.

Investor activity in the housing market can make it even more difficult for ordinary homebuyers to compete for homes. 

Read the full article here.

–Terry Lane

Are You Spending Too Much on Housing? Mortgage Trends by Age

5 hr 24 min ago

A bigger yard. A real asset. A blank slate to make a place your own. Whatever your reason, buying a home is a big step—and it’s crucial that it’s not more than your budget can handle.

There are a few ways to determine whether a home purchase is affordable for you, including the 28/36 rule. Another guideline suggests that your mortgage shouldn’t be more than twice or three times your annual gross income.

So how is the typical American faring these days? Is the typical (median) mortgage affordable? Let’s see how much people are really spending on their mortgages, in total and per month.

How do you know what you can afford? Using the 28/36 rule, you would first take your monthly gross income and multiply it by 28%. That’s your maximum monthly mortgage payment.

Then, take your monthly gross income and multiply it by 36%. That’s the most you should devote to your debts per month, including your mortgage and any other debts (auto loans, student loans, etc.).

Read the full article here.

–Jeanette Beebe

Stock Futures Slip After S&P 500, Dow Pull Back From Record Highs

5 hr 41 min ago

Futures contracts associated with the Dow Jones Industrial Average pointed 0.3% lower.

S&P 500 futures slipped 0.2%.

Nasdaq 100 futures were down 0.3%.