Further, Darden stock also tumbled 7% in morning action. Darden Restaurants missed earnings estimates for its fiscal first quarter, but raised its full-year outlook. Later Thursday, after the market closes, FedEx FDX and Lennar LEN are set to report their quarterly earnings reports.

The Dow, S&P 500, and Nasdaq closed at new highs Thursday as the stock market rallied after the Federal Reserve's latest interest-rate cut.

Trump’s tariffs continue to affect the global economy. Follow along for live updates on the Dow, S&P 500, Nasdaq and other markets.

Oil prices dropped hard, as West Texas Intermediate futures fell 2% to around $62.40 a barrel. At the session low, light sweet crude futures plunged to $62.28. Natural gas fell more than 2%, but gold was off only 0.1% at $3,677 per ounce.

The Federal Reserve is expected to cut its benchmark interest rate by a quarter point, the first cut since December 2024. U.S. President Donald Trump has been pushing for more.