MARKET SNAPSHOT

U.S. stocks posted slight gains as fresh economic data bolstered the case for a Fed rate cut later this year. Treasury yields fell as inflation and labor data fueled bets on a September rate cut. Oil fell despite Middle East tensions. Gold settled higher, aided by a slide in the dollar.

MARKET WRAPS

EQUITIES

U.S. stocks posted modest gains, with investors shrugging off fresh tariff threats from President Trump.

The S&P 500 gained 0.4%, while the Dow Jones Industrial Average and Nasdaq Composite each climbed 0.2%.

Traders were emboldened by a pair of economic data reports that could clear the path for the Federal Reserve to slash rates later this year. A report on jobless claims revealed some weakness in the labor market, while a separate reading on the producer-price index suggested cooling inflation. Boeing shares slid 4.8%, weighing on the Dow, after a 787 crashed in India.

Earlier Thursday, Asian stocks were mixed.

China's Shanghai Composite Index ended flat, the Shenzhen Composite Index was 0.2% higher, and the ChiNext Price Index was up 0.3%. Hong Kong's Hang Seng Index fell 1.4%.

Stocks in Japan slipped, with the Nikkei Stock Average declining 0.6%.

Stocks in Australia slipped, as the S&P/ASX 200 Benchmark Index fell 0.3%, snapping a two-session winning streak. Stocks in New Zealand rose, as the S&P/NZX 50 Index gained 0.3%, the third consecutive session of increases.

COMMODITIES

Oil futures turned slightly lower amid high Middle East risk perception.

West Texas Intermediate settled down 0.2% at $68.04 a barrel, while Brent crude fell 0.6% to $69.36 a barrel.

Data showing stronger-than-expected fundamentals and elevated geopolitical tensions "warrant a less cautious view on oil markets over the near term," said Amarpreet Singh, of Barclays.

A slide in the U.S. dollar helped turn investors back towards favoring precious metals as a safe haven.

Front-month Comex June gold settled up 1.8% to $3,380.90.

"The longer the Iran situation continues to smolder, the greater safe haven flows into the shiny metal," said Robert Yawger, of Mizuho Securities USA. Yawger added that he anticipates gold will retest its record highs as long as the turmoil continues.

TODAY'S TOP HEADLINES

Wholesale Prices Ticked Up in May

Wholesale prices rose 0.1% in May from April, the Labor Department said on Thursday.

The increase was below the 0.2% rise that economists polled by The Wall Street Journal had expected to see.

The Labor Department attributed May's increase to a 0.1% growth in services prices, and a 0.2% rise in the cost of goods. Trade services prices rose, while the cost of transportation and warehousing services dipped. The price of food edged up, while the index for energy was unchanged.

Carney Says Trump Meeting at G-7 Summit to Determine Fate of U.S.-Canada Tariff Deal

OTTAWA-Canadian Prime Minister Mark Carney says a bilateral meeting with President Trump on the sidelines of the upcoming Group of Seven leaders' summit in Alberta will determine how close the two sides are on a bilateral deal over tariffs.

In an interview with French-language broadcaster Radio-Canada, Carney said officials in Ottawa and Washington are in intense talks on a new economic-and-security pact, but there is no deal yet.

"The G-7 summit in Alberta is going to be important for several reasons, " Carney said. Asked whether a deal is possible, Carney said Canada is prepared to take the time necessary to clinch a pact that would help Canada and the U.S. - but his patience is not finite.

Jobless claims hold steady at 8-month high. Economists blame the end of the school year.

The numbers: Initial jobless claims held steady at 248,000 in the week ending June 7, the Labor Department said Thursday. That's the highest level since last October.

Economists polled by The Wall Street Journal had estimated new claims would fall by 1,000 to 246,000.

The data could be impacted by the end of the school year. In 2024, claims hit their highest level in early June.

Adobe Stock Pops as Earnings Beat Estimates

Adobe stock was climbing in after-hours trading Thurday after the creative-software company reported better-than-expected second-quarter financial results.

Second-quarter adjusted earnings came in at $5.06 a share from revenue of $5.87 billion. The consensus call among analysts surveyed by FactSet was for earnings of $4.97 a share from revenue of $5.8 billion.

Shares of Adobe were up 2.3% following the news.

Boeing Crash in India Is First Fatal Incident Involving a 787 Jet

The crash of an Air India flight to London is the first fatal incident involving a Boeing 787, dealing a fresh blow to the plane maker that had just started to emerge from a series of safety and manufacturing crises.

The hobbled American icon has been buffeted by successive problems in recent years, losing billions of dollars due to plane groundings and production delays. Thursday's crash now threatens the company's fragile recovery.