Dell Retreats; Delta Leads Airlines Higher

Shares of an AI server maker reversed some of their recent gains, while airline stocks climbed as strong premium and corporate travel sales helped a major carrier top quarterly estimates.

Major U.S. equities indexes moved lower Thursday as investors digested third-quarter earnings reports and the U.S. government shutdown continued. The S&P 500 fell 0.3%, and the Nasdaq slid 0.1%, pulling back from record levels. The Dow lost 0.5%. See here for more market coverage from Investopedia.

Dell Technologies (DELL) stock dropped 5.2% to lead losses on the S&P 500, giving back a portion of the 9% gain posted in the prior session after Dell raised its forecasts for annual revenue and profit growth. The company said its broad portfolio of tech products makes it well-positioned to benefit from demand for artificial intelligence.

Shares of homebuilders lost ground after Bill Pulte, director of the Federal Housing Finance Agency, echoed criticism from President Trump accusing major residential construction firms of artificially inflating home prices. Shares of PulteGroup (PHM), the homebuilder founded by Pulte’s grandfather, fell close to 5%, while shares of D.R. Horton (DHI) and other industry players also declined.

The record-setting rally for gold prices lost some of its luster Thursday, with futures prices falling below the $4,000-per-ounce milestone that the precious metal surpassed this week for the first time. Shares of Newmont (NEM), the world’s largest gold miner, fell 3.6%.

Shares of Albemarle (ALB), the world’s largest lithium producer, jumped 5.2%. Other mineral and rare earths stocks also surged after China announced additional restrictions on certain raw materials ahead of a meeting set for later this month between the country’s leader Xi Jinping and U.S. President Donald Trump. TD Cowen analysts also boosted their price target on Albemarle stock, pointing to pricing improvements in the lithium market.

Delta Air Lines (DAL) stock rose over 4% after the air carrier posted record third-quarter revenue. Higher premium and corporate travel sales contributed to Delta’s better-than-expected quarterly sales and profit results, and the airline lifted its full-year guidance. Shares of rivals United Airlines (UAL) and American Airlines (AAL) also moved higher.

PepsiCo’s (PEP) third-quarter revenue and adjusted profit came in slightly ahead of analysts’ estimates, and shares of the snack and soft drink giant advanced 4.2%. CEO Ramon Laguarta attributed the better-than-expected results to strength in the international business, momentum in North American beverage operations, and progress on revamping PepsiCo’s portfolio. The Frito-Lay and Gatorade parent also named a new chief financial officer, with Walmart (WMT) executive Steve Schmitt set to assume the role next month.