04:58 PM EST, 12/11/2025 (MT Newswires) -- The Dow Jones Industrial Average and the S&P 500 hit fresh peaks on Thursday, while a post-earnings selloff in Oracle (ORCL) shares put other tech names under pressure, including Nvidia ( NVDA ) .

The Dow climbed 1.3% to 48,704, while the S&P 500 edged up 0.2% to 6,901, both notching record closing highs. The Nasdaq Composite fell 0.3% to 23,593.9.

Most sectors ended higher, led by materials, while communication services saw the biggest drop.

In company news, Oracle shares tumbled about 11%, the worst performer on the S&P 500. The cloud computing company's fiscal second-quarter revenue fell short of Wall Street's estimates late Wednesday, but earnings came in stronger than expected.

"What upset investors was softer guidance and a sharp increase in planned spending to build yet more (artificial intelligence) data centers," Ruben Dalfovo, investment strategist at Saxo Bank, said in a report.

Nvidia ( NVDA ) saw the second-biggest drop on the Dow, down 1.6%, while Amazon.com ( AMZN ) fell 0.7%. CoreWeave ( CRWV ) also dropped.

Visa (V) was the top gainer on the Dow, up 6.1%, as BofA upgraded the payments giant's stock to buy from neutral.

Walt Disney ( DIS ) will invest $1 billion in OpenAI and allow the Microsoft ( MSFT )-backed (MSFT) company's short-form generative AI video platform, Sora, to use its characters. Disney ( DIS ) shares rose 2.4%, among the top Dow performers, while Microsoft ( MSFT ) gained 1.1%.

US Treasury yields were lower, with the two-year rate falling 1.5 basis points to 3.54% and the 10-year rate down 1.2 basis points at 4.14%.

West Texas Intermediate crude oil was down 1.3% at $57.73 a barrel in Thursday late-afternoon trade.

The International Energy Agency lowered its global oil supply growth estimates, while the Organization of the Petroleum Exporting Countries raised its liquids production outlook for this year.

"After weathering significant unplanned refinery outages in November, tightness in refined product markets has eased, but sanctions in (the first quarter of 2026) will provide fresh challenges," the IEA said.

In economic news, weekly applications for unemployment insurance in the US rose more than expected, while continuing claims fell to the lowest level since mid-April, government data showed.

On Wednesday, the Federal Reserve delivered a third consecutive 25-basis-point interest rate cut amid continued concerns about the labor market. Policymakers reiterated their median rate expectations through 2028.

"Our view is the labor market will remain soft until tariff pass-through is complete, and we look for cuts in January and April," Morgan Stanley said in a note Thursday. "If that does not materialize because the employment data are fairly solid, then Fed cuts will come when inflation clearly decelerates."

The US trade deficit narrowed in September to its smallest since mid-2020 amid a stronger increase in exports than imports, delayed government data showed.

"A stronger rise in exports than imports in September narrowed the trade deficit, with some of the impact due to movements in gold," Oxford Economics Associate Economist Grace Zwemmer said in remarks e-mailed to MT Newswires.

Gold was up 1.7% at $4,296.70 per troy ounce, while silver jumped 4.9% to $63.99 per ounce.