From Chips to Jeans: Wall Street’s Momentum Trade Rolls On

​Markets Bounce Back
After a brief stumble earlier in the week, Wall Street found its rhythm again. The S&P 500 and Nasdaq closed at new highs Wednesday, shaking off Tuesday’s dip. The bullish momentum was fueled by strong tech performances and growing optimism around upcoming earnings reports.

AMD’s Hot Streak Continues
AMD is having a monster week. The stock has soared 43% in just three days, pacing for its best weekly gain since 2016. The chipmaker’s explosive rally follows news of a deepening partnership with OpenAI, a move that could position it as a stronger rival to Nvidia. Speaking of Nvidia, its shares also hit fresh record highs, while Amazon posted its best day in a month.

Delta Faces Turbulence
All eyes will be on Delta Air Lines, which reports earnings Thursday morning. The carrier reinstated its 2025 profit outlook earlier this year, predicting a stronger travel season than expected. But investors aren’t buying the optimism just yet — the stock is down over 5% in 2025, on track to end a two-year streak of double-digit gains. Among major U.S. carriers, United Airlines is the only one still in the green this year.

PepsiCo Tries to Regain Its Spark
PepsiCo will also deliver results before the opening bell. After a sluggish year marked by weaker North American demand, the company is banking on strategy shifts to reignite growth. Shares have fallen 8.7% year to date, leaving investors eager for signs of a turnaround. CEO Ramon Laguarta is expected to discuss the company’s recovery plan in a post-earnings interview Thursday morning.

Denim Stays in Style
Levi Strauss reports after the market close, extending the earnings action into the evening. The iconic jeans maker is enjoying a historic run — the stock is on track for seven straight months of gains, its longest winning streak ever. Shares are up 42% so far this year, making 2025 Levi’s best year on record if the rally holds.

Macau’s Tourism Rebound
Overseas, Macau’s casino industry is lighting up again as global travel roars back. Giants like Las Vegas Sands, Wynn Resorts, and MGM Resorts are seeing renewed momentum, with Wynn up more than 40% in 2025 — its strongest performance since 2017. Analysts say steady visitor growth and a revived Chinese tourist flow are driving the comeback.

The Bottom Line
​From tech’s unstoppable rally to airline earnings and a global tourism boom, Thursday’s session is shaping up to be a busy one. Investors will be watching whether high-flying sectors like semiconductors and consumer goods can keep the market’s momentum alive as the fourth quarter heats up.