The FTSE 100 was lower on Thursday as banks and utilities dragged on the index in what was a fairly benign trading session.

London’s leading index was 0.4% lower at the time of writing.

The FTSE 100 has posted a string of minor losses as the index retreats from record highs, but the losses have been minimal, and one strong session for the index will send it back into record territory.

With summer drawing to a close, all eyes were on Nvidia’s results last night for a potential catalyst for the stock market. The company’s earnings didn’t disappoint, but they weren’t enough to spark a rally in Nvidia shares or the broader market. Given Nvidia’s gains in recent months, a minor downtick in the stock price was to be expected, considering the numbers didn’t blow investors away.

 “The market was laser focused on the third-quarter guidance from artificial intelligence (AI) chip group Nvidia. Second-quarter results were in line with expectations, and the third quarter guidance was roughly in line with what had pencilled in, but Wall Street wanted more,” said Garry White, Chief Investment Commentator at Charles Stanley.

“Earnings and guidance are usually ahead of analysts’ expectations – and the market was disappointed that there was not a more bullish assessment of current quarter revenue. However, spending on data centres rumbles on and the growth story at the world’s largest company continues. These are still a good set of results – but volatility is likely as the bulls and bears of the AI industry continue to debate the industry’s future.”

US futures were heading for a slightly higher open as markets shrugged off Nvidia’s 2% pre-market decline.

There were very few big movers on the FTSE 100 leaderboard with a distinct lack of corporate news to drive shares. Aviva was the top faller with losses of 1.8% while Diageo gained 2% to take the top spot.

There were losses for banks Lloyds and NatWest, while housebuilders ticked marginally higher.

JD Sports looked set to continue its rally and was knocking on the door of 100p following upbeat results yesterday.

Nvidia shares were lower in the premarket on Thursday despite the chipmaker beating expectations and confirming demand remained robust.

It was beats all round for Nvidia in Q2 with revenue, EPS, and Q3 revenue guidance all outstripping analyst estimates.

However, such are the sky-high expectations of Nvidia, shares dipped in the premarket, as the stock followed a familiar playbook of rallying into earnings and dipping afterwards.

The gains were minimal, and the stock maintains its spot as the world’s most valuable company.

“The law of large numbers seems irrelevant here – despite its scale, Nvidia continues to defy expectations as consensus underestimates the opportunity at hand. Third-quarter revenue guidance at $54bn is a strong number, especially when it factors in no benefit from Chinese sales,” explained Matt Britzman, senior equity analyst, Hargreaves Lansdown.

“Nvidia’s dominance in AI infrastructure remains unparalleled, cementing its position as the cornerstone of the AI revolution. With a customer base spanning cloud giants to sovereign entities and a relentless pace of product innovation, Nvidia continues to set the standard for the industry. Under the leadership of its visionary CEO, it’s proving to be the ultimate way to play the AI investment theme.“

Nvidia’s results have broad implications. It is the ultimate bellwether for the adoption of AI and is a major beneficiary of spending by the hyperscalers. The AI trade has driven global equity markets higher over the past two years, so the financial system is highly exposed to the outlook for Nvidia. 

Investors will be largely reassured that momentum is intact after last night’s instalment.

Empire Metals shares jumped on Thursday after announcing a major ‘breakthrough’ in processing technology at its Pitfield Project in Western Australia.

The company achieved exceptional titanium recoveries and produced ultra-high purity titanium dioxide through conventional processing methods, with the initial rougher stage flotation achieving 77% recovery rates, while the cleaning stage performance reached an impressive 90% from fine, weathered ore samples.

The results represent a significant milestone for the AIM-quoted exploration company and shares reacted accordingly with a 17% gain.

Empire Metals shares are over 700% higher in 2025.

Testing confirmed that weathered ore at Pitfield can be processed using standard separation and refining techniques, delivering industry-leading performance metrics.

The final titanium dioxide product exceeded industry standards with 99.25% purity. Negligible impurities make the product suitable for both titanium sponge metal production and pigment manufacturing applications.

This purity level positions Empire’s potential product at the premium end of the titanium market, and the high-grade material commands superior pricing compared to standard titanium feedstock. Today’s announcement will go a long way to justifying meteoric gains in Empire’s shares.

“These results mark a step change in Pitfield’s development. We now have clear evidence that the ore is ideally suited to conventional mineral separation and refining, producing a high-purity titanium product with strong recoveries. This sets Pitfield apart from ilmenite-based projects, which typically face lower recoveries, higher costs, and significant environmental challenges,” said Shaun Bunn, Managing Director.

“Pitfield already stands out for its exceptional scale, continuity of high-grade near-surface mineralisation, and Tier 1 location with access to infrastructure. With this breakthrough in process development, we can now demonstrate a highly efficient and environmentally responsible route to producing multiple high-value titanium products.”

Tungsten West has received a significant boost for its Hemerdon tungsten and tin mine project in Devon, with the Export-Import Bank of the United States expressing interest in providing up to $95 million in financing.

The non-binding Letter of Interest comes under EXIM’s new Supply Chain Resilience Initiative, designed to strengthen critical mineral supply chains for US businesses. This potential funding could form a major component of the debt financing needed to restart production at the historic Devon mine.

Tungsten West shares were 41% higher at the time of writing.

Unlike traditional project financing, the proposed EXIM funding would not be tied to specific equipment purchases. Instead, it hinges on Hemerdon securing offtake agreements with US buyers, offering greater flexibility in how the funds are deployed.

EXIM has identified the project’s connection to its China and Transformational Exports Program, which aims to counter Chinese export support and advance American leadership in key sectors.

The US doesn’t mine its own Tungsten and is heavily reliant on China, something Donald Trump will want to change.

Tungsten is classified as a critical mineral by both the US and UK governments due to its essential role in defence, aerospace, and industrial applications. The metal’s scarcity and strategic importance make securing Western supply sources a priority for policymakers.

Next Steps for Hemerdon

While the Letter of Interest represents significant progress, Tungsten West must now work to satisfy EXIM’s requirements, particularly securing the necessary US offtake agreements.

The Hemerdon mine previously operated as one of Europe’s largest tungsten producers before closing in 2018.

The FTSE 100 rose on Wednesday as investors prepared for Nvidia’s earnings, due to be released after the US close this evening.

US markets closed higher overnight as investors boosted their exposure to US stocks ahead of the most highly anticipated earnings release of any company globally.

This optimism spilt into European trade on Wednesday, and London’s leading index recovered some of yesterday’s losses in early trade to rise 0.3%.

Nvidia is now the single most important company in the world, due to its dominance in chips that power the AI revolution, responsible for the lion’s share of global equity returns over the past two years.

“The stock has become the heartbeat of the market, making up around 8% of the S&P500 weight, the single largest in history,” said Josh Gilbert, market analyst at eToro.

“Its market cap now eclipses the entire FTSE 100 and the ASX200, and is even larger than the entire global crypto market, underscoring just how outsized its role has become in global markets. That scale underlines why its earnings dates are fast becoming just as vital to investors as economic and central bank data.”

“Nvidia may be the market’s heartbeat, but that comes with the expectation of perfection, meaning even the smallest disappointment could spark outsized volatility across broader markets, not just Nvidia shares. But investors will likely see weakness as an opportunity, given the AI boom feels like it’s only just getting started.”

FTSE 100 movers

The FTSE 100 was led higher by JD Sports after the sports retailer rewarded loyal shareholders with a £100m buyback as the group continues to grapple with soft core markets.

“JD Sports investors breathed a sigh of relief as second-quarter numbers landed in line with market expectations, with group like-for-like sales down 3.0%,” explained Aarin Chiekrie, equity analyst, Hargreaves Lansdown.

“This was helped by America delivering a better-than-expected performance, despite the ongoing tariff-related uncertainty. Europe and especially the UK remain a drag on performance though, with like-for-like sales at the latter down 6.1%.

“Looking further out, the shift in focus from expansion to squeezing the most out of its existing store footprint is a welcome one. This should help to strengthen the balance sheet and provide more wiggle room for shareholder payouts – including a new £100mn share buyback announced today.”

JD Sports shares were 4% higher at the time of writing.

Prudential was also among the gainers, as investors reacted to steady first-half results that justified the stock’s 50% rally so far in 2025.

“Prudential had a decent first half, with solid growth in new business and cash generation across its core markets,” said Matt Britzman, senior equity analyst, Hargreaves Lansdown.

“Profits improved, helped by strong performances in Hong Kong and Indonesia, and the company raised its dividend while continuing share buybacks. Management says it’s on track to deliver its long-term goals and looks well placed to return more cash to shareholders over the next few years.”

JD Sports share edged higher as the group showed signs of improvement across its global operations, despite ongoing softness in core markets.

Shares in the retailer were 1.6% higher in early trading on Wednesday after announcing a new £100m share buyback programme, as it maintained its profit outlook.

Shares in JD Sports were among the heaviest hit by Trump’s tariffs and have since recovered all losses caused by the ‘Liberation Day’ announcement.

However, shares still trade well below 52-week highs as the group struggles to maintain sales growth momentum.

This was again the case in the group’s Q2 and H1 trading period to 2nd August.

The sportswear giant reported group like-for-like sales down 3.0% in Q2 and down 2.5% over H1. Organic growth remained positive at 2.2% for the quarter and 2.6% for H1, driven by strategic store expansion.

Regional performance painted a varied picture. North America, representing 36% of Q2 sales, showed encouraging momentum with like-for-like sales declining just 2.3% in the quarter – a marked improvement from the 3.8% drop in H1. Strong organic growth of 4.8% reflected successful integration of acquired stores and new openings.

European operations faced headwinds from tough comparatives. The region saw like-for-like sales slip 1.1% in Q2 following last year’s Euro 2024 tournament boost, whilst the UK endured a sharper 6.1% decline as it cycled particularly strong prior-year performance in replica kit sales and women’s athletic footwear.

Asia Pacific bucked the trend with positive like-for-like growth of 0.3% in Q2, supported by robust organic expansion of 9.3%.

Apparel outperformed footwear across regions. Management highlighted strong apparel performance, whilst footwear faced pressure from key product lines reaching end-of-cycle, though newer launches provided some offset in North America.

Looking ahead, JD Sports expects to meet market profit expectations for the full year, though it continues monitoring potential US tariff impacts. The company anticipates that around 60% of annual profits will be weighted to the second half, consistent with historical seasonality patterns. Investors will hope this transpires because the first half of the year lagged behind JD Sports’ traditionally strong performance.

“Across our regions and fascias, in general we see a resilient consumer, albeit very selective on their purchases. We therefore remain cautious on the trading environment going into H2. For our FY26 profit before tax and adjusting items we expect to be in line with current market expectations, before any indirect impact of US tariffs which we continue to work through,” said Regis Shultz, CEO of JD Sports.

“We are well placed to continue growing our market share in the key growth regions of North America and Europe, and confident about the medium-term growth prospects for our industry. Reflecting this, we are reaffirming our commitment to enhanced shareholder returns, and announcing today a new £100m share buyback following the successful completion of the first £100m programme last month.”

The new £100m share buyback programme will be welcomed by shareholders and it does show management has confidence in the firm’s medium-term growth prospects and the company’s ability to continue gaining market share through focused execution of its omnichannel strategy.