U.S. equity markets opened Thursday with a mixed tone, as a rare earths supply-chain breakthrough sent MP Materials soaring and Delta Air Lines rallied on strong earnings. Broader indexes moved cautiously as investors parsed sector-specific developments and commodity moves.

The Dow Jones Industrial Average fell 30.83 points, or 0.07%, to 44,427.50 in early trading. The S&P 500 hovered near flat at 6,263.26, while the tech-heavy Nasdaq Composite edged up 21.57 points, or 0.10%, to 20,632.90. Small-cap stocks were modestly weaker, with the Russell 2000 down 0.18%.

Shares of MP Materials jumped 56.5% at the open to $47.00, fueled by a landmark partnership with the U.S. Department of Defense. The Pentagon will become MP’s largest shareholder through a $400 million investment in convertible preferred stock, alongside a warrant for additional common shares. The agreement grants the government a 15% ownership stake on an as-converted basis.

The strategic move is part of a broader push to reduce U.S. dependence on Chinese rare earths, following a 75% plunge in Chinese magnet exports amid export restrictions in April. The deal includes a 10-year offtake agreement, a $150 million DoD loan to enhance heavy rare earth capabilities, and a $1 billion financing commitment from JPMorgan and Goldman Sachs for MP’s new “10X Facility” in the U.S..

MP CEO James Litinsky said the initiative represents a “decisive action by the Trump administration to accelerate American supply chain independence” and called the deal a “transformational public-private partnership”.

Delta Soars on Strong Quarter, Guidance Reinstated

Delta Air Lines gained more than 8% in early trading after reporting better-than-expected second-quarter earnings and restoring full-year guidance. Adjusted earnings per share came in at $2.10 on record revenue of $15.5 billion, slightly exceeding consensus forecasts. Despite a 10% drop in net income, results were viewed as resilient amid global travel uncertainty.

International routes led the quarter, with Pacific revenue up 11% and transatlantic revenue gaining 2%. Domestic and Latin American segments declined modestly. Delta also saw record loyalty revenue and strong performance in high-margin segments like cargo and MRO services. The company announced a 25% dividend hike and guided third-quarter EPS to $1.25–$1.75, with full-year expectations at $5.25–$6.25, surpassing the analyst consensus midpoint.

CEO Ed Bastian acknowledged ongoing macro headwinds but noted fall bookings are strong and capacity will be reduced on weaker domestic routes starting in August.

Commodities Mixed

Crude oil futures slipped $0.61 to $67.77, while gold advanced $12.20 to $3,333.20, reflecting mixed investor sentiment across energy and haven assets.