America’s CEOs were more pessimistic about the US economy in the first quarter, according to survey data published Thursday.

The Conference Board’s Measure of CEO Confidence dropped to 47 from 59 in the first quarter, according to data published Thursday. Readings below 50 indicate more negative than positive responses.

“CEOs reported that the economy is materially worse now than it was six months ago and expected economic conditions to weaken further over the next six months,” Dana Peterson, chief economist at the Conference Board, said in a statement.

Even so, the number of CEOs expected to increase their capex over the next year rose, while the number of CEOs expecting to cut their capex fell. While 56% of CEOs said they anticipated AI having only a moderate impact, most said they would need to upskill their workforce.

Roger Ferguson, vice chairman of the Business Council and Chair Emeritus of the Conference Board, noted that the number of CEOs planning to grow their company’s headcount over the next 12 months declined slightly, while the count of CEOs expecting to reduce their headcount ticked up in one more sign of the “low hire, low fire” economy.

Shares of defense drone manufacturers rallied on Thursday after the Wall Street Journal reported that the Trump administration is pursuing funding deals with a group of industry players.

The report noted that the Pentagon has identified companies for possible funding, including Performance Drone Works, Unusual Machines, and Neros Technologies.

Unusual Machines (UMAC) surged 50% during Thursday’s session, while Red Cat (RCAT) gained 13% and AeroVironment (AVAV) climbed 8%.

Drones have come into greater focus following Iran’s extensive use of the technology during the Middle East conflict.

Tyson Foods (TSN) stock fell nearly 5% on Thursday after the company named Jeff Schomburger as its next CEO, effective Oct. 4, 2026.

Donnie King, who has served as CEO since May 2021, will remain on the board of directors following his 43-year career at the company.

Schomburger retired from Procter & Gamble seven years ago and has been a member of the Tyson Foods board since 2016. He has served as lead independent director on the board since 2025.

In the release, Schomburger said he is “energized by the opportunity” to strengthen the brand, capitalize on “emerging” opportunities like AI, and “continue to win with customers and consumers.”

The Street was taken aback by the choice of the successor.

“We do not think Donnie’s retirement itself is a surprise, but we do think the choice of his replacement is unexpected,” JPMorgan analyst Thomas Palmer wrote, adding that investors thought Tyson would choose an internal candidate.

This is the sixth CEO change among major food companies this year, Palmer pointed out, more than the five transitions in 2025, one in 2024, and four in 2023.

Oil prices pared their gains after briefly turning to a loss on the session after Axios reported that the US and Iran have reached a temporary deal that would see traffic through the Strait of Hormuz reopened.

Futures on Brent crude (BZ=F), the international benchmark, and US benchmark WTI crude (CL=F) both fell to a loss of roughly 0.1% to trade below $93 per barrel and $89 per barrel, respectively. Both contracts had gained roughly 3% earlier in the morning.

The US and Iran have reached an agreement on a 60-day memorandum that would extend the ceasefire currently in place and begin negotiations on the fate of Iran’s nuclear program, Axios reported Thursday, citing two senior US officials.

President Trump reportedly asked to take a “few days” to think about the deal on the table, per Axios.

The terms of the agreement were “mostly agreed as of Tuesday, but both sides still needed to get approval from senior leadership,” Axios reported. Iran has not publicly confirmed its own acceptance of any memorandum.

The agreement would include free and “unrestricted” traffic for commercial vessels through the Strait of Hormuz, and require that Iran remove mines placed in the water within 30 days, US officials reportedly told Axios.

The reports offer a glimmer of hope for investors and market-watchers looking for diplomatic solutions in the Middle East, especially after the US and Iran spent the last 48 hours trading rounds of air and drone strikes.

Initial jobless claims rose to 215,000 in the week ended May 23, according to data released by the Department of Labor on Thursday, coming in above the previous week’s revised tally of 210,000 first-time claims.

Economists had expected initial claims to be lower at 211,000 for the week, according to consensus estimates compiled by Bloomberg. The four-week moving average of initial claims fell to 209,000 from 202,750 the week prior.

Continuing claims, which track the unemployed population still seeking work, rose to 1.786 million in the week ended May 16 from the prior week’s revised count of 1.771 million.

Economists had been looking for 1.784 million continuing claims.

Prices rose by 0.4% in April over the previous month, according to Personal Consumption Expenditures (PCE) index data released Thursday by the Bureau of Economic Analysis.

The growth came in below economists’ expectations of 0.5%, according to Bloomberg’s consensus estimates, and below March’s 0.7% increase.

“Core” PCE, which excludes the more volatile food and energy categories, rose 0.2% on the month. The print fell slightly short of economists’ expectations of 0.3% for the Federal Reserve’s preferred inflation measure and March’s 0.3% gain.

On an annual basis, the headline and core PCE price indexes rose 3.8% and 3.3%, respectively, in April from the previous year, in line with expectations on both measures.

Meanwhile, personal income was flat in April on a monthly basis, sharply below the previous month’s 0.5% revised increase and economist expectations of 0.4% growth.

Personal spending increased 0.5% from last month, coming in equal to expectations and below the previous month’s revised growth of 1%.

The casino giant Caesars Entertainment (CZR) is set to be acquired by Fertitta Entertainment, a conglomerate with holdings primarily in the hospitality industry, in a $17.6 billion all-cash deal, including $11.9 billion in Caesars debt.

Shares in Caesars traded up by 1.8% in premarket trading on Thursday.

Fertitta will pay Caesars shareholders $31 per share in cash, the companies announced Thursday morning, offering shareholders a 7.7% premium over where the stock closed trading on Wednesday. The deal includes a “go-shop” period through July 11, during which Caesars can review other offers.

The Houston real estate leader, Tilman Fertitta, has long pursued a merger between Caesars and his own Fertitta Entertainment, Bloomberg reported. If the deal goes through, it would combine Caesars network of casino properties with Fertitta’s Landry’s restaurants and Golden Nugget properties.