Stocks were largely unchanged Thursday as investors processed quarterly earnings from major companies, including Tesla and IBM.
The Dow Jones Industrial Average hovered near flat, the S&P 500 edged up 0.1%, and the Nasdaq Composite was also near breakeven.
The prior session had seen notable declines, with the S&P 500 down about 0.5%, the Dow falling 334 points, and the Nasdaq shedding 0.9% amid a rotation out of riskier assets.
Tesla shares fell 4% after mixed third-quarter results, while IBM dropped 5% despite beating estimates but reporting in-line software revenue.
Oil prices rose following new US sanctions on Russia’s top crude producers, Rosneft and Lukoil, over Moscow’s “lack of serious commitment” to a ceasefire in Ukraine.
Bessent said the sanctions are meant to pressure for an immediate end to the conflict.
Now is the time to stop the killing and for an immediate ceasefire. Given President Putin’s refusal to end this senseless war, Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine. Treasury is prepared to take further action if necessary
Investors continue to monitor earnings from major US companies, with over three-quarters of S&P 500 firms reporting so far surpassing expectations, according to FactSet.
Attention also remains on US-China relations, with Trump confirming that his meeting with President Xi Jinping is “scheduled,” easing some market concerns.
Treasury Secretary Scott Bessent confirmed the White House is considering export restrictions to China using US software, building on Trump’s earlier threat to impose controls by November 1 on “any and all critical software.”
US-China trade relations
US-China trade negotiations are set to resume on Friday in Kuala Lumpur, Malaysia, with Chinese Vice Premier He Lifeng meeting US Treasury Secretary Scott Bessent from October 24 to 27.
The talks come amid renewed tensions after the earlier trade truce broke down, with both sides engaging in retaliatory measures.
President Donald Trump has announced plans to impose an additional 100% tariff on Chinese goods following Beijing’s restrictions on rare earth exports, along with a broader threat to limit China’s access to critical Western software.
Ahead of the Malaysia meeting, He and Bessent held phone discussions last week.
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