US stocks climbed on Thursday as oil prices surged amid Russia sanctions and Wall Street parsed through a fresh batch of quarterly results after Tesla (TSLA) and IBM (IBM) earnings fell short.
The tech-heavy Nasdaq Composite (^IXIC) led the gains, rising 0.5%, while the S&P 500 (^GSPC) added 0.4%. The Dow Jones Industrial Average (^DJI) inched up 0.15%.
Oil futures jumped around 5% after the US placed sanctions on Russia’s giant producers, piling pressure on President Putin to end the war in Ukraine. Brent crude (BZ=F) rose to near $66 a barrel, while West Texas Intermediate (CL=F) traded above $61.
Elsewhere, Tesla shares fell nearly 4% after the EV maker posted mixed third-quarter results on Wednesday, kicking off the “Magnificent Seven” earnings cycle. IBM stock dropped around 4%, as stronger-than-expected profits were offset by in-line software revenue that nevertheless disappointed investors.
After reporting quarterly results before the open, American Airlines (AAL) stock jumped as the carrier’s fourth quarter earnings guidance topped expectations. Shares in T-Mobile (TMUS) dipped as the telecom company’s customer base grew more than expected.
Looking ahead, results from struggling chipmaker Intel (INTC) take center stage after the bell.
On the trade front, China said talks with US officials are set for Friday, and President Trump said a long-anticipated meeting with Chinese President Xi is “scheduled,” offering some reassurance to markets unsettled by rising tensions.
Meanwhile, the Trump administration is in talks for the US to take stakes in several quantum computing companies, The Wall Street Journal reported — the latest move in its push to become a shareholder in critical sectors. Shares of IonQ (IONQ), Rigietti Computing (RGTI), and other companies targeted surged on the news.
LIVE 12 updates
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Stocks trade flat at the open
US stocks traded flat on Thursday at the open. The S&P 500 (^GSPC) rose fractionally, while the Dow Jones Industrial Average (^DJI) and the tech-heavy Nasdaq Composite (^IXIC) hovered above the flat line.
The muted open comes as oil prices surge amid Russia sanctions. Investors are also digesting a fresh wave of quarterly results from the likes of AT&T (T) and T-Mobile (TMUS) and others after Tesla (TSLA) and IBM (IBM) earnings disappointed.
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T-Mobile adds 1 million phone subscribers, but the stock is falling
T-Mobile (TMUS) reported stronger-than-expected subscribers for its cell service in the third quarter and upgraded its outlook for the fourth quarter, though the stock fell 1% just ahead of the opening bell.
The cell carrier added a total of 2.3 million new postpaid customers during the quarter, a 772,000 increase year over year.
Of the 2.3 million additions, 1 million were additions for its phone service, the company’s best customer additions performance in over a decade. Analysts were expecting T-Mobile to add 852,000 new mobile customers.
The company also reported earnings of $2.41 per share, which it said included an $0.18 per share impairment charge. Wall Street was projecting earnings of $2.40 per share, according to S&P Global Market Intelligence.
Read more live coverage of corporate earnings here.
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AI is keeping the US economy out of a recession
Artificial intelligence is simultaneously “saving the day” and rewriting the rules, writes Yahoo Finance’s Allie Canal.
She reports:
Read more here in today’s takeaway from the Morning Brief.
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Good morning. Here’s what’s happening today.
Economic data: Initial jobless claims (week ended Oct. 18); Continuing claims (week ended Oct. 11); Existing home sales (September); Existing home sales (September); Kansas City Fed manufacturing activity (October)
Earnings calendar: Ford Motor Company (F), T-Mobile (TMUS), Blackstone (BX), Intel Corporation (INTC), Union Pacific (UNP), Honeywell International (HON), Newmont Corporation (NEM), Lloyds Banking Group (LYG), Norfolk Southern (NSC), Digital Realty Trust (DLR), Freeport-McMoRan (FCX), Roper Technologies (ROP), Valero Energy (VLO), CBRE Group (CBRE), Baker Hughes (BKR), PG&E (PCG), Nokia (NOK), Tractor Supply Company (TSCO), Comfort Systems USA (FIX), STMicroelectronics (STM), CenterPoint Energy (CNP), Allegion (ALLE), TransUnion (TRU), Deckers Outdoors (DECK), Hasbro (HAS), AutoNation (AN), American Airlines (AAL)
Here are some of the biggest stories you may have missed overnight and early this morning:
How AI is keeping the US economy out of a recession
Trump admin. in talks to take stakes in quantum firms: WSJ
Tesla earnings fall short despite record sales surge
US sanctions on Russian oil giants send shockwaves across China
Oil jumps as Trump ramps up pressure on Russia with sanctions
US eyes China export curbs as Beijing confirms trade meeting
China’s trade curbs threaten US arms supply. Defense firms aren’t fazed.
This map shows the median home price by state
Beyond Meat shares sink amid short-seller frenzy
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US-China trade spat may leave US ‘weeks away’ from rare earths crisis, but top defense contractors downplay risk
Yahoo Finance’s Jake Conley reports:
Read more here.
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Quantum company stocks jump on report the US is seeking to take stakes
The Trump administration is in talks for the US to take equity stakes in several quantum computing firms in exchange for federal funding, according to The Wall Street Journal.
Shares in IonQ (IONQ), Rigetti Computing (RGTI), D-Wave Quantum (QBTS), and Quantum Computing (QUBT) surged over 10% after the WSJ report, which said the companies were among those in the discussions.
However, a Commerce Department official rebuffed the report in a response to Reuters.
Reuters reports:
Read more here.
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Premarket trending tickers: IBM, LVS and Honeywell
IBM (IBM) stock slumped 7% in premarket trading after a decline in growth in its core cloud software segment spooked investors over its ability to seize the booming demand for cloud services.
Las Vegas Sands (LVS) stock jumped 5% in premarket trading on Thursday after the casino operator reported a rise in profit and sales due to its Macao and Singapore investments.
Honeywell’s (HON) stock rose 4% before the bell after raising its 2025 profit forecast despite the impact of a planned separation of its advanced materials unit, signaling robust growth prospects fueled by strong aerospace demand.
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STMicro forecasts lower-than-expected Q4 sales, shares fall
STMicro (STM) forecast fourth quarter sales below market expectations on Thursday, sending the company’s share price down 7% in premarket trading.
Reuters reports:
Read more here.
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Beyond Meat’s wild ride triggers a short-seller frenzy
Bloomberg reports:
The rapid rally in shares of Beyond Meat Inc. (BYND) has sent some short sellers scrambling to exit their positions to avoid further damage, while still others doubled down on their bets against the stock.
Over four days, shares of the beleaguered plant-based protein producer surged more than 1,300% through Wednesday’s intraday peak.
That’s pushed short sellers’ paper losses to more than $120 million from last week’s record low close, according to data from S3 Partners LLC. The rapid about-face from an all-time low to a 14-month high helped swing the tide to a more than $45 million paper loss year to date. Before the retail trader-driven rally, shorts had paper profits of nearly $80 million in 2025. …
Some of the short sellers’ losses have already started to unwind. The stock ended Wednesday down after an intraday pop of 112%. Losses extended in premarket trading Thursday, with the shares falling as much as 22% to $2.80 as of 4:30 a.m. in New York.
Read more here.
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Nokia posts profit beat as AI, cloud demand boost optical sales
Nokia (NOK) beat estimates for its third-quarter earnings on Thursday, driven by strong optical and cloud demand, including AI-focused data centre sales following its Infinera acquisition.
The Finnish telecommunications company saw its shares rise 8% before the bell.
Reuters reports:
Read more here.
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Oil jumps as Trump steps up pressure on Russia with sanctions
Bloomberg reports:
Read more here.
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Gold hits third straight day of losses in screeching halt to record-setting rally
Gold (GC=F) pulled back for a third straight day, while still trading over it’s $4,000 price point that sparked the flurry of interest leading to investors taking profits.
Bloomberg reports:
Read more here.
