Stocks were little changed Thursday, as traders digested the latest earnings and developments out of the Middle East.
The S&P 500 traded 0.13% higher to hit record intraday high. The tech-heavy Nasdaq and the Dow Jones Industrial Average trimmed losses.
Some of the biggest movers on Thursday included IBM and ServiceNow, which were respectively trading 8% and 16% lower after reporting their latest results. Shares of Tesla shed 2% when CEO Elon Musk warned capital expenses would rise “substantially” as the electric vehicle maker moves into AI-powered self-driving cars and humanoid robots.
Texas Instruments, however, was bright spot. The stock soared more than 16% on better-than-expected earnings. United Rentals also surged 20% following an earnings beat, making it the top performer in the S&P 500.
“Stocks are trying to find their footing after an incredible rebound off of the March lows,” said Chris Kampitsis, managing partner, Barnum Financial Group’s The SKG Team: “It appears as though stocks are becoming less sensitized to Iran headlines and are looking ahead to earnings, fundamentals and Federal Reserve policy. We expect stocks to stay range round in the near-term as markets await their next catalyst.”
Both the broad market index and tech-heavy Nasdaq finished at record levels on Wednesday after President Donald Trump extended the U.S. ceasefire with Iran. The S&P 500 and Nasdaq rose 1.05% and 1.64%, respectively. The Dow Jones Industrial Average gained 340.65 points, or 0.69%.
Late Tuesday afternoon, Trump said that the ceasefire extension was warranted due to Tehran’s government being “seriously fractured.”
Still, geopolitical relations in the region remain tense. A lack of commitment from Iran reportedly resulted in Vice President JD Vance pausing his trip to join peace talks. Iran state media also reported that Tehran negotiators said they wouldn’t be present, calling talks with the U.S. a “waste of time.” And on Wednesday, Iran’s navy said that it had seized two container ships in the Strait of Hormuz.
Trump on Thursday also ordered the Navy to “shoot and kill any boat” laying mines along the strait.
“There is to be no hesitation,” Trump wrote in a Truth Social post.
