Stocks were little changed Thursday, as traders digested gains in the previous session that sent the S&P 500 and NASDAQ to record levels, along with the latest earnings and developments out of the Middle East.
The Dow Jones Industrial Average remained in the red 47.66 points to 49,442,37.
The S&P 500 index recouped 5.24 points to 7,143.14.
The NASDAQ slid 28.18 points to 24,629.39.
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.
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 has also ordered the Navy to “shoot and kill any boat” laying mines along the strait.
Prices for the 10-year Treasury improved, lowering yields to 4.29% from Wednesday’s 4.31%. Treasury prices and yields move in opposite directions.
Oil prices gained 82 cents to $93.78 U.S. a barrel.
Gold prices backed off $2.30 to $4,750.700 U.S. an ounce.
