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Stocks were little changed Thursday despite big banks’ better-than-expected earnings and strong revenue forecasts from technology firms that temporarily shifted investors’ focus from a spate of recent escalations in the U.S.-China trade war.
The Dow Jones Industrials fell back 63.4 points to 46,189.83.
The S&P 500 dipped 16.55 points to 6,654.51
The tech-heavy NASDAQ shed 106.24 points to 22,563.84.
All three indexes were trading up earlier in the session.
Several Big Tech stocks made gains, despite macroeconomic tensions weighing on investor sentiment. Nvidia shares were up roughly 1%, while Broadcom’s stock also rose 1.1% after Taiwan Semiconductor, which produces chips for Nvidia, raised its 2025 revenue guidance to mid-30% growth from roughly 30% and reiterated its plan to commit up to $42 billion to capital expenditures by the end of this year.
Taiwan Semiconductor also reported a nearly 40% surge in third-quarter profit.
Salesforce’s shares jumped 4%, marking the best performance among Dow members in early trading, after the software company gave better-than-expected long-term targets seeing revenue of more than $60 billion in 2030. Memory chip maker Micron added to the tech gains, jumping 3.5% after getting a bullish call from UBS.
Several big bank stocks gave up most or all their gains after jumping earlier this week on their strong earnings reports. Bank of America and Citi shares went into the red, trading 1% and 1.7% lower, respectively. Morgan Stanley shares were up just 0.2%.
President Donald Trump last week threatened to place an additional 100% tariff on any goods coming from China in response to the country’s new export controls on rare earth minerals. The trade tone softened over subsequent days, but tensions increased again Tuesday, when Trump on threatened China with a cooking oil trade ban.
Prices for the 10-year Treasury found new energy Thursday, lowering yields to 4.01% from Wednesday’s 4.04%. Treasury prices and yields move in opposite directions.
Oil prices gained eight cents to $58.35 U.S. a barrel.
Gold prices jumped $90.80 to $4,292.40 U.S. an ounce.
