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.

Treasury Secretary Scott Bessent

@SecScottBessent

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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

2:29 am · 23 Oct 2025

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