US close: Stocks rebound as trade tensions ease, Q3 earnings roll in

(Sharecast News) - Major indices closed higher on Thursday after Donald Trump confirmed his meeting with Chinese President Xi Jinping would take place. At the close, the Dow Jones Industrial Average was up 0.31% at 46,734.61, while the S&P 500 advanced 0.58% to 6,738.44, and the Nasdaq Composite saw out the session 0.89% firmer at 22,941.80.

The Dow closed 144.20 points higher on Thursday, taking a bite out of losses recorded in the previous session as investors rotated out of risk assets amid renewed US-China tensions.

Yesterday's declines followed comments from Treasury Secretary Scott Bessent, who said the White House was considering curbs on software exports to China, building on Trump's earlier pledge to restrict "any and all critical software" from 1 November.

Trade relations also remained in focus on Thursday after Donald Trump said his upcoming meeting with Xi Jinping was "scheduled", helping ease investor concerns following Wednesday's sell-off. White House press secretary Karoline Leavitt also said during a press briefing that Trump would meet with Jinping next Thursday in South Korea.

Rising oil prices were also in focus after the White House imposed additional sanctions on Russia's two biggest crude companies, Rosneft and Lukoil, as a result of the nation's "lack of serious commitment to a peace process to end the war in Ukraine".

"Now is the time to stop the killing and for an immediate ceasefire," said Bessent.

In the corporate space, Honeywell posted improved Q3 sales and raised its full-year earnings guidance amid restructuring efforts, while Hasbro also lifted its FY earnings outlook on the back of an 8.3% increase in quarterly profits to $1.39bn.

T-Mobile's Q3 profits missed consensus estimates of $2.47 per share on Thursday, coming in at $2.41 each, but revenues of $21.96bn just beat the $21.91bn expected by analysts, while American Airlines reported better-than-expected Q3 results, with losses narrower than analysts anticipated as revenue growth in its premium unit continuing to outperform its main cabin, while

After the close, Intel reported a quarterly earnings beats in its first earnings report since the White House took up a 10% stake in the company, while Ford said quarterly profits had grown the back of strong sales, but lowered its full-year sales guidance as it warned a first at an aliminium factory would weigh on profits.

On the macro front, US existing home sales rose to a seasonally adjusted annualised rate of 4.06m in September, according to the National Association of Realtors, ahead of forecasts of 4.1m. September's print saw existing home sales rise 1.5%, more than reversing the previous month's 0.02% decline, with sales increasing in the Northeast, South, and West, offsetting a fall in the Midwest.

Elsewhere, factory activity in the central US picked up pace in October, according to the Kansas City Federal Reserve, with its manufacturing production index rising to 15 from 4 in September -t he highest reading since April 2022. The Kansas Fed said the increase pointed to a notable expansion in manufacturing, with modest gains across both durable and nondurable goods. Growth in printing and paper supported the nondurable segment, while metal manufacturing drove gains in durables. Most month-on-month indicators were positive, with production and shipments rising moderately, although new export orders and the average workweek declined.

Looking ahead, key inflation data, scheduled for release on Friday, was expected to offer further insight into the health of the US economy, with markets widely anticipating a 25 basis point rate cut at the Federal Reserve's late October meeting.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Dow Chemical Co. (DOW) $24.51 12.97% Intel Corp. (INTC) $38.16 3.36% 3M Co. (MMM) $171.60 2.61% Caterpillar Inc. (CAT) $520.50 1.28% Nike Inc. (NKE) $69.68 0.86% Goldman Sachs Group Inc. (GS) $750.77 0.83% Chevron Corp. (CVX) $156.76 0.76% American Express Co. (AXP) $354.51 0.71% Boeing Co. (BA) $217.77 0.54% Apple Inc. (AAPL) $259.57 0.43%

Dow Jones - Fallers

Verizon Communications Inc. (VZ) $38.40 -3.52% Coca-Cola Co. (KO) $69.94 -1.23% McDonald's Corp. (MCD) $306.81 -1.06% Amgen Inc. (AMGN) $292.87 -1.05% Home Depot Inc. (HD) $385.03 -1.01% International Business Machines Corporation (CDI) (IBM) $285.00 -0.87% Salesforce.Com Inc. (CRM) $255.05 -0.62% Cisco Systems Inc. (CSCO) $70.27 -0.55% Merck & Co. Inc. (MRK) $87.19 -0.47% Johnson & Johnson (JNJ) $192.05 -0.46%

S&P 500 - Risers

CenturyLink Inc. (LUMN) $7.79 10.65% Helmerich & Payne Inc. (HP) $25.65 9.20% FMC Technologies Inc. (FTI) $40.88 8.97% Dover Corp. (DOV) $181.24 8.13% Bread Financial Holdings, Inc. (BFH) $65.25 7.78% Apache Corp. (APA) $24.62 7.56% Valero Energy Corp. (VLO) $173.13 6.96% Albemarle Corp. (ALB) $97.43 6.75% Gap Inc. (GAP) $23.03 6.23% National Oilwell Varco Inc. (NOV) $14.10 6.05%

S&P 500 - Fallers

United Rentals Inc. (URI) $911.62 -8.06% Travel + Leisure Co (TNL) $65.22 -6.71% Southwest Airlines Co. (LUV) $31.65 -6.25% Williams Companies Inc. (WMB) $58.96 -5.16% Expedia Group Inc. (EXPE) $215.75 -4.70% Centene Corp. (CNC) $34.35 -4.62% AutoZone Inc. (AZO) $3,846.02 -3.78% Textron Inc. (TXT) $79.57 -3.64% AT&T Inc. (T) $24.62 -3.64% Verizon Communications Inc. (VZ) $38.40 -3.52%

Nasdaq 100 - Risers

American Airlines Group (AAL) $12.77 5.62% Seagate Technology Plc (STX) $226.41 5.28% Wynn Resorts Ltd. (WYNN) $125.40 5.03% Intuitive Surgical Inc. (ISRG) $551.30 4.61% Lam Research Corp. (LRCX) $147.54 4.45% Western Digital Corp. (WDC) $125.72 4.36% Micron Technology Inc. (MU) $206.71 4.15% KLA-Tencor Corp. (KLAC) $1,159.00 4.01% Hasbro Inc (HAS) $77.91 3.66% Applied Materials Inc. (AMAT) $228.47 3.59%

Nasdaq 100 - Fallers

Expedia Group Inc. (EXPE) $215.75 -4.70% T-Mobile Us, Inc. (TMUS) $219.99 -3.26% O'Reilly Automotive Inc. (ORLY) $98.27 -2.90% Qvc Group Inc Series A (QVCGA) $13.24 -2.72% Booking Holdings Inc. (BKNG) $5,093.47 -2.62% Sirius XM Holdings Inc (SIRI) $21.32 -2.00% Mondelez International Inc. (MDLZ) $60.99 -1.58% Regeneron Pharmaceuticals Inc. (REGN) $575.79 -1.53% Paychex Inc. (PAYX) $124.75 -1.47% Verisk Analytics Inc. (VRSK) $234.78 -1.13%