The tech-heavy Nasdaq, benchmark S&P 500, and blue-chip Dow Jones Industrial Average rose 0.9%, 0.6%, and 0.3%, respectively, on Thursday, recovering from declines the previous day. Major stock indexes moved higher as investors digested the latest corporate earnings and developments in U.S.-China trade relations. Indexes had fallen on Wednesday after a report suggested the White House was considering restrictions on software exports to China, though President Donald Trump later confirmed his meeting with Chinese leader Xi Jinping was “scheduled.” Amid these developments and in anticipation of Friday’s CPI inflation report, the yield on the 10-year Treasury climbed to 4.01% from 3.95% the prior day.

Commodities also reacted to global events, with West Texas Intermediate crude oil futures surging 5.4% to $61.65 per barrel following additional U.S. sanctions on Russian oil companies Lukoil and Rosneft. Gold futures gained roughly 1.5% to $4,130 an ounce, rebounding from a nearly 5.5% drop on Wednesday, marking the metal’s steepest decline in twelve years. Bitcoin rose to around $110,000 after the market closed, up from a low of $106,800 earlier in the session. The U.S. dollar index, measuring the greenback against a basket of foreign currencies, increased to 98.95.

Tesla shares erased earlier losses to close up 2%, while IBM pared losses to finish 1% lower following disappointing quarterly results reported Wednesday after the close. Intel shares rose over 3% ahead of its highly anticipated after-hours earnings. Post-earnings, T-Mobile US shares fell more than 3%, while Dow surged 13% and Honeywell International rose nearly 7%. Moderna shares dropped over 2% following underwhelming CMV vaccine trial results. Quantum computing stocks, including D-Wave Quantum, IonQ, Rigetti Computing, and Quantum Computing.

Intel’s after-hours performance stood out following an unexpected return to profitability that significantly exceeded analysts’ expectations. The company reported adjusted third-quarter earnings of 23 cents per share, compared with prior-quarter losses and an expectation of just 2 cents per share, with revenues rising 3% year-over-year to $13.7 billion. CEO Lip-Bu Tan highlighted steady progress in Intel’s turnaround and noted AI-driven demand offered “attractive opportunities” across the portfolio. CFO David Zinsner emphasized strengthened balance sheets through government funding and investments from NVIDIA and SoftBank Group, anticipating chip demand to outpace supply through 2026. Intel projected fourth-quarter adjusted earnings of 8 cents per share and revenues between $12.8 billion and $13.8 billion, surpassing analyst expectations, which drove shares up more than 8% in after-hours trading and a 90% gain for 2025 through Thursday’s close.