US stocks climbed on Thursday as investors sought to recover from Wednesday’s broad sell-off, led by a rebound in technology shares and renewed buying in safe-haven assets like gold.
The Nasdaq Composite advanced 0.5%, supported by gains in Amazon, Broadcom, and Meta Platforms. The S&P 500 rose 0.3%, while the Dow Jones Industrial Average added 36 points, or 0.1%. The uptrend comes a day after the three major indices posted sharp losses, with the S&P 500 slipping 0.5%, the Dow dropping 334 points (0.7%), and the Nasdaq falling 0.9% as traders rotated out of high-risk assets.
The recovery was partly driven by easing concerns over US-China trade tensions after President Donald Trump confirmed that his scheduled meeting with Chinese President Xi Jinping remains on track. This followed recent reports that the White House is considering restricting exports of US-made software to China, potentially impacting the tech sector.
On the corporate front, earnings season remained in full swing. While Tesla shares fell 4% following mixed Q3 results, and IBM slipped 5% despite beating expectations, investors remained optimistic as over three-fourths of S&P 500 companies have exceeded earnings forecasts so far, according to FactSet.
Meanwhile, oil prices surged after the US imposed fresh sanctions on Russian oil giants Rosneft and Lukoil, citing Moscow’s “lack of serious commitment to peace talks” in Ukraine. Treasury Secretary Scott Bessent emphasized, “Now is the time to stop the killing and for an immediate ceasefire.”
Adding to the safe-haven rally, gold prices rose 1.3% to $4,147.60 per ounce, while US gold futures gained 2.5% to $4,165.30 per ounce, marking a reversal from recent declines.
