Stock market today: Live updates

Stock futures pulled back for another day on Thursday as investors digested a slew of quarterly earnings releases, including those from Tesla and IBM.

Futures tied to the Dow Jones Industrial Average fell 87 points, or 0.2%. S&P 500 futures and Nasdaq 100 futures declined 0.1% and 0.2%, respectively.

The moves lower add on to the three leading U.S. indexes meaningful losses in the previous session, with the S&P 500 falling roughly 0.5%, and the Dow Jones Industrial Average losing about 334 points, or 0.7%. The tech-heavy Nasdaq Composite declined 0.9% as investors rotated out of riskier assets.

On Wednesday, Treasury Secretary Scott Bessent confirmed the White House is mulling plans to curb exports to China made with U.S. software. Those plans would build on Trump’s statement almost two weeks ago that the U.S. will implement export restrictions by Nov. 1 on “any and all critical software.”

The selling continued in premarket trading Thursday, as Tesla – which kicked off reports from the “Magnificent Seven” megacap tech group – saw shares dip 3% on the back of mixed third-quarter results. IBM shed 8% after the tech company beat Wall Street estimates but reported in-line software revenue.

Those on Wall Street also monitored a rise in oil prices after Trump administration imposed additional sanctions on Russia’s two biggest crude companies, Rosneft and Lukoil, due to the country’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,” Bessent said when announcing the new sanctions.

Investors continue to watch earnings releases from the biggest U.S. companies, which many believe could be make-or-break for the current bull market rally. More than three-quarters of S&P 500 companies reporting so far have exceeded earnings expectations, per FactSet.

Trade remains in focus as well. President Donald Trump said Wednesday evening that his upcoming meeting with Chinese President Xi Jinping is “scheduled,” easing some fears about U.S.-China relations that had put markets under pressure on Wednesday.

Chris Grisanti, MAI Capital Management chief market strategist, advised traders to reallocate away from winners to pocket some gains after the broader market’s run-up this year, and instead favor less expensive pockets of the markets such as health care.

“I do think this is a particularly stressful point in the market … valuations are the second-highest they’ve been in a hundred years,” he told CNBC on Wednesday. “The market seems strong, you’ve got momentum, … but we still have these valuations.”

Grisanti added that he sees several similarities between the current landscape and the dot-com boom of the late 1990s.

“They say history doesn’t repeat itself, but it rhymes. I mean, this is rhyming pretty closely. … You’re getting meme stocks. You’re also starting to get companies that are getting priced on 2030 or 2035 projections,” he said. “These are things that we saw in ’98 and ’99, and it’s just spooky.”