05:06 PM EDT, 10/23/2025 (MT Newswires) -- The Nasdaq Composite rebounded on Thursday after a two-day drop as Wall Street digested the latest batch of corporate results, while oil prices soared after the US imposed sanctions on two Russian crude companies.

The tech-heavy Nasdaq closed 0.9% higher at 22,941.8, while the S&P 500 rose 0.6% to 6,738.4. The Dow Jones Industrial Average added 0.3% to 46,734.6. Most sectors ended in the green, led by energy and industrials, while consumer staples saw the biggest drop.

In company news, Honeywell International ( HON ) raised its full-year earnings outlook after the industrial conglomerate logged an unexpected year-over-year increase in its third-quarter bottom line. The company's shares soared 6.8%, the top gainer on the Dow.

Tesla (TSLA) shares rose 2.3% after the electric vehicle maker said late Wednesday that record deliveries helped propel its third-quarter revenue above Wall Street's estimates.

Tesla's near-term deliveries and financial results are less relevant to its valuation than future artificial intelligence projects such as humanoid robot Optimus and Robotaxi, Truist Securities said in a Thursday note.

Quantum-computing stocks such as D-Wave Quantum ( QBTS ) , Rigetti Computing ( RGTI ) , IonQ ( IONQ ) , and Quantum Computing ( QUBT ) registered sizable gains Thursday following a report by The Wall Street Journal that several companies are in discussions to give the US Department of Commerce equity interests in exchange for federal funding.

However, a Commerce Department official told CNBC that the government is "not currently negotiating equity stakes" with quantum computing companies.

Molina Healthcare ( MOH ) shares sank nearly 18%, the worst performer on the S&P 500. The company late Wednesday provided a downbeat full-year financial outlook following a third-quarter bottom-line miss.

West Texas Intermediate crude oil was up 5.4% at $61.65 a barrel in Thursday late-afternoon trade.

On Wednesday, the US Department of the Treasury's Office of Foreign Assets Control imposed sanctions on two of Russia's largest oil companies, Rosneft and Lukoil, citing the country's "lack of serious commitment to a peace process to end the war in Ukraine."

The development is "unlikely to spark a sustained rally (in oil prices) as the market is moving into surplus and Russia can still reroute barrels," Oxford Economics said Thursday. "We expect the impact to fall mainly on Russian revenues rather than global supply."

US Treasury yields were higher, with the 10-year rate rising 5.9 basis points to 4.01% and two-year rate increasing 5.2 basis points to 3.50%.

White House Press Secretary Karoline Leavitt said Thursday that President Donald Trump will meet with his Chinese counterpart, Xi Jinping, in South Korea on Oct. 30.

In economic news, existing home sales in the US rose in line with market estimates in September amid declining mortgage rates and improving affordability and inventory, data from the National Association of Realtors showed Thursday.

"Mortgage rates have been easing since the beginning of September, but it will take at least two more months before the housing market starts to see a positive impact," Jefferies said. The (25-basis-point Federal Reserve) rate cut announced in September has opened the door for lower rates, but further cuts are needed to more meaningfully stimulate activity in the market."

Manufacturing activity in the US Midwest region unexpectedly increased at a faster sequential pace this month, driven by gains in production and shipments, data from the Federal Reserve Bank of Kansas City showed.

"Regional factory activity continued to increase modestly in October, and firms expect additional growth in the next six months," Kansas City Fed Assistant Vice President Cortney Cowley said. "Two-thirds of firms surveyed reported that (artificial intelligence) has not affected their business strategy or plans, while another third have used AI or plan to in the future."

The central bank's Federal Open Market Committee is widely expected to lower its benchmark lending rate by a quarter percentage point next week, according to the CME FedWatch tool.

Gold was up 1.7% at $4,132.30 per troy ounce, while silver gained 1.8% to $48.55 per ounce.