US stocks gain as encouraging labor-market data overshadows stimulus uncertainty

• US stocks slid on Thursday as investors weighed better-than-expected weekly jobless claims against continued stimulus negotiations between House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin.
• Pelosi and Mnuchin will continue talks on Thursday, though Senate Republicans have shown little signs of support for the potential bipartisan deal.
• New US weekly jobless claims totaled 787,000 last week, coming in below the median economist estimate of 870,000 compiled by Bloomberg. It also reflected a marked decrease from the prior week's revised total.
• Watch major indexes update live here.

US stocks edged higher on Thursday as investors weighed better-than-expected weekly jobless claims against lingering stimulus negotiations between House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin.

New US weekly jobless claims totaled 787,000 last week, coming in below the median economist estimate of 870,000 compiled by Bloomberg. The encouraging reading also reflected a marked decrease from the prior week's revised total.

Meanwhile, Pelosi and Mnuchin are scheduled to talk once again on Thursday to iron out any remaining differences in a potential bipartisan stimulus deal that could be passed prior to the November Presidential election, which is less than two weeks away.

While Pelosi has indicated that she is committed to getting a deal done, Senate Republicans have shown few signs of support or the potential bipartisan deal.

Here's where US indexes stood shortly after the 9:30 a.m. ET market open on Thursday:

• S&P 500: 3,443.62, up 0.2%
• Dow Jones industrial average: 28,260.75, up 0.2% (50 points)
• Nasdaq composite: 11,539.61, up 0.5%

Read more: MORGAN STANLEY: Buy these 61 stocks that will offer major earnings-driven upside following an imminent 10% market sell-off

Tesla posted record profits for the third quarter, beating analyst estimates. The firm committed to its 2020 target of delivering 500,000 cars despite interruptions caused by the COVID-19 pandemic. Shares moved higher on the solid earnings beat.

Align Technology surged more than 25% on Thursday after it reported strong third quarter earnings in part helped by social media influencers on TikTok.

Hong Kong slapped Goldman Sachs with a record $350 million fine related to its involvement in the 1MDB scandal.

Gold fell as much as 1.1%, to $1,902.62 per ounce.

Oil traded higher. West Texas Intermediate crude jumped as much as 1.1%, to $40.47 per barrel. Brent crude, oil's international benchmark, rose 1.1%, to $42.20 per barrel, at intraday highs.

Read more: World-beating fund manager Mike Trigg is bringing in huge returns by investing in 3 high-growth areas his peers neglect. He shares the keys to betting on each.