Wall Street was pulled in two directions on Thursday with a bounce in crude prices boosting the Dow Jones Industrial Average and a selloff in Tesla (TSLA) dragging on the Nasdaq.
The Dow was on track to extend its record run, adding 0.2% after dipping into the red earlier in the session. The Nasdaq fell 0.5%, and the S&P 500 sat on the flatline.
Crude oil held higher on Thursday despite gains in U.S. stockpiles over the past week. The Energy Information Administration reported an increase of 600,000 barrels to weekly domestic stockpiles. Another reading on U.S. stocks from the American Petroleum Institute showed crude supplies dropped by 884,000 barrels in the past week.
West Texas Intermediate crude was up 1.4% to $54.36 a barrel on Thursday.
Tesla reported a mixed fourth quarter with a wider loss but improved sales. The electric automaker reported a loss of 69 cents a share, 26 cents wider than expected. Revenue surged 88.4% to $2.28 billion, beating estimates by $100 million. Tesla didn't issue guidance for 2017 but did say that it expects to deliver 47,000 to 50,000 Model S and Model X vehicles in the first half of the year, which would be roughly a 71% increase over a year earlier. The stock fell 5% on Thursday.
Chinese social media stocks Sina (SINA) and Weibo (WB) were also lower following their quarterly reports. Sina, which holds a 50% stake in Weibo, reported a 37% increase in fourth-quarter earnings and 22% increase in revenue. Microblogging site Weibo doubled its adjusted profit to 34 cents a share from 15 cents a year earlier. Even so, Sina sank more than 10% and Weibo dropped 12%. Alibaba (BABA) , which has a stake in Weibo, fell 1%.