Oil Price Surge Weighs on US Stocks Amid Mixed Earnings Reports

US stocks closed Thursday in negative territory as investors remained cautious about rising oil prices and mixed corporate earnings reports.

The S&P 500 index fell 13.59 points, or 0.2%, to 7,709.96, pulling further away from its record set on Tuesday.

The Dow Jones Industrial Average dropped 464.02 points, or 0.9%, to 53,885.10, while the Nasdaq composite declined 15.09 points, or 0.1%, to 26,348.35.

Warner Bros. Discovery rose 1.7% after reporting earnings that exceeded investor expectations, but Honeywell Aerospace fell 23.2% following disappointing results.

The rising oil price is a concern for the market as it adds to inflationary pressures and could slow economic growth.