Oil Prices Dip Below $100, But Wall Street's Record High Persists

Wall Street's record high remained intact on Tuesday as Brent oil prices fell below $100 per barrel. The S&P 500 was virtually unchanged in morning trading, just 0.4% below its all-time high set last month. The Dow Jones Industrial Average dropped 220 points, or 0.4%, and the Nasdaq composite rose 0.3% to its own record.

The decline in oil prices from nearly $110 last week helped ease some pressure on the stock market. The yield on the 10-year Treasury edged down to 4.95% from 4.96% late Monday, but remains above where it was before the war with Iran began at 3.97%. Stocks of companies with big fuel bills rose as lower oil prices could mean less pressure on costs for themselves and their customers.

Cruise operator Carnival climbed 1.5%, and American Airlines added 0.5% before trimming their gains after oil prices trimmed their deepest losses from the morning. AutoZone rose 5.2% after reporting a stronger profit than analysts expected, despite its revenue falling short.