Oil Prices Soar Amid US-Iran Uncertainty
US stocks retreated from their recent records on Thursday as Wall Street grappled with rising oil prices and mixed company earnings. Oil prices surged after uncertainty over the US-Iran conflict continued to weigh on markets, with Brent crude rising 3.8% to $82.49.
Companies like Warner Bros. Discovery and Molson Coors fared well, with their stocks rising 1.7% and 1.3% respectively, following encouraging financial results. However, Honeywell Aerospace plummeted 23.2% after turning in disappointing results.
The S&P 500 fell 13.59 points to 7,709.96, while the Dow Jones Industrial Average dropped 464.02 points to 53,885.10. Despite this, roughly 85% of companies in the S&P 500 have reported their earnings, and overall profits are shaping up to be the strongest since 2021.
Strong employment numbers remain a concern for the market, with worries about inflation and growth potentially prompting the Federal Reserve to raise interest rates before year's end. Meanwhile, Treasury yields rose in the bond market, with the yield on the 10-year Treasury reaching 4.67% from 4.63% late Wednesday.