Rising Oil Prices, Earnings Weigh on Stocks Amid Iran Uncertainty

Stocks pulled back on Thursday as rising oil prices and mixed company earnings weighed on Wall Street. Despite strong overall profits from companies, concerns about inflation and the jobs market have kept investors cautious.

The S&P 500 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.

Some companies performed better than expected, with Warner Bros. Discovery rising 1.7% and Molson Coors increasing by 1.3%. However, others fell short of forecasts, such as Honeywell Aerospace, which dropped 23.2%, and AppLovin, which slumped 19.7%.

The uncertainty surrounding the U.S. war with Iran and its impact on oil prices continues to affect markets. The price of Brent crude rose 3.8% to $82.49, adding heat to inflation by raising gas prices and shipping costs.