S&P 500 Bounces Back as Oil Prices Ease Inflation Worries
US stocks experienced a mixed day on Wednesday after a three-day skid, with oil prices halting their sharp advance and easing inflation concerns. The S&P 500 Index rose less than 0.1% as of 9:52 am in New York, snapping its three-session losing streak.
Dell Technologies Inc. led the gains among single-stock movers, jumping 8.2% after boosting its annual sales forecast by $25 billion due to surging demand for servers to run artificial-intelligence tasks. In contrast, Credo Technology dropped 17%, failing to impress investors despite beating second-quarter revenue forecasts.
The US stock market has been under pressure lately due to the escalating tensions between the US and Iran over control of the Strait of Hormuz, which triggered a fresh jump in oil prices. However, on Wednesday, US crude prices eased below $90 a barrel, while bond yields fell.