Stocks Dip as Oil Prices Rise Amid Strong Earnings

US stocks took a step back on Thursday as oil prices rose and more companies reported their earnings. The S&P 500 dipped 0.1% and is hovering just below its record high set on Tuesday.

The Dow Jones Industrial Average fell 404 points, or 0.7%, as of 2:36 p.m. Eastern time, and is also near its all-time high.

Despite the minor decline, overall profits from companies have helped alleviate concerns about the market being overpriced.

Roughly 85% of companies in the S&P 500 have reported their results, and earnings growth for the period is shaping up to be the strongest since 2021.