Stocks Edge Lower Amid Oil Price Rise, Mixed Earnings
US stocks edged lower on Thursday as oil prices rose and mixed earnings reports continued to roll in. Despite notching records earlier in the week, markets are dealing with uncertainties over the ongoing US war with Iran and its impact on inflation.
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 fell 464.02 points, or 0.9%, to 53,885.10.
Some companies performed well, with Warner Bros. Discovery rising 1.7% after reporting earnings that came in ahead of expectations. Molson Coors also rose 1.3% after its financial results were encouraging. However, Honeywell Aerospace fell 23.2% and AppLovin slumped 19.7% due to disappointing quarterly results.
Strong overall profits from companies have helped alleviate concerns about the market being overpriced, with roughly 85% of S&P 500 companies having reported their results so far this period. Earnings growth for the quarter is shaping up to be the strongest since 2021.