Stocks Edge Lower Amid Rising Oil Prices and Earnings Reports
US stocks declined slightly on Thursday as oil prices rose and more companies reported their earnings results. The S&P 500 fell 0.2% and is hovering just below its record high set on Tuesday.
The Dow Jones Industrial Average dropped 363 points, or 0.7%, and is also near its record high. The Nasdaq composite fell 0.2%. Despite the decline in stocks, 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, with earnings growth shaping up to be the strongest since 2021. However, some companies are facing challenges, including Honeywell Aerospace and AppLovin, which fell 19.2% and 19.6%, respectively, after turning in disappointing results.
On the other hand, Warner Bros. Discovery rose 1.5% after reporting earnings that exceeded investor expectations, while Molson Coors increased by 1% due to encouraging financial results.