Stocks Slip as Oil Prices Rise Amid Ongoing Iran Uncertainty
Stocks on Wall Street edged lower on Thursday as oil prices rose due to ongoing uncertainties over the 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, although it remains on track for solid weekly gains.
Bellwether Wealth's president and chief investment officer Clark Bellin noted that August is typically a volatile month for stocks.
However, the mixed corporate earnings reports provided some support to the market. Warner Bros. Discovery rose 1.7% after beating investor expectations, while Molson Coors gained 1.3% following its own encouraging financial results.
On the other hand, Honeywell Aerospace fell 23.2% due to disappointing earnings, and AppLovin slumped 19.7% after reporting mixed quarterly results.