US Stock Market Holds Near Record High Amid Oil Price Easing

The US stock market held near its record high on Tuesday after oil prices eased again. The S&P 500 was virtually unchanged, edging down by less than 0.1%, and is sitting 0.4% below its all-time high set last month.

The Dow Jones Industrial Average dipped 185 points, or 0.4%, while the Nasdaq composite added 0.5% to its own record. The price for a barrel of Brent crude briefly fell below $98 in the morning but later trimmed its losses and settled at $99.25 per barrel, down 1.1%.

Several companies reported stronger profit reports than analysts expected, including AutoZone, which rose 3.3%, and Thor Industries, whose stock climbed 5.5%. Analysts are forecasting companies in the S&P 500 will report overall growth of nearly 29% for the quarter from a year earlier.

The strong profit reports have contributed to the US stock market's approach to its all-time high despite expensive oil and jitters about whether stocks in the artificial-intelligence industry shot too high. The Federal Reserve raised the overnight interest rate last week, which has put pressure on banks, including JPMorgan Chase, which fell 3.4%.