US Stock Market Hovers Near All-Time High as Oil Prices Rise
The US stock market is hovering near its all-time high as investors await Wednesday's inflation report, while oil prices rise due to uncertainty over the Strait of Hormuz situation.
The S&P 500 was virtually unchanged after flipping between small gains and losses, coming off its record set on Friday. The Dow Jones Industrial Average was flat, and the Nasdaq composite was 0.3% lower.
Berkshire Hathaway's strong profits helped lift the S&P 500 index, with its stock rising 2.2%. However, Intel fell 3.6% after announcing it may sell $15 billion of its stock to invest in artificial-intelligence technology.
The price for a barrel of Brent crude rose 3.2% to $86.24 as hopes for a deal allowing oil tankers to exit the Middle East again turned towards caution. Higher oil prices push inflation upward, and the slowdown would mean less pressure on the Federal Reserve to raise interest rates.
The yield on the 10-year Treasury rose to 4.69% from 4.65%, already sending rates for mortgages and other kinds of loans higher. Traders still see a 48% chance the Fed will raise its main interest rate at its next meeting in September.