US Stocks Drift Near Records Amid Oil Price Surge
The US stock market is experiencing a sluggish start to the week, hovering near its all-time high. The S&P 500 index fell by 0.1% after trading in small gains and losses.
The Dow Jones Industrial Average dropped 133 points, or 0.3%, as of 2:03 p.m. Eastern time. Meanwhile, the Nasdaq composite was 0.4% lower.
A slowdown in momentum is attributed to a recent rally driven by soaring profits from big U.S. companies. Reports indicate that earnings per share for companies in the S&P 500 were 50% higher in the spring compared to last year, according to FactSet.
This growth is similar to what was seen five years ago when the economy was recovering from the COVID-19 pandemic. Berkshire Hathaway, led by Warren Buffett, delivered a stronger profit than expected and has invested some of its massive cash pile into stocks under new CEO Greg Abel.