US Stocks Edge Lower as Oil Prices Rise and Mixed Earnings Reports Roll In
US stocks fell on Thursday as oil prices rose and more companies reported their earnings. The S&P 500 dropped 13.59 points, or 0.2%, to 7,709.96, pulling further away from its record set on Tuesday. Despite this decline, the index is still on track to notch weekly gains.
The Dow Jones Industrial Average fell 464.02 points, or 0.9%, to 53,885.10, while the Nasdaq composite dropped 15.09 points, or 0.1%, to 26,348.35. Both indices are heading into Friday on track for solid weekly gains.
Warner Bros. Discovery rose 1.7% after reporting earnings ahead of expectations, while Molson Coors gained 1.3% following encouraging financial results. However, Honeywell Aerospace fell 23.2% after turning in disappointing results, and AppLovin slumped 19.7% due to mixed financial reports.
Roughly 85% of companies in the S&P 500 have reported their results, with overall earnings growth shaping up to be the strongest since 2021. Outside of earnings, SpaceX rose 6.1% as a lockup period for its stock expired, allowing early investors and employees to sell shares.