US Stocks Hold Near Records as Oil Prices Rise on Strait of Hormuz Uncertainty

The US stock market remains near its all-time high on Monday, despite a slight slowdown in momentum following a strong rally fueled by soaring profits for big US companies.

Earnings per share for companies in the S&P 500 are expected to show growth of 50% year-over-year in the spring, according to FactSet, which would be the best performance since 2018. Berkshire Hathaway reported stronger-than-expected profits and invested some of its massive cash pile into stocks under new CEO Greg Abel.

The Dow Jones Industrial Average was flat at 11:30 a.m. Eastern time, while the S&P 500 and Nasdaq composite were virtually unchanged and slightly lower, respectively. Berkshire Hathaway's stock rose 2.2%, boosting the index with its significant size.

In contrast, Intel fell 3.6% after announcing it may sell $15 billion of its stock, which would dilute existing investors' ownership stakes. Higher oil prices also weighed on Wall Street, pushing inflation upward and increasing pressure on the Federal Reserve to raise interest rates.