US Stocks Rebound, But Oil Price Surge Cools Market Momentum

The US stock market edged down on Monday from its record high set just the previous day. This decline comes as oil prices rose 5% to $87.72 a barrel, driven by uncertainty over when the Strait of Hormuz will reopen and allow for the global flow of crude.

The S&P 500 slipped 0.1% from its record, while the Dow Jones Industrial Average dipped 60 points or 0.2%, and the Nasdaq composite fell 0.3%. The slowdown in momentum comes after a rally powered by soaring profits for big US companies. Reports indicate earnings per share leaped 50% in the spring from last year, which would be the best growth since five years ago.

Berkshire Hathaway's stock rose 1.5%, as it has been investing some of its massive cash pile under new CEO Greg Abel. Intel fell 4.1% after announcing plans to sell $15 billion worth of its own stock, which would dilute ownership stakes and likely be used for investments in artificial-intelligence technology.