US Stocks Retreat as Oil Prices Rise and Earnings Reports Weigh
US stocks retreated from recent records on Thursday as rising oil prices and mixed company earnings reports weighed on Wall Street. The S&P 500 fell 13.59 points, or 0.2%, to 7,709.96, while the Dow Jones Industrial Average dropped 464.02 points, or 0.9%, to 53,885.10.
The uncertainty surrounding the US war with Iran and its impact on inflation continued to pressure markets. Oil prices rose 3.8% to $82.49 as concerns about the Strait of Hormuz remained unresolved. The conflict has stifled global oil flows and added to inflationary pressures, which are stuck above 3%.
Despite strong overall profits from companies, concerns about market overpricing persisted. Roughly 85% of S&P 500 companies have reported earnings results, with overall growth shaping up to be the strongest since 2021. However, not all companies fared well, with Honeywell Aerospace and AppLovin experiencing significant declines.