US Stocks Slide Amid Rising Oil Prices and Mixed Earnings Reports

Stocks on Wall Street edged lower in afternoon trading as oil prices rose and more companies reported their financial results. The S&P 500 fell 0.1% and is hovering just below its record set on Tuesday, while the Dow Jones Industrial Average dropped 404 points or 0.7%, also below its record.

The Nasdaq composite was mostly unchanged as a mix of sectors reported earnings that exceeded expectations in some cases but disappointed others. Warner Bros. Discovery rose 1.7% after beating investor forecasts, and Molson Coors increased by 1.5% following encouraging financial results.

In contrast, Honeywell Aerospace fell 21.2% after its quarterly results underwhelmed investors, while AppLovin slumped 18.4% due to mixed financial outcomes. The overall earnings growth for the period is expected to be the strongest since 2021, with roughly 85% of companies in the S&P 500 having reported their results.

The price of Brent crude oil rose 3.9% to $82.55 as uncertainty persists over the US-Iran conflict affecting global oil flows. The Strait of Hormuz, which handles a fifth of traded oil and natural gas, is being eyed for reopening by Iran and Oman.