US Stocks Slide as Oil Prices Rise Amid Ongoing Iran Conflict
US stocks fell on Thursday as oil prices rose and corporate earnings reports continued to roll in. The S&P 500 dropped 13.59 points, or 0.2%, to 7,709.96, while the Dow Jones Industrial Average fell 464.02 points, or 0.9%, to 53,885.10.
The Nasdaq composite also declined, falling 15.09 points, or 0.1%, to 26,348.35. Despite this, both the Dow and Nasdaq are still on track for solid weekly gains.
Clark Bellin, president and chief investment officer at Bellwether Wealth, noted that 'August is off to an extremely strong start, but there is still plenty of August left to go, and August is typically a volatile month for stocks.'
Warner Bros. Discovery rose 1.7% after reporting earnings ahead of expectations, while Molson Coors climbed 1.3% following encouraging financial results.