US Stocks Slip Amid Rising Oil Prices and Mixed Earnings Reports

US stocks retreated on Thursday as oil prices surged and mixed corporate earnings reports rolled in. The S&P 500 fell 13.59 points, or 0.2%, to 7,709.96, pulling further away from its record set on Tuesday.

The Dow Jones Industrial Average dropped 464.02 points, or 0.9%, to 53,885.10, while the Nasdaq composite fell 15.09 points, or 0.1%, to 26,348.35.

Despite this decline, both indexes are still on track for solid weekly gains, thanks in part to strong overall profits from companies.

Around 85% of S&P 500 companies have reported their results, and earnings growth is shaping up to be the strongest since 2021.