US Stocks Slip as Oil Prices Surge Amid Inflation Concerns
US stocks are experiencing a slight decline as oil prices rise on Monday.
The S&P 500 dropped 0.4% but remains near its all-time high set Thursday, while the Dow Jones Industrial Average fell 284 points or 0.5% by 2 pm Eastern time and the Nasdaq composite was down 0.3%.
Profits are booming for US companies, with those in the S&P 500 index on track to deliver growth of roughly 50% for earnings per share in the spring from a year earlier, according to FactSet.
The upcoming week will see profit reports from big retailers like Home Depot, Target and Walmart, which are facing pressure as their customers' incomes may be turning iffier after US employers cut more jobs last month than they added.
Oil prices rose 2.4% to $90.62 for a barrel of Brent crude on Monday, with the price zigzagging between $72 and $102 last month as hopes rose and fell that the United States and Iran could reach a deal allowing oil tankers to freely exit the Persian Gulf.