US Stocks Swing Amid Iran Uncertainty, SpaceX Lockup Expiration
US stock markets experienced mixed trading on Thursday as uncertainty surrounding the US-Iran conflict hung over investors. The S&P 500 rose 0.2%, hovering around its record high set on Tuesday.
The Dow Jones Industrial Average fell 21 points, or less than 0.1%, and is also near its record high. Meanwhile, the Nasdaq composite rose 0.2%.
Corporate earnings reports from various sectors contributed to the busy trading day. Keurig Dr Pepper and Molson Coors saw their shares rise 1% each after reporting financial results that exceeded investor expectations.
Honeywell Aerospace fell 21% due to disappointing quarterly results, while AppLovin slumped 19.6% following mixed financial reports.
SpaceX, however, rose 0.6%, as the lockup period for its shares expired, allowing early investors and employees to sell their stock. This move more than doubled the number of available shares, with over 911 million becoming eligible for sale.
The price of Brent crude oil increased by 1.7% to $80.78 due to ongoing uncertainty surrounding the US-Iran conflict. The conflict has stifled global oil flow and raised concerns about inflation through higher gas prices and shipping costs.