Wall Street Holds Near Records Amid Steady Oil Prices
Stocks on Wall Street continued to hold near record highs as oil prices remained steady. The S&P 500 slipped 0.2% from its all-time high set a day earlier, while the Dow Jones Industrial Average rose 0.5%. The Nasdaq composite lost 0.8%.
The Walt Disney Co. saw a 3.7% gain after beating Wall Street's profit forecasts, thanks in part to a $1 billion box office haul from 'Toy Story 5' and theme park revenue. Booking Holdings jumped 6.5% after reporting strong travel demand drove profit and revenue growth.
However, Elon Musk's SpaceX fell 11.9% following its first quarterly report as a public company, which showed sharply increased spending on artificial intelligence. The company's announcement that it would exclusively use Nvidia chips for AI technology weighed on Advanced Micro Devices, sending its stock down 6.2%.
The price of Brent crude remained relatively unchanged at $79 a barrel. Treasury yields slipped in the bond market, with the yield on the 10-year Treasury falling to 4.62%. Strong corporate profits and expectations for continued growth have been driving stocks higher, but some analysts are warning about potentially unjustifiably high stock prices within the technology sector.