Wall Street's Momentum Stalls Amid Rising Oil Prices and Mixed Earnings

Wall Street's momentum stalled on Thursday as tech giants declined in value. 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 fell 464.02 points, or 0.9%, to 53,885.10.

The decline was attributed to rising oil prices and mixed company earnings. Companies like Honeywell Aerospace and AppLovin slumped 23.2% and 19.7%, respectively, after reporting financial results that fell short of forecasts. Meanwhile, Warner Bros. Discovery rose 1.7% after its earnings exceeded expectations.

The ongoing U.S. war with Iran continues to cast a shadow over markets, fueling uncertainty and inflation concerns. The Strait of Hormuz, which handles a fifth of the world's traded oil and natural gas, remains closed due to the conflict. Oil prices surged as high as $113 during the conflict, adding heat to inflation by raising gasoline costs.

The Federal Reserve is under pressure to raise interest rates to tame stubborn inflation, but this move could slow economic growth while weighing down stock prices.