Asian shares are mixed after gains on Wall Street, while oil prices climb - AP News
U.S. stock markets saw a slight decline from record highs as investors reacted to rising oil prices and uncertainty regarding the Strait of Hormuz. Despite the dip, strong corporate earnings reports continue to provide a buffer for the market.
Why it matters
Rising oil prices and geopolitical tensions in the Middle East are creating inflationary pressures that could impact global market stability.
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NEW YORK (AP) — The U.S. stock market edged down from its all-time high on Monday, while oil prices rose on uncertainty about when the Strait of Hormuz could reopen and get the global flow of crude going again.
The S&P 500 slipped 0.1% from its record set on Friday. The Dow Jones Industrial Average dipped 60 points, or 0.1%, and the Nasdaq composite fell 0.3%.
Momentum slowed for stocks following a rally powered by soaring profits for big U.S. companies. Reports are on track to show earnings per share leaped 50% in the spring from a year earlier for companies in the S&P 500, according to FactSet. That would be the best growth since five years ago, when the economy was roaring out of the chasm created by COVID.
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