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US stocks edge further from their records as oil prices keep swinging
apnews.com • • business
Key Points:
- U.S. stock markets declined modestly, with the S&P 500 down 0.3%, the Dow Jones Industrial Average falling 184 points, and the Nasdaq dropping 0.6%, following recent record highs.
- Oil prices remained volatile due to uncertainty surrounding the war with Iran and its impact on crude supply, with Brent crude briefly surpassing $90 per barrel before settling at $88.91, up 1.4%.
- Rising oil prices have contributed to inflation concerns, pushing average gasoline prices to $4.01 per gallon, prompting market focus on upcoming U.S. inflation data expected to show a slight deceleration.
- The Federal Reserve faces a divided outlook on whether to raise interest rates in September, with traders evenly split and potential implications for economic growth and stock market performance.
- Corporate earnings generally exceeded expectations, supporting stock valuations, though some companies like On Holding saw significant stock declines due to cautious revenue forecasts.
