US Stocks Edge Further From Their Records as Oil Prices Keep Swinging
Oil climbed as Iran and Oman negotiators remained at an impasse over reopening the Strait of Hormuz, while traders awaited U.S. inflation data.
- On Monday, United States markets pointed to a mixed open as oil prices climbed amid a stalemate over the Strait of Hormuz; S&P futures rose 0.2% while Dow Jones Industrial Average futures fell 0.14%.
- Tehran suggested it would bar vessels linked to "hostile countries" from the Strait, stalling negotiations with Oman as Iran demands the United States meet concessions before reopening shipping lanes.
- Brent crude gained 1.4% to $84.68 per barrel, boosting energy stocks; cruise lines Carnival and Norwegian fell as rising fuel costs pressured travel-sector margins.
- Economists expect Wednesday's The Labor Department inflation data to show easing to 3.4% from 3.5%, while traders see a 46% chance of a September Federal Reserve rate hike.
- Intel shares fell 4% after announcing potential $15 billion stock sales, while Berkshire Hathaway reported stronger profits and stock investments under CEO Greg Abel, with its shares rising 2.1%.
114 Articles
114 Articles
Wall Street closed down on August 10 as oil rose 5% in the face of a stalemate in negotiations on the Hormuz Strait.
BUSINESS HEADLINES - Regional Media News
US stocks edge further from their records as oil prices keep swinging NEW YORK (AP) - U.S. stocks slipped a bit further from their records, while oil prices kept swinging on uncertainty about when the war with Iran will allow crude to flow freely again. The S&P 500 fell 0.3% Tuesday for a second modest drop since setting its all-time high at the end of last week. The Dow Jones Industrial Average dipped 0.3%, and the Nasdaq composite sank 0.6%. T…
U.S. Equities Slide As Oil Prices Rally On Strait Of Hormuz Uncertainty (NASDAQ: COMP, S&P 500: ^GSPC, NYMEX: CL=F)
U.S. benchmark equity indexes fell during intraday trading Tuesday as oil prices extended a significant rally driven by deepening uncertainty over the Strait of Hormuz. The Nasdaq Composite (NASDAQ: COMP) dropped 0.6%, trading at 26,436.2 after midday, reflecting broad investor anxiety over the geopolitical situation affecting global energy supply routes. The S&P 500 (^GSPC) declined 0.31% during the session, while the Dow Jones Industrial Avera…
Rising oil prices are pushing the mood on Wall Street. Technology values are declining in individual shares. Apollo Global, the asset manager, is in demand for the announced data center partnership with Nvidia with many investors.
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