US stocks today: Wall Street slips as oil prices rise due to Iran tensions
Rising oil prices and renewed concerns over a potential US-Iran conflict weighed on investor sentiment, while several companies reported mixed quarterly earnings.
according to the AP. The S&P 500 slipped 0.4% and was on track for its first decline in four sessions. As of 9:35 a.m. Eastern time,
The Dow Jones Industrial Average fell 257 points, or 0.5%, while the Nasdaq Composite fell 0.6%. Oil prices climbed more than 1.5%, with benchmark US crude above $66 a barrel amid fears escalating tensions between Washington and Tehran could disrupt global oil supplies.
President Donald Trump is increasing pressure on Iran over its disputed nuclear program, raising concerns that any military confrontation could disrupt global oil flows. Among individual stocks
, Booking Holdings declined 8% despite reporting quarterly profit that was slightly better than analysts’ expectations.
The company, which operates Booking.com, Priceline and OpenTable, has faced pressure due to concerns that artificially intelligent competitors could disrupt its business.
Such fears have spread across Wall Street, affecting industries ranging from software and legal services to trucking logistics.
Investors, according to analysts, have recently adopted a “shoot first-ask questions later” strategy towards companies deemed vulnerable to technological disruption.
Carvana fell 4.3% even after reporting stronger-than-expected quarterly profit, as investors focused on lower-than-anticipated profits per vehicle sold. Walmart helped limit broader losses, rising 1.6% after fluctuations in premarket trading.
The retailer reported strong results for the end of its fiscal year but issued a profit outlook for the coming year that fell short of analysts’ estimates.
eBay gained 2.8% after reporting better-than-expected profit and revenue and announcing plans to acquire secondhand fashion marketplace Depop from Etsy for about $1.2 billion in cash, a move aimed at attracting younger customers.
Energy stocks posted the strongest gains as crude oil prices rose. Occidental Petroleum jumped 8.7% after reporting a quarterly profit that beat expectations. In the bond market,
Treasury yields were largely steady after data showed fewer Americans applied for unemployment benefits last week, suggesting layoffs may be slowing.
A flexible labour market could prompt the Fed to keep interest rates unchanged longer while policymakers await further evidence of easing inflation.
The yield on the 10-year Treasury remained at 4.09%, unchanged from late Wednesday.
Markets overseas were mixed, with European indexes falling after a strong performance in Asia.
South Korea’s Kospi rose 3.1% as trading resumed after the Lunar New Year holidays, while markets in Hong Kong and Shanghai were closed.
