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US stocks mixed as Strait of Hormuz talks lift oil prices
Brent crude rose 2.1% to $81.09 per barrel after Iranian officials said Tehran and Oman agreed on a shipping route.
US stocks traded mixed on Thursday as investors watched efforts to reopen the Strait of Hormuz, with Middle East developments also pushing oil higher. LiveMint Markets said at 9:37 a.m. ET the Dow Jones Industrial Average rose 44.19 points, or 0.1%, to 54,393.31, while the S&P 500 gained 5.82 points, or 0.1%, to 7,729.37 and the Nasdaq Composite fell 14.59 points, or 0.1%, to 26,350.26.
Iranian officials said Tehran and Oman agreed on a shipping route through the Strait of Hormuz, and the two sides are working to finalize arrangements for joint management of the maritime passage, according to LiveMint Markets. The update helped lift energy prices after recent declines linked to optimism about a potential US-Iran agreement, with Brent crude up 2.1% to $81.09 per barrel.
Investors were also focused on Friday's US nonfarm payrolls report for July, a key indicator that could affect expectations for the Federal Reserve's interest rate path. Company-specific moves remained in focus, including Western Digital down 18.5% and Sandisk down 11.3% even after both companies posted quarterly revenue forecasts above Wall Street expectations, while AppLovin dropped 17.4% after revenue came in below analyst estimates.
Other notable single-stock moves included Datadog down 16.7% after warning revenue growth is expected to moderate in the third quarter, Parker-Hannifin up 8.5% after projecting full-year earnings above expectations, and Albemarle up 6.7% after reporting quarterly profits that beat forecasts, LiveMint Markets reported. Among megacaps, Microsoft and Amazon each rose about 1%, and SpaceX gained 2% ahead of the expiry of the first post-IPO share lock-up period.
Latest closeWTI crude $75.12 ▼0.9%|Brent $79.49 ▲0.2%|S&P 500 7,723.55 ▼0.2%