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U.S. stocks fall as Iran peace talks and earnings pull focus
U.S. crude settled up 2.75% at $77.29 a barrel, while the Dow slid 0.9% to 53,885.10.
U.S. stocks ended lower on Thursday as investors digested corporate earnings and tracked signs of progress toward a U.S.-Iran peace deal, which had earlier helped lift major indexes to record highs. Reuters said the session marked a pause after a strong start to the week.
The Dow Jones Industrial Average fell 464.02 points, or 0.85%, to 53,885.10, the S&P 500 declined 13.52 points, or 0.18%, to 7,710.03, and the Nasdaq Composite dropped 15.09 points, or 0.06%, to 26,348.35.
Oil prices rose during the session, with U.S. crude settling up 2.75% at $77.29 a barrel and Brent settling up 3.83% at $82.49. Iran’s semi-official Fars news agency said an Iranian parliamentary committee is reviewing a preliminary bill that would bar U.S., Israeli, and other “hostile” vessels from transiting the Strait of Hormuz.
In equities, Western Digital fell 13% and Sandisk dropped 6.8% after their quarterly results, while AppLovin plunged 19.7% after missing Wall Street estimates for quarterly revenue and Datadog slid 19% after forecasting slower third-quarter revenue growth. Reuters also noted that 84.8% of the 382 S&P 500 companies that had reported earnings through Wednesday morning had topped expectations, according to the article.
Latest closeWTI crude $95.27 ▲3.4%|Brent $100.98 ▼2.0%|S&P 500 7,675.92 ▼0.4%