Stock Market Pulls Back as Oil Prices Spike Amid Iran War Uncertainty
U.S. stock markets retreated from record highs on Thursday as oil prices surged and investor concerns about the Iran conflict intensified. The S&P 500 declined 0.41% and the Nasdaq fell 0.89% despite strong earnings reports from major companies.
Market Decline
The S&P 500 traded down 0.41% to close at 7,108.40, after earlier hitting a new all-time intraday high. The tech-heavy Nasdaq Composite declined 0.89% to finish at 24,438.50.
Oil Market Pressure
Oil prices spiked in midday Thursday trading, with Western Texas Intermediate crude futures jumping nearly 4%, crossing $96.50. Stocks pulled back on Thursday, led by a drop in software and higher oil prices, as investor uncertainty toward the trajectory of the Iran war hovered over the market.
Earnings and Company Performance
Texas Instruments soared 19% after it forecast that its current-quarter earnings would come in the range of $1.77 to $2.05 per share, versus the $1.57 consensus, with revenue expected between $5 billion to $5.4 billion, while analysts were anticipating $4.86 billion.