The U.S. stock market is inching closer to its record high after oil prices eased again. The S&P 500 rose 0.1% Tuesday and is sitting just 0.3% below its all-time high set last month. The Dow Jones Industrial Average dropped 135 points, and the Nasdaq composite added 0.5% to its own record. Stocks had been higher in the morning, when the price for a barrel of Brent crude briefly fell below $98. But oil prices later trimmed their losses, and Brent settled at $99.25 per barrel. Treasury yields held relatively steady in the bond market, as did stock indexes worldwide.
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Technology stocks led Wall Street after Nvidia, Salesforce and others reported fatter profits for the spring than expected. The S&P 500 rose 0.7% Thursday and pulled closer to its record set earlier this month. The Dow Jones Industrial Average added 0.2%, and the Nasdaq composite climbed 1.6%. Nvidia was the strongest force lifting the market and helped offset drops for the majority of the stocks within the S&P 500. The chip giant not only blew past analysts’ expectations for profit but also gave a better-than-expected forecast for revenue growth. That helped calm worries dogging the broader AI industry. Treasury yields ticked higher.
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The U.S. stock market drifted through a quiet day of trading after a report said inflation last month was a touch worse than economists expected. The S&P 500 edged down by less than 0.1% Wednesday and remains near its all-time high set earlier this month. The Dow Jones Industrial Average dipped 0.2%, and the Nasdaq composite slipped 0.1%. Treasury yields ticked higher following the update on inflation, which has traders still mostly betting the Federal Reserve will hike the federal funds rate by the end of this year. Oil prices slipped following some more swings up and down throughout the day.
Oil prices fell again, which helped ease worries in the bond market and support stock prices. The S&P 500 rose 0.3% Tuesday and inched closer to its all-time high set earlier this month. The Dow Jones Industrial Average added 0.3%, and the Nasdaq composite climbed 0.7%. Brent crude's price fell 3.6% for a second decline following 13 gains in 14 days. The drop came even though tensions between the United States and Iran seemed to ratchet higher after the Trump administration announced new sanctions to further hurt Iran’s economy. Treasury yields fell in the bond market.
Natural gas prices surged as much as 24% in Europe.
Revenue for the quarter was $18.76 billion, also beating estimates of $17.85 billion.
Tesla delivered a record 936,000 vehicles last year, nearly double the 2020 figure.
German automaker Volkswagen says it is shutting down most of its European plants for two weeks due to the virus outbreak.