{"id":623995,"date":"2026-04-23T20:06:12","date_gmt":"2026-04-23T20:06:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/623995\/"},"modified":"2026-04-23T20:06:12","modified_gmt":"2026-04-23T20:06:12","slug":"us-stocks-fall-on-a-shaky-wall-street-as-brent-oil-briefly-barrels-above-107","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/623995\/","title":{"rendered":"US stocks fall on a shaky Wall Street as Brent oil briefly barrels above $107"},"content":{"rendered":"\n

NEW YORK (AP) \u2014 U.S. stocks are pulling back from their record heights<\/a> on a shaky Wall Street Thursday following mixed profit reports from Tesla<\/a> and other big companies<\/a>. Oil prices, meanwhile, are jumping on worries about what will happen next in the war with Iran<\/a>.<\/p>\n

The S&P 500 fell 0.6%, halting a weekslong rally<\/a> that had erased all its losses because of the war and then carried it to all-time highs. The Dow Jones Industrial Average was down 246 points, or 0.5%, with an hour remaining in trading, and the Nasdaq composite was down 1.1% a day after setting its own record.<\/p>\n

Tesla helped drag the market lower after sinking 4% even though it reported better results for the latest quarter than analysts expected. Investors focused instead on a big jump in Tesla\u2019s forecast for spending this year, as it builds factories to make robots and other products.<\/p>\n

\u201cYou should expect to see a very significant increase in capital expenditures,\u201d Elon Musk told investors late Wednesday, \u201cbut I think well justified for a substantially increased future revenue stream.\u201d<\/p>\n

ServiceNow dropped even more, 17.6%, even though its results for the latest quarter matched analysts\u2019 expectations. The company has been under pressure, along with much of the broad software industry, because of worries that rivals powered by artificial-intelligence technology could undercut its business.<\/p>\n

In the oil market, prices leaped as uncertainty built about what will happen with the Strait of Hormuz. A ceasefire is still in place between the United States and Iran, but oil tankers aren\u2019t able to get through the narrow waterway off Iran’s coast to exit the Persian Gulf and deliver crude to customers.<\/p>\n

The U.S. military on Thursday seized another tanker associated with the smuggling of Iranian oil, a day after Iran\u2019s paramilitary Revolutionary Guards took control of two vessels in the strait. President Donald Trump also said Thursday he ordered the U.S. military to \u201cshoot and kill\u201d Iranian boats that deploy mines to gum up traffic in the strait.<\/p>\n

The price for a barrel of Brent crude to be delivered in June rose 3.1% to settle at $105.07 and at one point topped $107. That peak coincided with a sudden drawdown for stocks, and the S&P 500 fell as much as 1.3% before it almost as instantly erased half the loss.<\/p>\n

The price for a barrel of Brent to be delivered in July, which is the more popular contract for traders, settled at $99.35 after getting as high as $101.<\/p>\n

More expensive oil has hurt airlines in particular because of the industry’s already big fuel bills, and stocks diverged in the industry following the latest profit reports.<\/p>\n

American Airlines Group rose 1.3% after reporting better profit and revenue for the latest quarter than analysts expected. American said demand was strong for flights, and it saw the nine best weeks for revenue intake in its 100-year history.<\/p>\n

Southwest Airlines lost 4.2% after reporting weaker quarterly results than analysts expected. It said it would not give an updated forecast for profit this year because of \u201cthe ongoing macroeconomic uncertainty.\u201d<\/p>\n

Also on the losing end of Wall Street was IBM, which sank 8.4% despite reporting better profit and revenue for the latest quarter than expected. Investors focused on potentially discouraging numbers underneath the surface, including decelerating growth in trends for its software business.<\/p>\n

Paramount Skydance fell 5.6% after Warner Bros. Discovery shareholders approved selling the business<\/a> to Paramount. Warner Bros. Discovery slipped 1%.<\/p>\n

Texas Instruments helped limit Wall Street’s losses after breezing past analysts\u2019 expectations for profit in the latest quarter. CEO Haviv Ilan said the semiconductor company is benefiting from growth led by industrial and data center customers, and it gave forecasts for profit and revenue in the spring that cleared analysts\u2019 estimates.<\/p>\n

The 17.4% leap for Texas Instrument\u2019s stock was the strongest single force pushing upward on the S&P 500.<\/p>\n

In stock markets abroad, indexes fell across much of Europe and Asia. Hong Kong\u2019s Hang Seng fell 0.9%, and Japan\u2019s Nikkei 225 sank 0.7% for two of the bigger losses.<\/p>\n

South Korea\u2019s Kospi climbed 0.9% after the government reported better-than-expected economic growth for the start of the year, boosted by strong exports, particularly of computer chips used in the AI<\/a> boom. Semiconductor supplier SK Hynix said its revenue for the latest quarter jumped more than analysts expected largely because of AI-related demand.<\/p>\n

In the bond market, the yield on the 10-year Treasury erased an early dip and rose to 4.32% from 4.30% late Wednesday as oil prices accelerated.<\/p>\n

A report in the morning said slightly more U.S. workers applied for unemployment benefits last week, but the number is still at a historically healthy level<\/a>. A separate, preliminary report on U.S. business output from S&P Global also suggested growth is improving a bit from its near-stagnation seen in March.<\/p>\n

___<\/p>\n

AP Business Writers Chan Ho-him and Matt Ott contributed to this report.<\/p>\n

Stan Choe, The Associated Press<\/p>\n","protected":false},"excerpt":{"rendered":"NEW YORK (AP) \u2014 U.S. stocks are pulling back from their record heights on a shaky Wall Street…\n","protected":false},"author":2,"featured_media":623996,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[32475,45,49,48,5897,202969,233939],"class_list":["post-623995","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-brent-crude","tag-business","tag-ca","tag-canada","tag-iran","tag-oil-tankers","tag-profit-reports"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/623995","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=623995"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/623995\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/623996"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=623995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=623995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=623995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}