By STAN CHOE, AP Business Write<\/p>\n
NEW YORK (AP) \u2014 U.S. stocks are drifting near their record heights<\/a>\u00a0on Monday, ahead of a week where\u00a0profit reports from the nation\u2019s biggest retailers<\/a>\u00a0could give a hint about how shoppers are dealing with\u00a0high inflation<\/a>\u00a0and a\u00a0slowing job market<\/a>.<\/p>\n The S&P 500 slipped 0.1% but remains near its all-time high set Thursday. The Dow Jones Industrial Average was down 174 points, or 0.3%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was virtually unchanged.<\/p>\n Wall Street has run to records in large part because profits are booming for big U.S. companies. Those in the S&P 500 index are on track to deliver growth of roughly 50% for earnings per share in the spring from a year earlier, according to FactSet. That\u2019s much better than analysts expected and would be the best since five years ago, when the economy was erupting out of the chasm created by the COVID pandemic.<\/p>\n Nearly all the companies in the S&P 500 have already turned in their profit reports for the spring. Still to come are big retailers, including reports this upcoming week from Home Depot, Target and Walmart.<\/p>\n They\u2019re facing pressure. Their customers\u2019 incomes may be turning iffier after U.S. employers surprisingly cut more jobs last month than they added. At the same time, their customers are continuing to see bills rise quickly as inflation remains much higher than anyone would like.<\/p>\n A report last week said that\u00a0shoppers surprisingly spent less<\/a>\u00a0at U.S. retailers last month than in June, and CEOs for retailers could give color this week on what they\u2019re seeing.<\/p>\n In the meantime, the wait continues for what\u00a0the war with Iran<\/a>\u00a0will do with oil prices. The price for a barrel of Brent crude rose 0.7% to $89.15 Monday in what counts as a relatively modest move compared with its jagged recent swings.<\/p>\n Brent zigzagged between $72 and $102 last month as hopes rose and fell that the United States and Iran could reach a deal that would allow oil tankers to freely exit the Persian Gulf again.<\/p>\n In the bond market, Treasury yields edged higher following their own big recent moves. The yield on the 10-year Treasury ticked up to 4.70% from 4.68% late Friday following a report showing stronger-than-expected growth in manufacturing in New York state.<\/p>\n The 10-year yield has shot up from 3.97% before the war with Iran, largely because higher oil prices raised the pressure on inflation and upped the probability that\u00a0the Federal Reserve<\/a>\u00a0will have to hike interest rates.<\/p>\n Higher rates could keep a lid on inflation, but they do so by intentionally slowing the economy and making it more expensive for everyone to borrow money. The\u00a0average long-term U.S. mortgage rate<\/a>\u00a0has already jumped near its highest level in a year because of the rise in the 10-year Treasury yield.<\/p>\n Reports last week, though, showed that inflation last month was not as bad as earlier in the summer. That raised hopes that the Fed could wait until later in the year before having to decide whether to raise its main interest rate.<\/p>\n On Wall Street, trading was relatively quiet.<\/p>\n L3Harris Technologies fell 2.6% after the defense company said Christopher Kubasik stepped down as its CEO and chairman following \u201ccertain conduct by Kubasik that was not consistent with the values of the Company.\u201d It gave few details but said the conduct was not related to its financial reporting, controls, customer relationships or operational performance.<\/p>\n Alphabet ticked 0.1% lower even though\u00a0Berkshire Hathaway said it increased its investment<\/a>\u00a0in Google\u2019s parent company, along with several homebuilders. Berkshire built a reputation for buying stocks at affordable prices under its former CEO, famed investor\u00a0Warren Buffett<\/a>.<\/p>\n In stock markets abroad, indexes dipped in Europe following a stronger finish in Asia.<\/p>\n Indexes jumped 1.3% in Hong Kong and 1.4% in Shanghai for some of the world\u2019s biggest moves.<\/p>\n AP Business Writers Yuri Kageyama and Michelle Champan contributed to this report.<\/p>\n","protected":false},"excerpt":{"rendered":"By STAN CHOE, AP Business Write NEW YORK (AP) \u2014 U.S. stocks are drifting near their record heights\u00a0on…\n","protected":false},"author":2,"featured_media":323137,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[12673,63309,4835,9,11,10,49,51,50,3971,38914,12672,12671,3417],"class_list":["post-323136","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york","tag-dow-jones-industrial-average","tag-iran-war","tag-nasdaq","tag-new-york","tag-new-york-headlines","tag-new-york-news","tag-new-york-state","tag-new-york-state-headlines","tag-new-york-state-news","tag-new-york-stock-exchange","tag-oil-prices","tag-sp-500","tag-stock-market-today","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/323136","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=323136"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/323136\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/323137"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=323136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=323136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=323136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}