By STAN CHOE, AP Business Writer<\/p>\n
NEW YORK (AP) \u2014 Wall Street is holding near its\u00a0record high<\/a>\u00a0on Tuesday after the price of Brent oil fell back below $100 per barrel.<\/p>\n The S&P 500 was virtually unchanged in morning trading and sitting 0.4% below its all-time high set last month. The Dow Jones Industrial Average was down 220 points, or 0.4%, as of 10:45 a.m. Eastern time, and the Nasdaq composite was adding 0.3% to its own record.<\/p>\n Stocks got some help after the price for a barrel of Brent crude fell 0.7% to $99.68. It\u2019s come down from nearly $110 last week, though it\u2019s still much more expensive than the $72 it was fetching before\u00a0the war with Iran<\/a>\u00a0began. It\u2019s been swinging with uncertainty about when the war will allow\u00a0crude to freely flow<\/a>\u00a0again from the Middle East to customers worldwide.<\/p>\n The past week\u2019s fall for oil prices has pulled Treasury yields down in\u00a0the bond market<\/a>, which has eased some of the pressure on the stock market. The yield on the 10-year Treasury topped 5% last week for the first time since 2023, and high yields slow the economy by making it more expensive for\u00a0everyone to borrow money<\/a>.<\/p>\n The 10-year yield edged down to 4.95% from 4.96% late Monday, though it also remains far above where it was before the war with Iran began, 3.97%.<\/p>\n On Wall Street, stocks of companies with big fuel bills rose because lower oil prices could mean less pressure on costs for not only themselves but also for\u00a0their customers<\/a>. Cruise operator Carnival climbed 1.5%, and American Airlines added 0.5%, though both pared their gains after oil prices trimmed their deepest losses from the morning.<\/p>\n AutoZone rose 5.2% after the retailer reported a stronger profit for the latest quarter than analysts expected, though its revenue fell short. CEO Phil Daniele said the auto parts seller faced \u201ca difficult selling environment\u201d in the first two months of the quarter, but it improved afterward and \u201cwe feel we are well positioned for sales growth\u201d in its upcoming fiscal year.<\/p>\n At Thor Industries, which sells recreational vehicles, the mood was more muted. CEO Bob Martin said expensive fuel, high\u00a0interest rates<\/a>\u00a0and\u00a0still-high inflation<\/a>\u00a0are stretching its customers\u2019 budgets, and business \u201cnever reached the inflection point many in the industry expected\u201d in its latest fiscal year.<\/p>\n Its stock rose 2.2%, though, after it delivered a stronger profit for the latest quarter than analysts expected.<\/p>\n Such strong profit reports are one of the main reasons the U.S. stock market has reached the brink of its all-time high despite high oil prices and jitters about whether stocks in the artificial-intelligence industry shot too high.<\/p>\n Many companies are close to closing the books on their third quarter of the year, which ends with September. And analysts are forecasting companies in the S&P 500 will report overall growth of nearly 29% for the quarter from a year earlier, according to FactSet.<\/p>\n If they\u2019re right, it would be the third straight quarter of growth better than 25% for the index. And stock prices tend to follow the track of corporate profits over the long term.<\/p>\n On Holding\u2019s stock that trades in the United States jumped 12.4% after the Swiss sneaker and sportswear company unveiled its financial goals for upcoming years. It also approved a plan to buy back up to $1 billion of its stock through 2029. Such purchases send cash directly to investors and boost the company\u2019s per-share performance.<\/p>\n On the losing end of Wall Street were several stocks of companies in the oil and gas industry, which were hurt by the drop in crude prices. ConocoPhillips fell 0.7%.<\/p>\n Banks also dropped, continuing their weak run since last week, when the Federal Reserve raised the overnight interest rate that it controls for the first time in three years. When the spread narrows between short-term interest rates and longer ones, banks come under pressure because they make profit off the difference.<\/p>\n JPMorgan Chase fell 3.7% and was the single heaviest weight on the S&P 500.<\/p>\n In stock markets abroad, indexes ticked higher across much of Europe and Asia.<\/p>\n Stocks rose 0.2% in Hong Kong and 0.1% in Shanghai after Alibaba unveiled new\u00a0artificial intelligence<\/a>\u00a0chip technologies, including what it said was China\u2019s most powerful AI chip. That comes just days ahead of\u00a0a meeting between Chinese and U.S. leaders<\/a>\u00a0at which competition to lead on AI technology is expected to be a major theme.<\/p>\n AP Business Writer Yuri Kageyama contributed to this report.<\/p>\n","protected":false},"excerpt":{"rendered":"By STAN CHOE, AP Business Writer NEW YORK (AP) \u2014 Wall Street is holding near its\u00a0record high\u00a0on Tuesday…\n","protected":false},"author":2,"featured_media":353643,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[12673,63309,4835,9,11,10,3971,38914,12672,12671,3417],"class_list":["post-353642","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-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\/353642","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=353642"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/353642\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/353643"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=353642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=353642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=353642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}