Oil prices rise, but not by enough to drag Wall Street far off its records
Summary
Oil prices rose sharply due to fighting that threatens the U.S.-Iran ceasefire, reaching $97.22 per barrel for Brent crude. Despite higher oil costs and inflation concerns, U.S. stock markets stayed near record highs, helped by strong gains in major companies like Nvidia.Key Facts
- Brent crude oil price jumped 6.7% to $97.22 per barrel on Monday.
- Rising oil prices increase inflation and push up bond yields worldwide.
- High interest rates hurt smaller companies more, causing the Russell 2000 index to fall 1%.
- The S&P 500 was nearly unchanged near its record high; the Dow Jones fell 0.2%, and Nasdaq stayed flat.
- United Airlines and Carnival shares dropped due to their large fuel expenses.
- Nvidia’s stock rose 4.8% after announcing progress on its new AI platform called Vera Rubin.
- The top 10 companies make up almost half of the S&P 500’s total market value, the highest in 40 years.
- Science Applications International Corp. gained 12.8% after reporting better-than-expected profits and raising its financial forecasts.
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