US stocks today: Market trades flat, heads towards subdued end to week; oil prices stable
Wall Street today: US stocks and oil prices were largely flat on Friday, heading toward a subdued end to the week after the sharp swings seen earlier as investors assessed the potential impact of the Iran conflict on global crude supplies.
The S&P 500 gained 0.1%, putting it on course for its fourth weekly advance in the past five weeks. By 9:35 a.m. Eastern time, the Dow Jones Industrial Average had added 65 points, or 0.1%, while the Nasdaq Composite was also up 0.1%.
Oil prices remained broadly stable despite a series of airstrikes on Iran that were not claimed by any party, following the US announcement that it had concluded its military operations. Brent crude , the international benchmark, edged up 0.2% to $76.47 a barrel, according to an AP report.
Although Brent remained above the $72 a barrel level seen at the beginning of the week—when prices had slipped below where they stood before the war with Iran—it was still far below its wartime peak of nearly $120. Investors remain concerned that any escalation in the conflict could disrupt tanker traffic through the Strait of Hormuz, restricting crude shipments from the Persian Gulf to global markets.
As uncertainty surrounding the strait persists, investors on Wall Street have begun shifting their attention to the upcoming earnings season , when companies will report their spring-quarter financial results.
Delta Air Lines said strong passenger demand, including broad-based corporate travel, enabled it to offset higher fuel costs between April and June. The airline reported profit and revenue that exceeded analysts' estimates and issued a summer profit forecast whose midpoint was above market expectations.
Despite the stronger-than-expected results, Delta's shares fell 2.5%. Even with Friday's decline, the stock had risen 28.2% so far this year.
With stock prices hovering broadly near record levels, companies across sectors will need to deliver robust earnings growth to support current valuations. Next week marks the start of a busy earnings calendar, with several of the largest US banks—including Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs and Wells Fargo—scheduled to report results on Tuesday.
The S&P 500 gained 0.1%, putting it on course for its fourth weekly advance in the past five weeks. By 9:35 a.m. Eastern time, the Dow Jones Industrial Average had added 65 points, or 0.1%, while the Nasdaq Composite was also up 0.1%.
Oil prices remained broadly stable despite a series of airstrikes on Iran that were not claimed by any party, following the US announcement that it had concluded its military operations. Brent crude , the international benchmark, edged up 0.2% to $76.47 a barrel, according to an AP report.
Although Brent remained above the $72 a barrel level seen at the beginning of the week—when prices had slipped below where they stood before the war with Iran—it was still far below its wartime peak of nearly $120. Investors remain concerned that any escalation in the conflict could disrupt tanker traffic through the Strait of Hormuz, restricting crude shipments from the Persian Gulf to global markets.
As uncertainty surrounding the strait persists, investors on Wall Street have begun shifting their attention to the upcoming earnings season , when companies will report their spring-quarter financial results.
Delta Air Lines said strong passenger demand, including broad-based corporate travel, enabled it to offset higher fuel costs between April and June. The airline reported profit and revenue that exceeded analysts' estimates and issued a summer profit forecast whose midpoint was above market expectations.
Despite the stronger-than-expected results, Delta's shares fell 2.5%. Even with Friday's decline, the stock had risen 28.2% so far this year.
With stock prices hovering broadly near record levels, companies across sectors will need to deliver robust earnings growth to support current valuations. Next week marks the start of a busy earnings calendar, with several of the largest US banks—including Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs and Wells Fargo—scheduled to report results on Tuesday.
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