US stocks slip after oil prices rise and Nvidia gets a yawn to its latest blowout profit report

U.S. stock markets declined Thursday, with the S&P 500 dropping 0.4% and the Nasdaq falling 0.5% after a fourth straight drop in five days. The Dow Jones Industrial Average lost 24 points, or less than 0.1%, as of 10:15 a.m. Eastern time. Investors showed little reaction to Nvidia’s blowout quarterly earnings, despite the company reporting stronger-than-expected profits and revenue, along with a revenue forecast that exceeded analyst estimates. CEO Jensen Huang stated that AI infrastructure expansion is accelerating, but Nvidia’s stock still slipped 1.1% amid profit-taking and skepticism over AI stock valuations. Oil prices rose 2.2% to $107.32 per barrel, adding pressure as the Strait of Hormuz remains disrupted by the Iran war, restricting oil tanker movements. Rising Treasury yields climbed to 4.61% on the 10-year note, reflecting stronger-than-expected U.S. job data but also concerns over inflation and subdued business growth. S&P Global’s survey showed companies facing weaker demand amid high inflation, with chief economist Chris Williamson noting the war’s economic impact. Walmart’s stock plunged 6.7% after reporting solid revenue but weaker-than-expected profit forecasts, while Ralph Lauren surged 10.5% following better-than-expected earnings. Overseas, Asian markets rallied, with South Korea’s Kospi soaring 8.4% on tech gains, including Samsung Electronics’ 8.5% jump after a labor agreement avoided a potential strike. The mixed signals—strong corporate earnings in some sectors, rising oil prices, and economic uncertainty—kept Wall Street cautious, with investors locking in profits and yields squeezing valuations across stocks and bonds.