US stocks tick lower as oil prices keep spurting higher
US stocks edged lower as oil prices surged higher, with Brent crude jumping 5.8% to $110.44 per barrel, while the S&P 500 remained near its record heights due to strong earnings reports from companies like Visa and Starbucks. The Federal Reserve's decision to hold interest rates steady also contributed to market movements.
US stocks ticked lower as oil prices continued to rise. The S&P 500 edged down 0.1%, while the Dow Jones Industrial Average was down 286 points, or 0.6%. The price for a barrel of Brent crude to be delivered in July jumped 5.8% to $110.44 per barrel. The Federal Reserve announced it would hold off on cutting interest rates, citing high oil prices and inflation concerns. Treasury yields climbed in response, with the 10-year Treasury yield rising to 4.40% from 4.36%. Companies like Visa and Starbucks reported stronger-than-expected earnings, helping to keep the US stock market near its record heights. Visa jumped 8.3% after delivering stronger results, while Starbucks climbed 8.6%.
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