Wall Street hangs near its records as profits keep piling up for US companies and oil prices swing

U.S. stocks remained near all-time highs on Thursday as corporate earnings continued to outpace expectations, offsetting concerns over oil price swings and economic strain from the Iran war. The S&P 500 rose 0.3% to its record level, while the Nasdaq climbed 0.3% after both indexes hit records the prior day. The Dow Jones Industrial Average fell slightly by 58 points (0.1%) as of 10:45 a.m. Eastern time. Companies like Dollar Tree surged 16.8% after reporting higher profits than analysts predicted, with CEO Mike Creedon citing improved store conditions despite tariff-related cost increases. The company also raised its full-year profit forecast above expectations. Kohl’s jumped 17.6% after beating analyst estimates, and Hormel Foods rose 9.4% due to strong sales of Jennie-O ground turkey and Spam exports. Snowflake saw a 33.4% gain after reporting AI-driven revenue and profit growth exceeding forecasts, though Marvell Technology dropped 1.8% as its earnings matched expectations. Oil prices rose 0.9% to $89.49 per barrel after fluctuating between $87 and $92, reflecting uncertainty over a potential U.S.-Iran deal to reopen the Strait of Hormuz. Tensions escalated after Iran launched missiles intercepted by Kuwait, following U.S. strikes on Iranian missile sites and minelaying boats. Inflation data showed the Federal Reserve’s preferred measure accelerating last month, though within expectations, leading to a slight dip in 10-year Treasury yields to 4.46%. The personal savings rate fell to 2.6%, the lowest in four years, signaling financial strain on lower- and middle-income households, according to Wells Fargo Investment Institute.