Global shares trade mixed as Brent oil keeps rising due to fighting in Iran - AP News

What the report says

Associated Press reported that U.S. stocks were little changed Wednesday as oil prices continued to rise amid fighting involving Iran, leaving investors to weigh geopolitical risks, inflation pressure and corporate earnings. In New York trading, the S&P 500 slipped 0.1% to 7,498.96, the Dow Jones Industrial Average was nearly flat, down 6.06 points at 52,218.58, and the Nasdaq composite declined 0.6% to 25,690.90. European markets gained while Asian trading was mixed, with London’s FTSE 100 up 1.2% and Hong Kong’s Hang Seng down 1%.

AP said Brent crude, the international oil benchmark, rose 3.4% to $94.07 a barrel and briefly moved above $95, its highest level in almost six weeks. The report linked the increase to Middle East fighting that has disrupted tanker use of the Strait of Hormuz, a key route for oil and natural gas shipments. Higher energy prices could lift costs for companies and consumers, raising concerns that inflation may accelerate again and keep pressure on central banks.

Bond yields also moved higher, with the 10-year Treasury yield rising to 4.65% from 4.63% late Tuesday, according to AP. The report noted that higher yields have already helped push long-term U.S. mortgage rates to their highest level in nearly a year. AAA said the average U.S. price for regular gasoline rose to $4.06 a gallon.

Individual stocks saw sharper moves than the major indexes. Super Micro Computer jumped 19.8% after updating its profit-margin outlook, while Philip Morris International and AT&T rose after stronger-than-expected results. GE Vernova fell 8.7%, and Alphabet declined ahead of its earnings report as investors watched whether heavy artificial-intelligence spending is translating into profits.