Oil Eases as Stocks Stay Near Records
Wall Street remained close to its record high as oil prices declined again. The S&P 500 edged down by less than 0.1% and finished 0.4% below its peak. The Dow Jones Industrial Average lost 185 points, while the Nasdaq composite added 0.5% to reach another record.
Brent crude briefly traded below $98 before settling at $99.25 per barrel, a decrease of 1.1%. That price remained well above the roughly $72 level recorded before the war with Iran. Uncertainty continues over when crude can move freely from the Middle East to buyers worldwide.
Corporate Profits Support the Market
AutoZone gained 3.3% after reporting stronger quarterly profit than analysts expected, despite revenue falling short. Thor Industries rose 5.5% for the same reason. Its executives still warned that costly fuel, high interest rates, and persistent inflation were stretching customers’ budgets.
Strong earnings have helped stocks approach record territory despite expensive oil and concerns about high valuations among artificial intelligence companies. Analysts expect S&P 500 companies to report nearly 29% profit growth for the third quarter. That would mark a third consecutive quarter with growth above 25%.
On Holding climbed 7.6% after presenting its financial goals for the coming years. The Swiss sportswear company also authorized share repurchases of up to $1 billion through 2029. These purchases return cash to investors and can improve a company’s results on a per-share basis.
Energy Companies and Banks Fall Behind
Lower crude prices weighed on oil and gas companies, sending ConocoPhillips down 1.8%. Banks also extended their losses after the Federal Reserve raised its overnight rate for the first time in three years. JPMorgan Chase fell 3.4% as the narrow gap between short- and long-term rates pressured the industry.
The 10-year Treasury yield slipped slightly to 4.95%. Abroad, most European and Asian markets advanced, although London’s FTSE 100 fell 0.3%. Hong Kong and Shanghai gained after Alibaba introduced new AI chip technologies ahead of a meeting between Chinese and U.S. leaders.
References
Choe, S. (2026, September 22). Wall Street holds near its record after Brent oil falls below $100 per barrel. AP News. https://apnews.com/article/markets-ai-oil-wall-street-de8c5f9659e44556e40e661f794b48ad