Oil prices are falling on hopes for an end to the war with Iran while the US stock market holds near its records. Brent crude dropped 3.2 percent to $97.98 per barrel.
The S&P 500 added 0.2 percent to its all-time high on Wall Street. The Dow Jones Industrial Average fell 0.1 percent while the Nasdaq composite gained 0.6 percent to a fresh record.
Oil prices fell as hopes grew for reopening the Strait of Hormuz. A spokesperson for Pakistan’s Foreign Ministry said, “We expect an agreement sooner rather than later.” Pakistan is mediating between the United States and Iran.
Corporate results were mixed. Datadog surged 29.6 percent, Albemarle rose 8.2 percent and Axon Enterprise gained 10.2 percent. Whirlpool dropped 12.5 percent and Shake Shack tumbled 28.6 percent.
McDonald’s CEO Chris Kempczinski said high gasoline prices and consumer anxiety over the Iran war could hurt sales this spring.
