NEW YORK (AP) — U.S. stocks drifted through a mixed day of trading on Monday after oil prices eased and falling Big Tech stocks weighed on Wall Street.The S&P 500 slipped 0.4%, coming off its 11th winning week in the last 12, and pulled 1.8% below its all-time high set early this month. The Dow Jones Industrial Average added 148 points, or 0.3%, and the Nasdaq composite slumped 1.3%.In the oil market, prices fell following talks over the weekend between the United States and Iran on their war. U.S. Vice President JD Vance said they created a “good foundation for a successful final deal.” An end to the war could clear the Strait of Hormuz for oil tankers and allow for the undisputed resumption of deliveries from the Persian Gulf. Iran’s military had said Saturday that it closed the Strait of Hormuz again, though U.S. Central Command has disputed that.
AP AUDIO: US stocks drift near their records in mixed trading after oil prices fall
U.S. stocks are drifting near their records.
The price for a barrel of Brent crude oil fell 3.2% to $77.52, closer to its roughly $70 price from before the war. Benchmark U.S. crude oil fell 2.6% to $73.86 per barrel. The lower oil prices, though, did not pull down Treasury yields in the bond market. Yields have been climbing because of speculation the Federal Reserve may hike interest rates this year to keep a lid on inflation, which has been accelerating because of expensive oil caused by the Iran war. Economists expect a report on Thursday to show a measure of inflation for U.S. consumers sped up to 4.1% in May from 3.8% in April.
