NEW YORK (AP) — U.S. stock indexes barely budged on Wednesday after oil prices climbed another 3% as fighting continues in the war with Iran.
The S&P 500 edged down by 0.1%, coming off its best day in three weeks. The Dow Jones Industrial Average dipped 6 points, or less than 0.1%, and the Nasdaq composite fell 0.6%.
Despite the modest moves for indexes, stocks had some big swings underneath the surface. Philip Morris International rallied 3.3% after the seller of Marlboro cigarettes reported stronger profit and revenue for the latest quarter than expected. Its shipments of smoke-free products rose 7.5%.
AT&T climbed 3.5% after reporting a stronger profit than analysts expected. CEO John Stankey also said the telecom is accelerating plans to send roughly $10 billion to its shareholders this year through the buybacks of its stock.
Super Micro Computer soared 19.8% after the seller of AI servers said it expects to report stronger profit margins for the latest quarter than it had earlier forecast. It, though, also said that revenue will likely come in at the low end of its forecasted range of $11 billion to $12.5 billion.
Oil prices rise, stocks fall.
On the losing side of the market was GE Vernova, which fell 8.7% after reporting a weaker profit for the latest quarter than analysts expected.
Alphabet sank 1.5% ahead of its earnings report, which arrived after trading ended for the day.
Anticipation was high, and not just because the parent company of Google is one of the largest stocks on Wall Street. It’s also one of the biggest spenders on artificial-intelligence technology.
Investors are looking for signs that the deluge of dollars going into processors, computer memory and other building blocks of the AI boom are producing enough profits to make the investments worth it. If Alphabet and other “hyperscalers” say that isn’t the case, stocks of chip companies and other AI winners would look very expensive following their monumental moves higher.
Such worries have kept AI stocks at the center of Wall Street’s swings for weeks, and they helped drag the market up and down Wednesday.
Micron Technology swung between a loss of 3.6% and a gain of 1.2% before finishing with a drop of 1.2%. That’s after it jumped 14.4% in the first two days of this week to reclaim nearly all its 13.3% plunge from the week before. It’s still up 236% for the year so far.
All told, the S&P 500 fell 10.24 points to 7,498.96. The Dow Jones Industrial Average dipped 6.06 to 52,218.58, and the Nasdaq composite sank 146.30 to 25,690.90.
Stocks broadly also felt pressure from continuing climbs for oil prices, which raise costs for most businesses and erode their profits.
The price for a barrel of Brent crude oil, the international standard, rose 3.4% to $94.07 and briefly topped $95 in the morning to touch its highest level in nearly six weeks. That’s up from less than $72 early this month, which is roughly where it was before the war with Iran.
Rising oil prices are threatening a reacceleration of inflation. That in turn could push the Federal Reserve and other central banks to raise interest rates, which would slow economies and undercut prices for stocks and other investments.
The yield on the 10-year Treasury rose to 4.65% from 4.63% late Tuesday and from just 3.97% before the war with Iran began. It’s already helped bring long-term U.S. mortgage rates to their highest levels in nearly a year.
Oil prices have climbed as fighting in the Middle East keeps oil tankers from using the Strait of Hormuz to exit the Persian Gulf. Normally, a fifth of all oil and natural gas traded passes through the narrow strait.
The auto club AAA said Wednesday that the average price for a gallon of regular gas in the U.S. jumped again overnight to $4.06. That’s still below highs of around $4.56 per gallon in May, but it had been below $3 before the United States and Israel attacked Iran in late February.
In stock markets abroad, indexes climbed in Europe following a mixed session in Asia.
London’s FTSE 100 rose 1.2%, while Hong Kong’s Hang Seng fell 1% for two of the world’s bigger moves.
TYLER – The Tyler Police Department warns citizens about scam phone calls that use fear tactics to steal money. Scammers often pose as law enforcement officers or bank representatives, claiming that victims have warrants or that suspicious activity is on their accounts.
TYLER – An illegal alien and a Smith County man have been sentenced to federal prison for drug trafficking violations in East Texas, U.S. Attorney Jay R. Combs announced Wednesday.
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PALESTINE – As parts of East Texas reached 100-degree temperatures on Tuesday, two Palestine women have been arrested for allegedly leaving a puppy locked in a cage in direct sunlight, causing its death, according to our news partner KETK.
LONGVIEW – After competing against multiple East Texas cities, Longview officials are excited to see a foundation begin for a new dairy processing facility aimed at creating hundreds of jobs in the community. 
NEW YORK (AP) — The U.S. stock market is drifting in mixed trading Wednesday, while oil prices climb another 3% as fighting continues in the war with Iran.
DETROIT (AP) — Winter Storm Uri, the multiday freeze that slammed Texas in February 2021 and pummeled the state’s power grid, has been on Kenneth Kovar’s mind ever since. Though the resident of New Braunfels, northeast of San Antonio, didn’t lose power at the time, he wasn’t able to run his septic tank — it is independent from local systems. He had to fill his toilets with water from his backyard pool.
ANDERSON COUNTY – The Texas Game Wardens have charged a woman after several dead animals were found in her home, including federally protected birds.
TYLER– The Salvation Army of Tyler has activated a cooling station, offering residents a refuge from soaring temperatures and a forecast of triple-digit heat across East Texas, according to our news partner, KETK.
