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NEW YORK (AP) \u2014 Oil prices sank again Tuesday and dropped below $80 per barrel for the first time since early March, while U.S. stocks drifted near their all-time highs in mixed trading.<\/p>\nNEW YORK (AP) \u2014 Oil prices sank again Tuesday and dropped below $80 per barrel for the first time since early March, while U.S. stocks drifted near their all-time highs in mixed trading.<\/p>\n
The S&P 500 slipped 0.6% and pulled 1.3% below its record set earlier this month. The market was nearly evenly split between stocks rising and falling, and the Dow Jones Industrial Average added 328 points, or 0.6%, to set a record for the second straight day. But drops for some influential tech stocks pulled the Nasdaq composite down 1.2%.<\/p>\n
Stocks that had benefited from the boom in artificial-intelligence technology weighed on the market in particular following vicious swings over the last couple weeks.<\/p>\n
They\u2019ve been leading the market up and down amid worries that their stock prices shot too high in the mania around AI. That\u2019s taken a toll because chip companies, makers of computer memory and other AI winners have grown so massive that they\u2019ve become some of Wall Street\u2019s most influential stocks.<\/p>\n
Drops of 2.4% for Nvidia, 4.4% for Broadcom and 6.2% for Micron Technology were the heaviest weights pulling the S&P 500 lower.<\/p>\n
Dave & Buster\u2019s Entertainment sank 6.2% after reporting a weaker profit for the latest quarter than analysts expected, while Robinhood Markets fell 1.4% after the investing platform said that it\u2019s laying off about 10% of its full-time employees.<\/p>\n
On the winning side of Wall Street was SpaceX, which rose 4.8% for its third straight gain since its debut on the U.S. stock market. It said it\u2019s moving forward with a purchase of Cursor, a popular AI coding assistant, valuing it at $60 billion.<\/p>\n
Yum Brands climbed 1.9% after it said it\u2019s selling the Pizza Hut chain for $2.7 billion. Most of the restaurants will go to LongRange Capital, a private equity firm. Those in mainland China will go to Yum China Holdings.<\/p>\n
All told, the S&P 500 slipped 42.94 points to 7,511.35. The Dow Jones Industrial Average rose 328.64 to 51,999.67, and the Nasdaq composite fell 307.60 to 26,376.34.<\/p>\n
The strongest action was in the oil market, where optimism continued that a tentative U.S.-Iran deal on their war will reopen the Strait of Hormuz at the end of the week and get the global flow of oil going again. The price for a barrel of Brent crude fell 5.1% to settle at $78.96.<\/p>\n
Oil prices fall as stocks drift.<\/p>\n
In stock markets abroad, indexes rose in Europe following a mixed performance in Asia.<\/p>\n
Tokyo\u2019s Nikkei 225 briefly topped 70,000 for the first time before ending with a modest gain of 0.1% after the Bank of Japan raised its benchmark interest rate to 1%. That\u2019s its highest level in three decades, and it followed a similar move by the European Central Bank last week.<\/p>\n
The Federal Reserve began its own meeting on what to do with interest rates Tuesday, with an announcement on the decision scheduled for Wednesday.<\/p>\n
It\u2019s the first meeting under the Fed\u2019s new chair, Kevin Warsh, who was nominated by President Donald Trump. Trump has been pushing for lower interest rates, which would give the economy a boost but also threaten to worsen inflation. The widespread expectation, though, is that the Fed will leave its main interest rate alone again.<\/p>\n
In the bond market, the yield on the 10-year Treasury fell to 4.43% from 4.47% late Monday and from 4.56% earlier this month.<\/p>\n
High yields in bond markets worldwide caused by expensive oil prices have threatened to slow economies and undercut prices for all kinds of investments, including stocks and cryptocurrencies.<\/p>\n
High yields have already sent mortgage rates higher, and a report on Tuesday said construction crews broke ground on far fewer new U.S. homes in May than economists expected.<\/p>\n","protected":false},"excerpt":{"rendered":"
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