US stocks hung near their all-time high Wednesday as financial markets caught a breath following two big days bolstered by hopes that the Israel-Iran war will not disrupt the global flow of crude oil.
- The S&P 500 barely budged—it fell 0.02 points, or less than 0.1%, to 6,092.16 and is sitting just 0.8% below its all-time high.
- The Dow Jones Industrial Average fell 106.59 points, or 0.2%, to 42,982.43.
- The Nasdaq composite rose 61.02 points, or 0.3%, to 19,973.55.
In the oil market, which has been the center of much of this week's action, crude prices stabilized after plunging by roughly $10 per barrel in the last two days, the
AP reports. Benchmark US crude rose 55 cents to $64.92 per barrel, though it still remains below where it was before the fighting between Israel and Iran broke out nearly two weeks ago.
On Wall Street, FedEx fell 3.3% despite reporting stronger profit and revenue for the latest quarter than analysts expected. It gave a forecast for profit in the current quarter that fell short of expectations. General Mills, the company behind Pillsbury and Progresso soups, fell 5.1% after reporting weaker revenue for the latest quarter than analysts expected, though its profit topped forecasts. It also said an underlying measure of profits could fall by 10% to 15% this upcoming fiscal year.
On the winning side of Wall Street, Bumble rose 25.1% after the online dating platform said it would cut about 30% of its workforce, or 240 jobs, to save up to $40 million in annual costs. QuantumScape jumped 31% after announcing a breakthrough in its process for making solid-state batteries. Solid state battery technology promises to improve electric vehicle range, decrease charging times and minimize the risk of battery fires. But they are expensive to research and difficult to manufacture at a large scale, giving them a reputation for being a Holy Grail for battery engineers all over the world.
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