US stock markets today (May 4, 2026): Wall Street pauses near record highs, oil jumps on Hormuz tensions

US stock markets traded cautiously near record levels on Monday as rising oil prices and fresh tensions around the Strait of Hormuz kept investors on edge, AP reported.The S&P 500 slipped 0.1 per cent after touching an all-time high, while the Dow Jones Industrial Average fell 216 points, or 0.4 per cent, as of 9:35 am Eastern time. The Nasdaq composite edged up 0.1 per cent.Oil markets saw stronger movement, with Brent crude rising 2 per cent to $110.37 per barrel and briefly crossing $114 during the session. Prices have surged sharply from around $70 before the war, as Iran’s closure of the Strait of Hormuz has disrupted global crude flows.Tensions escalated after Iranian media claimed a strike on a US Navy vessel near the strait, accusing it of “violating maritime security and navigation norms.” The US military rejected the claims and said two American-flagged merchant ships had “successfully transited through the Strait of Hormuz.”US President Donald Trump said the US would guide ships through the strait, potentially restoring oil flows and easing prices, though uncertainty persists.Despite geopolitical risks, US equities remain close to record highs, supported by strong corporate earnings and hopes that the global economy will avoid a worst-case scenario.Among stocks, Tyson Foods beat expectations on profit and revenue but fell 2.2 per cent after initial gains, as higher beef prices offset lower volumes. Norwegian Cruise Line Holdings also reported stronger-than-expected profit but dropped 4.7 per cent amid concerns over fuel costs and weaker travel demand linked to the war.eBay was among the top gainers, rising 5.6 per cent after GameStop proposed a $125 per share cash-and-stock acquisition and disclosed a 5 per cent stake. GameStop shares fell 4 per cent.In global markets, South Korea’s index surged 5.1 per cent and Hong Kong’s Hang Seng gained 1.2 per cent, while mainland China and Japan remained closed for holidays. European markets were weaker, with France’s CAC 40 declining 1 per cent.In the bond market, the 10-year US Treasury yield rose to 4.41 per cent from 4.39 per cent late Friday, tracking the rise in oil prices.