Kamal Ghorui
US stocks edged lower on Thursday as rising oil prices and renewed concerns over a potential US-Iran conflict weighed on investor sentiment, even as several companies reported mixed quarterly earnings, according to AP.The S&P 500 slipped 0.4% and was on track for its first decline in four sessions. The Dow Jones Industrial Average fell 257 points, or 0.5%, while the Nasdaq composite dropped 0.6% as of 9:35 a.m. Eastern time.Oil prices climbed more than 1.5%, with benchmark US crude moving above $66 per barrel amid fears that escalating tensions between Washington and Tehran could disrupt global oil supplies. President Donald Trump has been increasing pressure on Iran over its disputed nuclear programme, raising concerns that any military confrontation could constrict the global flow of oil.Among individual stocks, Booking Holdings tumbled 8% despite reporting quarterly profit that slightly beat analysts’ expectations. The company, which operates Booking.com, Priceline and OpenTable, has faced pressure due to concerns that artificial-intelligence-powered competitors could disrupt its business.Such fears have spread across Wall Street, affecting industries ranging from software and legal services to trucking logistics. Analysts said investors have recently adopted a “shoot first-ask questions later” approach toward companies perceived to be vulnerable to technological disruption.Carvana declined 4.3% even after posting stronger-than-expected quarterly profit, as investors focused instead on lower-than-anticipated profit per vehicle sold.Walmart helped limit broader losses, rising 1.6% after fluctuating in premarket trading. The retailer reported stronger results for the end of its fiscal year but issued a profit outlook for the coming year that fell short of analysts’ estimates.eBay gained 2.8% after reporting better-than-expected profit and revenue and announcing plans to acquire secondhand fashion marketplace Depop from Etsy for about $1.2 billion in cash, a move aimed at attracting younger customers.Energy stocks recorded some of the strongest gains as crude prices advanced. Occidental Petroleum jumped 8.7% after delivering quarterly profit that exceeded expectations.In the bond market, Treasury yields were largely steady following data showing fewer Americans filed for unemployment benefits last week, suggesting layoffs may be slowing. A resilient labour market could prompt the Federal Reserve to keep interest rates unchanged for longer as policymakers await further evidence of easing inflation.The yield on the 10-year Treasury remained at 4.09%, unchanged from late Wednesday.Markets overseas were mixed, with European indexes declining after stronger performances in Asia. South Korea’s Kospi surged 3.1% as trading resumed after the Lunar New Year holiday, while markets in Hong Kong and Shanghai stayed closed.
