Oil drops below $80 per barrel, while tech stocks weigh on a mixed Wall Street

NEW YORK (AP) — Oil prices sank again, portion U.S. stocks drifted to a mixed decorativeness adjacent their all-time highs. The S&P 500 slipped 0.6%, though it was astir evenly divided betwixt rising and falling stocks. The Dow gained 0.6% to deed different record, portion the Nasdaq composite fell 1.2%. Drops for respective influential AI stocks weighed connected the market. They’ve been starring the marketplace up and down amid worries their banal prices changeable excessively high. Brent crude’s terms dropped beneath $80 per tube for the archetypal clip since aboriginal March arsenic optimism continues pursuing a tentative woody connected the U.S.-Iran war.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier communicative follows below.

NEW YORK (AP) — Oil prices sank again Tuesday and pulled beneath $80 per tube for the archetypal clip since aboriginal March, portion the U.S. banal marketplace drifted adjacent its all-time highs successful mixed trading.

The S&P 500 slipped 0.4% and pulled 1.1% beneath its grounds acceptable earlier this month. More stocks roseate than fell connected Wall Street, and the Dow Jones Industrial Average climbed 391 points, oregon 0.8%, toward different record. But drops for immoderate influential tech stocks had the Nasdaq composite down 0.7%, with an hr remaining successful trading.

Stocks that had benefited from the roar successful artificial-intelligence exertion weighed connected the marketplace pursuing their vicious swings implicit the past mates weeks. They person been starring the marketplace up and down amid worries that their banal prices changeable excessively high, excessively rapidly successful the mania astir AI. That’s taken a toll due to the fact that spot companies and different AI winners person grown truthful large that they’ve go immoderate of Wall Street’s astir influential stocks.

Drops of 1.7% for Nvidia and 5.1% for Micron Technology were 2 of the heaviest weights pulling the S&P 500 lower.

Robinhood Markets fell 2% aft the investing level said successful a regulatory filing that it’s laying disconnected astir 10% of its full-time employees, portion Dave & Buster’s Entertainment sank 4.6% aft reporting a weaker nett for the latest 4th than analysts expected.

On the winning broadside of Wall Street was SpaceX, which roseate 8.8% toward a 3rd consecutive summation since its debut connected the U.S. banal market. It said it’s moving guardant with a acquisition of Cursor, a fashionable AI coding assistant, valuing it astatine $60 billion.

Yum Brands climbed 2% aft it said it’s selling the Pizza Hut concatenation for $2.7 billion. Most of the restaurants volition spell to LongRange Capital, a backstage equity firm. Those successful mainland China volition spell to Yum China Holdings.

The strongest enactment was successful the lipid market, wherever optimism continued that a tentative U.S.-Iran woody connected their warfare volition reopen the Strait of Hormuz astatine the extremity of the week and get the planetary travel of lipid going again. The terms for a tube of Brent crude fell 5.1% to settee astatine $78.96.

Significant hurdles stay successful the negotiations, including what to bash with Iran’s atomic program. But the anticipation connected Wall Street is that this statement volition mean a semipermanent hole to a struggle that has worsened ostentation astir the world. The terms of Brent has travel down sharply from its $100-plus level of a fewer weeks ago, though it could inactive instrumentality months for the vigor manufacture to get backmost to afloat speed.

In banal markets abroad, indexes roseate successful Europe pursuing a mixed show successful Asia.

Tokyo’s Nikkei 225 concisely topped 70,000 for the archetypal clip earlier ending with a humble summation of 0.1% aft the Bank of Japan raised its benchmark involvement complaint to 1%. That’s its highest level successful 3 decades, and it followed a akin determination by the European Central Bank past week.

The Federal Reserve is opening its ain gathering connected what to bash with involvement rates Tuesday, with an announcement connected the determination coming Wednesday.

It volition beryllium the archetypal gathering nether the Fed’s caller chair, Kevin Warsh, who was nominated by President Donald Trump. Trump has been pushing for little involvement rates, which would springiness the system a boost but besides endanger to worsen inflation. The wide expectation, though, is that the Fed volition permission its main involvement complaint unsocial again.

In the enslaved market, the output connected the 10-year Treasury fell to 4.42% from 4.47% precocious Monday and from 4.56% earlier this month.

High yields successful enslaved markets worldwide caused by costly lipid prices person threatened to dilatory economies and undercut prices for each kinds of investments, including stocks and cryptocurrencies. High yields person already sent owe rates higher, and a study connected Tuesday said operation crews broke crushed connected acold less caller U.S. homes successful May than economists expected.

___

AP Business Writers Yuri Kageyama and Matt Ott contributed to this report.

Copyright 2026 The Associated Press. All rights reserved. This worldly whitethorn not beryllium published, broadcast, rewritten oregon redistributed without permission.