Oil prices climb back toward $100, but US stocks hang near their records

NEW YORK (AP) — Oil prices are rising back toward $100 per barrel, but U.S. stocks are nevertheless holding near their records. The S&P 500 edged down by 0.1% Wednesday from its all-time high. The Dow Jones Industrial Average fell 304 points, and the Nasdaq composite was flat. Weighing on the market was a 1.4% climb for Brent crude oil’s price, which brought it to $97.37 per barrel. It rose after the U.S. military said Iran fired missiles toward Kuwait and Bahrain, which failed to hit their targets. But strong profit reports from U.S. companies and continued excitement around AI are keeping Wall Street near its all-time highs.

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

Early trading on Wall Street is mixed and oil prices moved higher after the U.S. and Iran traded attacks, testing a ceasefire even further, though Japan’s Nikkei 225 index topped 68,000 for the first time.

Futures for the S&P 500 fell 0.1% before the opening bell, while futures for the Dow Jones Industrial Average edged 0.3% lower. Nasdaq futures rose 0.2%.

Macy's jumped 3% after the iconic New York department store easily surpassed first-quarter profit forecasts and raised its outlook. It was the fourth consecutive quarter of comparable sales gains for Macy's, which said an overhaul of its merchandise and better customer service is resonating with customers.

GameStop, the video game retailer and “meme” stock darling, jumped 13.6% after it nearly doubled Wall Street's profit expectations and announced a $2 billion stock buyback.

The broader market's rally in recent months has been largely due to strong profit reports from U.S. companies and to hopes that the U.S. and Iran will reach a deal to reopen the Strait of Hormuz. That would allow oil to flow freely again from the Persian Gulf and hopefully lower its price, which has added costs for consumers and businesses.

Following a two-week retreat, oil prices have resumed their climb, jumping 10% already this week. On Wednesday, U.S. benchmark crude oil advanced $2.16 to $95.22 per barrel.

Brent crude oil, the international standard, climbed $2.22 to $98.22 per barrel Wednesday.

At midday in Europe, Germany's DAX lost 1%, the CAC 40 in Paris fell 0.4% and Britain's FTSE 100 shed 0.3%.

In Asia, Japan's Nikkei 225 gained 2.5% to 68,402.13. Shares in computer chip equipment maker Tokyo Electron gained 13.4%, while those for chip testing equipment maker Advantest gained 5.1%.

Hong Kong's Hang Seng lost 1.6% to 25,633.21, while the Shanghai Composite index added 0.2% to 4,083.97.