The Dow Jones Industrial Average was down 122 points, or 0.2%, in early trading.

Rising oil prices and renewed tensions involving Iran weighed on US equities on Wednesday, but Wall Street remained close to record levels as investors continued to bet on a potential reopening of the Strait of Hormuz and drew support from strong corporate earnings. The S&P 500 slipped 0.2% from its all-time high, while the Dow Jones Industrial Average was down 122 points, or 0.2%, in early trading. The Nasdaq Composite also fell 0.3%, AP reported. Markets came under pressure as Brent crude, the international oil benchmark, climbed 1.6% to $97.51 per barrel, moving closer to the $100 mark. The rise followed fresh developments in the Middle East after the US military said Iran fired missiles towards Kuwait and Bahrain that failed to hit their targets. The United States subsequently struck an Iranian military ground control station on an island in the Strait of Hormuz. The conflict has already pushed oil prices and inflation higher, increasing pressure on the global economy. However, crude prices remain below the peaks reached earlier in the fighting, and investors continue to hope that Washington and Tehran will eventually reach an agreement to reopen the Strait of Hormuz to oil tankers, easing supply concerns and lowering energy prices. That optimism, coupled with a steady stream of strong corporate earnings, has helped fuel a rally that has pushed US stocks to record levels in recent weeks. A gain for the S&P 500 would mark its 10th consecutive positive session, its longest winning streak in more than three decades. Among individual stocks, Macy's rose 1% after reporting quarterly profit that exceeded analysts' expectations. The retailer said an overhaul of its merchandise strategy and improvements in customer service were resonating with shoppers. GameStop jumped 9% after reporting a 14% increase in quarterly revenue and announcing a share buyback programme worth up to $2 billion. On the downside, Palo Alto Networks fell 6.3% despite reporting better-than-expected quarterly profit. Analysts suggested investors may have expected stronger results after the stock had already surged 61.3% this year, significantly outperforming the S&P 500's 11.2% gain. The bond market also reflected concerns around higher energy prices. The yield on the benchmark 10-year US Treasury note rose to 4.48% from 4.46% on Tuesday and from 3.97% before the conflict began. Higher bond yields have emerged as a key risk for markets globally, raising borrowing costs for consumers and businesses. Elevated rates have already pushed average long-term US mortgage rates to their highest level in nine months and could slow investment in AI-focused data centre projects that have supported recent economic growth. Smaller companies, which rely more heavily on borrowing, faced greater pressure. The Russell 2000 index of smaller US firms fell 0.8%, underperforming the broader market. The artificial intelligence theme continued to support select technology stocks. Marvell Technology gained another 4.3% after soaring 32.5% in the previous session. The rally followed comments from Nvidia CEO Jensen Huang at a conference in Taiwan, where he suggested Marvell could become "the next trillion-dollar company." The AI-driven rally has remained a major force behind stock market gains globally, benefiting semiconductor and technology companies tied to data centres, advanced computing and artificial intelligence infrastructure. Overseas markets were mixed. European indices traded lower, while Japan's Nikkei 225 rose 2.5% to a fresh record high, helped by a 13.4% surge in computer chip equipment maker Tokyo Electron. Hong Kong's Hang Seng, meanwhile, fell 1.6%. End of Article

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