US stocks inch to more records as oil prices rise ahead of a blockbuster
week for Wall Street
[April 28, 2026] By
STAN CHOE
NEW YORK (AP) — The U.S. stock market’s record-breaking rally slowed on
Monday after uncertainty rose over the weekend about what will happen
next in the Iran war, while oil prices rose.
The S&P 500 inched 0.1% higher to its latest all-time high, a downshift
following weeks of big gains driven by strong corporate profit reports
and hopes that the economy can avoid a worst-case scenario because of
the war. The Dow Jones Industrial Average dipped 62 points, or 0.1%,
while the Nasdaq composite rose 0.2% to its own record.
The moves were stronger in the oil market, where prices climbed more
than 2.5% as tankers find the Strait of Hormuz still effectively closed.
That’s keeping crude stuck in the Middle East and away from customers
worldwide, including oil produced by Iran that’s being blockaded by the
U.S. Navy.
Iran has offered to reopen the strait if the United States ends its
blockade, while proposing that discussions on the larger question of its
nuclear program would come in a later phase. But U.S. President Donald
Trump seems unlikely to accept the offer, which was passed to the
Americans by Pakistan.
Over the weekend, Trump told U.S. envoys not to go to Pakistan, which
has been playing a crucial mediating role. By saying the Iranians could
call Washington with any proposal, Trump appeared to signal he’s content
to try to continue to squeeze Iran with the blockade.
The price for a barrel of Brent crude to be delivered in June climbed
2.8% to settle at $108.23. Brent to be delivered in July, which is where
more of the trading is happening in the oil market, rose 2.6% to $101.69
per barrel.
Brent prices were at only about $70 per barrel before the war and have
briefly shot to nearly $120 a couple times when fears about the war have
hit their heights.
Even with more expensive fuel bills, most big U.S. companies have
nevertheless been reporting profit growth for the start of 2026 that’s
even stronger than analysts expected. That in turn has helped the S&P
500 jump 13% since hitting a low in late March.
This upcoming week could be a blockbuster for the market, with several
of Wall Street’s most influential stocks scheduled to deliver their
profit reports. Alphabet, Amazon, Meta Platforms and Microsoft are all
scheduled to report on Wednesday alone. Apple will report on Thursday.
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Trader Thomas Ferrigno, left, and specialist Dilip Patel work on the
floor of the New York Stock Exchange, Thursday, April 23, 2026. (AP
Photo/Richard Drew)
 Verizon Communications joined the
list of companies topping analysts’ expectations on Monday, and its
stock rose 1.5% after the company said it added more postpaid phone
customers than it lost during a first quarter for the first time
since 2013. It also raised its forecast for profit growth this year,
even though its revenue for the first quarter fell short of
analysts’ expectations.
Domino’s Pizza helped drag on the market and fell 8.8% after it
reported weaker profit and revenue for the latest quarter than
analysts expected.
All told, the S&P 500 rose 8.83 points to 7,137.91. The Dow Jones
Industrial Average dipped 62.92 to 49,167.79, and the Nasdaq
composite rose 50.50 to 24,887.10.
In the bond market, Treasury yields ticked higher following the rise
in oil prices. The yield on the 10-year Treasury note rose to 4.33%
from 4.31% late Friday.
The Federal Reserve will announce its latest move on short-term
interest rates Wednesday, and the consensus expectation among
traders is that it will hold the federal funds rate steady. Lower
rates would give the economy a boost, but they would also threaten
to worsen inflation when oil is more expensive and tariffs are
threatening to raise prices for all kinds of other products.
Wednesday will likely be the final meeting where Chair Jerome Powell
will lead the Fed. His term as chair is scheduled to expire next
month, and Trump has already named a nominee to replace him, Kevin
Warsh.
The European Central Bank, Bank of Japan and Bank of England will
also be announcing their own interest-rate decisions this week.
In stock markets abroad, indexes slipped in Europe following a
stronger finish in Asia. South Korea’s Kospi jumped 2.2%, and
Japan’s Nikkei 225 rose 1.4% for two of the world’s bigger moves.
___
AP Business Writers Matt Ott and Elaine Kurtenbach contributed to
this report.
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