Wall Street poised to open lower as Mideast tensions push Brent crude past US$98 a barrel

Bloomberg07-23 20:44

Wall Street was poised to open with minor losses on Thursday as earnings season ramps up and the intensifying conflict with Iran pushed Brent crude above US$98 a barrel.Futures for the S&P 500 and the...

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Nasdaq futures slid 0.8 per cent.S&P 500 market updates hereAlphabet Inc., the parent company of Google, sank 4 per cent after the European Union hit the company with a fine of 890 million euros ($1 billion). EU regulators said the technology behemoth broke digital antitrust regulations by setting up Google Play and its ubiquitous search engine to corral consumers toward its own services and apps to the detriment of competitors.News of the fine came a day after Alphabet posted stronger-than-expected results for its second quarter, a sign that its massive artificial intelligence spending spree may be paying off.Tesla shares slid 5.6 per cent in off-hours trading after the car company run by Elon Musk said it shoveled more money into research and development, cutting into profits that were lifted by a sharp increase in vehicle sales.Investors are looking for signs that the deluge of dollars going into processors, computer memory and other building blocks of the AI boom will yield enough profits to make the investments worthwhile. Such worries have kept AI stocks at the center of Wall Street’s swings for weeks, though trading in that sector was muted early Thursday with most companies hovering near Wednesday’s closing prices.Companies in the defense sector got a boost after aerospace giant Lockheed Martin beat sales and profit forecasts, propelling its shares 5.5 per cent in the premarket. RTX, which makes Patriot and Tomahawk cruise missiles, jumped 5.2 per cent after it breezed past Wall Street targets and raised its guidance.Rising oil prices are weighing on stocks because they make consumers more cautious about spending while raising costs for most businesses and erode their profits.Airlines and other fuel-dependent companies usually get hit the hardest when energy prices are elevated. American Airlines fell 3.7 per cent in premarket trading, even after beating profit forecasts on record revenue. The company said it expects third-quarter fuel expense to be up $1.7 billion year over year. That helped drag shares of other airlines lower, including Delta and United.Southwest also posted strong quarterly results on Thursday, but its shares sank more than 4 per cent after it trimmed expectations for the current quarter, also blaming higher fuel expenses.Latest updates on investing hereEarly Thursday, the price of a barrel of Brent crude oil, the international standard, was up 4.9 per cent to $98.64, its highest level since early June.It had fallen to less than $72 earlier this month, roughly where it was before the war with Iran. But continued fighting is preventing oil tankers from using the Strait of Hormuz to exit the Persian Gulf. Normally, a fifth of all oil and natural gas traded passes through the narrow strait.U.S. benchmark crude gained $3.83 to $90.66 a barrel, also its highest level in six weeks.Higher oil prices are threatening a reacceleration of inflation, which could push the Federal Reserve and other central banks to raise interest rates, slowing economies and undercutting prices for stocks and other investments.Elsewhere, in Europe at midday Germany’s DAX lost 0.9 per cent, the CAC 40 in Paris shed 1.3 per cent and Britain’s FTSE 100 was 0.3 per cent lower.Asian shares mostly rose, led by South Korea’s Kospi, which gained 4.4 per cent to 7,096.89.In Tokyo, the Nikkei 225 picked up 0.5 per cent to 66,422.60. Technology companies led gains, with stocks in SoftBank Group climbing 3.8 per cent.The U.S. dollar was trading at 163.36 yen as the Japanese currency wavered near its lowest level in 40 years. Expectations that the gap between U.S. interest rates and Japanese interest rates will widen due to higher inflation in the U.S. have helped to drive the dollar higher against the yen.Hong Kong’s Hang Seng rose 1.3 per cent to 25,210.81. The Shanghai Composite index bounced back from earlier losses to gain 0.3 per cent, closing at 3,876.78.In Australia, the S&P/ASX 200 gained 0.2 per cent to 8,839.00.Taiwan’s Taiex edged 0.1 per cent higher and the Sensex in India fell 0.6 per cent.Elaine Kurtenbach, The Associated PressRelated StoriesCanadian, U.S. markets down amid tech weakness and rising oil pricesSlumping AI stocks drag down markets around the worldS&P/TSX composite up in Wednesday trading, U.S. stock markets also higher","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.46.0","shortVersion":"4.46.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2653284587","isCrawlerRequest":true}