Stock market dips down as oil prices rise again | Arkansas Democrat Gazette

U.S. stocks slipped from record highs on Monday as oil prices rose amid uncertainty about when the Strait of Hormuz could reopen. The S&P 500 fell 0.1% to 7,753.11, the Dow dropped 60.95 points to 53,975.98, and the Nasdaq declined 85.26 points to 26,605.36. The pullback followed a rally driven by strong earnings, with FactSet projecting S&P 500 earnings per share up 50% year over year in the spring. In company news, Berkshire Hathaway shares rose 1.5%, MarineMax surged 46.1% after a deal to sell for about $1.5 billion in cash, and Varex Imaging jumped 48.8% on a takeover bid. Intel fell 4.1% after saying it may sell $15 billion in stock. Oil’s benchmark, Brent, rose 5% to $87.72, and investors are watching Wednesday’s inflation update, where economists expect a move from 3.5% in June to 3.4%.