Stocks Fall Back From Highs as Oil Prices Jump Again

US stocks pulled back from their record heights on a shaky Wall Street Thursday following mixed profit reports from Tesla and other big companies. Oil prices, meanwhile, jumped on worries about what will happen next in the war with Iran.

• The S&P 500 fell 29.50 points, or 0.4%, to 7,108.40, halting a weekslong rally that had erased all its losses since the war began and then carried it to all-time highs.
• The Dow Jones Industrial Average dipped 179.71, or 0.4%, to 49,310.32.
• The Nasdaq composite dropped 219.06 points, or 0.9% from its own record to 24,438.50.

The price for a barrel of Brent crude to be delivered in June rose 3.1% to settle at $105.07 and at one point topped $107, the AP reports. That peak coincided with a sudden drawdown for stocks.

Tesla helped drag the market lower after sinking 3.6% even though it reported better results for the latest quarter than analysts expected. Investors focused instead on a big jump in Tesla's forecast for spending this year as it builds factories to make robots and other products. "You should expect to see a very significant increase in capital expenditures," Elon Musk told investors late Wednesday, "but I think well justified for a substantially increased future revenue stream."

• ServiceNow dropped even more, 17.7%, even though its results for the latest quarter matched analysts' expectations. The company has been under pressure, along with much of the broader software industry, because of worries that rivals powered by artificial-intelligence technology could undercut its business.

More expensive oil has hurt airlines in particular because of the industry's big fuel bills, and stocks diverged in the industry following the latest profit reports. American Airlines Group rose 2.4% after reporting better profit and revenue for the latest quarter than analysts expected. American said demand was strong for flights, and it saw the nine best weeks for revenue intake in its 100-year history. Southwest Airlines lost 4.1% after reporting weaker quarterly results than analysts expected. It said it would not give an updated forecast for profit this year because of "the ongoing macroeconomic uncertainty."

Also on the losing end of Wall Street was IBM, which sank 8.3% despite reporting better profit and revenue for the latest quarter than expected. Investors focused on potentially discouraging numbers underneath the surface, including decelerating growth in trends for its software business. Paramount Skydance fell 4.5% after Warner Bros. Discovery shareholders approved selling the business to Paramount. Warner Bros. Discovery sank 1.6%.

• Texas Instruments helped limit Wall Street's losses after breezing past analysts' expectations for profit in the latest quarter. CEO Haviv Ilan said the semiconductor company is benefiting from growth led by industrial and data center customers, and its 19.4% leap was the strongest force pushing upward on the S&P 500.