Honeywell Aerospace Dives More Than 23%

Stocks edged lower on Wall Street on Thursday as oil prices rose and more company earnings reports rolled in.

• The S&P 500 fell 13.59 points, or 0.2%, to 7,709.96, just below the record it reached on Tuesday.
• The Dow Jones Industrial Average fell 464.02 points, or 0.9%, to 53,885.10.
• The Nasdaq composite fell 15.09 points, or 0.1%, to 26,348.35.

Wall Street opened the week soaring higher and notching records, but has calmed over the last two days, the AP reports. Markets are dealing with uncertainties over the ongoing US war with Iran and its impact on inflation. Companies from a variety of sectors reported their latest financial results, adding to an already busy round of corporate earnings.

Warner Bros. Discovery rose 1.7% after reporting earnings that came in ahead of what investors were expecting. Molson Coors rose 1.3% after also reporting encouraging financial results. On the losing end, Honeywell Aerospace fell 23.2% after turning in results that fell well short of forecasts. CFO Josh Jepsen said orders were up, but "supply chain constraints are continuing to limit our ability to convert demand into sales across all our end markets," the Financial Times reports. AppLovin slumped 19.7% after the digital ad company reported mixed financial results for its most recent quarter.

• Strong overall profits from companies have helped allay concerns on Wall Street about the market being overpriced. Roughly 85% of companies in the S&P 500 have reported their results and overall earnings growth for the period is shaping up to be the strongest since 2021.

Outside of earnings, SpaceX rose 6.1%. More than 911 million SpaceX shares held by early investors and employees became eligible for sale on Thursday as a lockup period for the stock expired. That is more than double the shares that were initially offered to the public for sale during the initial public offering for Elon Musk's company. SpaceX jumped as high as $225 a share following its market debut in June, but has since slumped below its initial $135 offering price. The stock is currently trading around $115.

Oil prices gained ground as uncertainty remains over the US war with Iran that has stifled the global flow of oil. The price of Brent crude, the international standard, rose 3.8% to $82.49. Iran has said that it is close to a deal with Oman for reopening the Strait of Hormuz. President Trump has also previously said a deal is close, but the conflict has had many starts and stops over the last five months.