Dick's Sporting Goods Just Had Its Worst Day Ever

Oil prices fell again on Tuesday, which helped ease worries in the bond market and support stock prices.

• The S&P 500 rose 24.42 points, or 0.3%, to 7,677.28, edging closer to its all-time high set earlier this month.
• The Dow Jones Industrial Average rose 160.24 points, or 0.3%, to 53,577.40.
• The Nasdaq composite rose 171.11 points, or 0.7%, to 26,151.30.

Some of the strongest action was in the oil market, where the price for a barrel of Brent crude fell 3.6% to $87.27 for a second decline following 13 gains in 14 days, the AP reports. The drop came even though tensions between the United States and Iran seemed to ratchet higher after the Trump administration announced new sanctions to further hurt Iran's economy. Treasury yields fell in the bond market.

On Wall Street, Nvidia and other winners from the boom in artificial-intelligence technology helped lead the way. Nvidia rose 2.2%, a day after its drop of 2.9% was the heaviest weight on the S&P 500. Nvidia will report its latest quarterly results on Wednesday, which could help steer the next move for AI-related stocks.

• The gains for chip stocks helped offset a 30.7% plunge for Dick's Sporting Goods, its worst drop on record, after the retailer reported weaker results for the latest quarter than analysts expected. Executive Chairman Ed Stack said the retailer cut prices on some of its footwear and apparel to remain competitive, while launches for some footwear during the quarter ended up being weaker than it expected. The company also cut its forecast for an underlying measure of profit in 2026 for both its Dick's and Foot Locker businesses. Dick's spent $2.4 billion last year to acquire the struggling Foot Locker chain.

Tuesday's drop in oil prices tempered the worries about high inflation that helped drive Treasury yields in the bond market higher through the summer. Yields had gotten so high that the US Treasury Department announced a surprise move last week to increase its repurchases of longer-term Treasury notes and bonds. High yields make borrowing more expensive for everyone and can slow the economy's growth while undercutting prices for stocks, cryptocurrencies, and other investments. The yield on the 10-year Treasury fell to 4.64% from 4.70% late Monday and from 4.74% at the end of last week. That's a significant move for the bond market, though the 10-year yield remains firmly above its 3.97% level from before the war with Iran sent oil prices and worries about inflation much higher.