Dow Falls 464 as Oil Jumps and Honeywell Sinks 23%

NEW YORK — U.S. stocks edged lower Thursday, pulling further away from the records set earlier in the week, as rising oil prices and a mixed batch of corporate earnings weighed on Wall Street.

The Dow Jones Industrial Average fell 464.02 points, or 0.9%, to 53,885.10. The S&P 500 lost 13.59 points, or 0.2%, to 7,709.96, moving further from its record set Tuesday. The Nasdaq composite slipped 15.09 points, or 0.1%, to 26,348.35. All three indexes remain on track for solid weekly gains.

"August is off to an extremely strong start, but there is still plenty of August left to go, and August is typically a volatile month for stocks," said Clark Bellin, president and chief investment officer at Bellwether Wealth, in a research note.

Honeywell Aerospace was the day's biggest decliner, falling 23.2% after results fell well short of forecasts. AppLovin slumped 19.7% after the digital ad company reported mixed quarterly results. Warner Bros. Discovery rose 1.7% on better-than-expected earnings, and Molson Coors gained 1.3%.

Roughly 85% of S&P 500 companies have now reported, and overall earnings growth for the period is shaping up to be the strongest since 2021 — a run of profits that has helped allay concerns that the market is overpriced.

SpaceX rose 6.1% as more than 911 million shares held by early investors and employees became eligible for sale with the expiration of a lockup period. That is more than double the number of shares initially offered in the June initial public offering. The stock reached $225 after its debut but now trades around $115, below its $135 offering price.

Brent crude, the international standard, rose 3.8% to $82.49 as uncertainty persisted over the U.S. war with Iran, which has stifled global oil flows. Iran has said it is close to a deal with Oman to reopen the Strait of Hormuz, and President Donald Trump has also said a deal is near, but the conflict has stopped and started repeatedly over five months. Roughly a fifth of the world's traded oil and natural gas once moved through the strait, and prices surged as high as $113 during the conflict.

Inflation remains stuck above 3%, and the economy grew at a sluggish 1.5% pace in the second quarter. Employers added only 57,000 jobs in June, and weekly jobless claims rose, though layoffs remain historically low. The July jobs report is due Friday. The Federal Reserve has held its benchmark rate steady, but stubborn inflation is nudging the central bank toward a rate increase before year's end.

The yield on the 10-year Treasury rose to 4.67% from 4.63% late Wednesday. European markets mostly rose.