US stocks vary as earnings loom and oil drops
U.S. stocks rose at the end of today's trading session due to strong corporate earnings and a decline in oil prices, amid a shift by investors from high-valuation technology stocks to traditional sectors of the economy. The Dow Jones Industrial Average increased by 537 points, or 1%, supported by solid results from companies such as Sherwin-Williams and Coca-Cola. Meanwhile, shares of semiconductor companies declined significantly, with notable drops in Micron and AMD. Oil prices fell by more than 5%, supporting the market, as Iran discussed the Strait of Hormuz with Saudi Arabia and Oman, leading to a sharp drop in West Texas Intermediate and Brent crude. The move toward favoring investments in traditional sectors indicates a broad change in market trends, ahead of the Federal Reserve's decision on interest rates, amid anticipation of earnings reports from major technology companies.
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