US stocks hang near their record as Wall Street takes a breath following two big days

NEW YORK (AP) — U.S. stocks hung near their all-time high on Wednesday as financial markets caught a breath following two big days bolstered by hopes that the Israel-Iran war will not disrupt the global flow of crude oil.

The S&P 500 barely budged after drifting through a quiet day of trading and is sitting just 0.8% below its all-time high, which was set in February. The Dow Jones Industrial Average dipped 106 points, or 0.2%, and the Nasdaq composite rose 0.3%.

In the oil market, which has been the center of much of this week’s action, crude prices stabilized after plunging by roughly $10 per barrel in the last two days. Benchmark U.S. crude rose 55 cents to $64.92 per barrel, though it still remains below where it was before the fighting between Israel and Iran broke out nearly two weeks ago.

A fragile ceasefire between the two countries appears to be holding, at least for the moment.

On Wall Street, FedEx fell 3.3% despite reporting stronger profit and revenue for the latest quarter than analysts expected. It gave a forecast for profit in the current quarter that fell short of expectations.

General Mills, the company behind Pillsbury and Progresso soups, lost 5.1% after reporting weaker revenue for the latest quarter than analysts expected, though its profit topped forecasts. It also said an underlying measure of profit could fall by 10% to 15% this upcoming fiscal year.

On the winning side of Wall Street, Bumble jumped 25.1% after the online dating platform said it would cut about 30% of its workforce, or 240 jobs, to save up to $40 million in annual costs.

QuantumScape rallied 30.9% after announcing a breakthrough in its process for making solid-state batteries. Solid state battery technology promises to improve electric vehicle range, decrease charging times and minimize the risk of battery fires. But the batteries are expensive to research and difficult to manufacture at a large scale, giving them a reputation for being a Holy Grail for battery engineers all over the world.

Companies involved in the cryptocurrency industry, meanwhile, rose as the price of bitcoin continued to steam ahead with investors willing to take on more risk. Coinbase Global, the crypto exchange, climbed 3.1% as bitcoin topped $107,000.

All told, the S&P 500 edged down by 0.02 to 6,092.16 points. The Dow Jones Industrial Average fell 106.59 to 42,982.43, and the Nasdaq composite rose 61.02 to 19,973.55.

In the bond market, Treasury yields held relatively steady, and the yield on the 10-year Treasury eased to 4.28% from 4.30% late Tuesday.

Yields had dropped a day earlier after the chair of the Federal Reserve said it is waiting for the right moment to resume cutting interest rates. By lowering rates, the Fed could give the economy a boost, but it could also offer additional fuel for inflation.

Fed Chair Jerome Powell said again on Wednesday that he wants to wait and see how President Donald Trump’s tariffs affect the economy and inflation before committing to its next move. In testimony before a Senate committee, Powell echoed many of his statements from the day before, when he spoke at the House of Representatives, and he said, “For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance.”

In stock markets abroad, indexes fell modestly in Europe after rising across much of Asia.

Stocks jumped 1.2% in Hong Kong and 1% in Shanghai for two of the bigger moves.

“The world can now move on to face other difficult choices like tariffs and things like that,” said Frances Lun, CEO of GEO Securities in Hong Kong. “So I think the market is well on its way to rebound and could again reach new levels.”

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Specialist Dilip Patel, left, and trader Robert Charmak work on the floor of the New York Stock Exchange, Monday, June 23, 2025. (AP Photo/Richard Drew)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, June 25, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

A Wall Street sign hangs near to the New York Stock Exchange, Wednesday, June 18, 2025, in New York. (AP Photo/Yuki Iwamura)

A person stands in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, June 25, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

A person looks at an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, June 25, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

NEW YORK (AP) — Thousands of nurses in three hospital systems in New York City went on strike Monday after negotiations through the weekend failed to yield breakthroughs in their contract disputes.

The strike was taking place at The Mount Sinai Hospital and two of its satellite campuses, with picket lines forming. The other affected hospitals are NewYork-Presbyterian and Montefiore Medical Center in the Bronx.

About 15,000 nurses are involved in the strike, according to New York State Nurses Association.

“After months of bargaining, management refused to make meaningful progress on core issues that nurses have been fighting for: safe staffing for patients, healthcare benefits for nurses, and workplace violence protections,” the union said in a statement issued Monday. “Management at the richest hospitals in New York City are threatening to discontinue or radically cut nurses’ health benefits.”

The strike, which comes during a severe flu season, could potentially force the hospitals to transfer patients, cancel procedures or divert ambulances. It could also put a strain on city hospitals not involved in the contract dispute, as patients avoid the medical centers hit by the strike.

The hospitals involved have been hiring temporary nurses to try and fill the labor gap during the walkout, and said in a statement during negotiations that they would “do whatever is necessary to minimize disruptions.” Montefiore posted a message assuring patients that appointments would be kept.

“NYSNA’s leaders continue to double down on their $3.6 billion in reckless demands, including nearly 40% wage increases, and their troubling proposals like demanding that a nurse not be terminated if found to be compromised by drugs or alcohol while on the job," Montefiore spokesperson Joe Solmonese said Monday after the strike had started. "We remain resolute in our commitment to providing safe and seamless care, regardless of how long the strike may last.”

New York-Presbyterian accused the union of staging a strike to “create disruption,” but said in a statement that it has taken steps to ensure patients receive the care they need.

"We’re ready to keep negotiating a fair and reasonable contract that reflects our respect for our nurses and the critical role they play, and also recognizes the challenging realities of today’s healthcare environment,” the statement said.

The work stoppage is occurring at multiple hospitals simultaneously, but each medical center is negotiating with the union independently. Several other hospitals across the city and in its suburbs reached deals in recent days to avert a possible strike.

The nurses’ demands vary by hospital, but the major issues include staffing levels and workplace safety. The union says hospitals have given nurses unmanageable workloads.

Nurses also want better security measures in the workplace, citing incidents like a an incident last week, when a man with a sharp object barricaded himself in a Brooklyn hospital room and was then killed by police.

The union also wants limitations on hospitals’ use of artificial intelligence.

The nonprofit hospitals involved in the negotiations say they’ve been working to improve staffing levels, but say the union’s demands overall are too costly.

Nurses voted to authorize the strike last month.

Both New York Gov. Kathy Hochul and Mayor Zohran Mamdani had expressed concern about the possibility of the strike. As the strike deadline neared, Mamdani urged both sides to keep negotiating and reach a deal that “both honors our nurses and keeps our hospitals open.”

“Our nurses kept this city alive through its hardest moments. Their value is not negotiable,” Mamdani said.

State Attorney General Letitia James voiced similar support, saying "nurses put their lives on the line every day to keep New Yorkers healthy. They should never be forced to choose between their own safety, their patients’ well-being, and a fair contract.”

The last major nursing strike in the city was only three years ago, in 2023. That work stoppage, at Mount Sinai and Montefiore, was short, lasting three days. It resulted in a deal raising pay 19% over three years at those hospitals.

It also led to promised staffing improvements, though the union and hospitals now disagree about how much progress has been made, or whether the hospitals are retreating from staffing guarantees.

Nurses strike outside New York-Presbyterian Hospital, Monday, Jan. 12, 2026, in New York. (AP Photo/Yuki Iwamura)

Nurses strike outside New York-Presbyterian Hospital, Monday, Jan. 12, 2026, in New York. (AP Photo/Yuki Iwamura)

Nurses strike outside New York-Presbyterian Hospital, Monday, Jan. 12, 2026, in New York. (AP Photo/Yuki Iwamura)

Nurses strike outside New York-Presbyterian Hospital, Monday, Jan. 12, 2026, in New York. (AP Photo/Yuki Iwamura)

Nurses strike outside New York-Presbyterian Hospital, Monday, Jan. 12, 2026, in New York. (AP Photo/Yuki Iwamura)

Nurses strike outside Mount Sinai West Hospital, Monday, Jan. 12, 2026, in New York. (AP Photo/Yuki Iwamura)

Nurses strike outside Mount Sinai West Hospital, Monday, Jan. 12, 2026, in New York. (AP Photo/Yuki Iwamura)

Nurses strike outside Mount Sinai West Hospital, Monday, Jan. 12, 2026, in New York. (AP Photo/Yuki Iwamura)

Nurses strike outside Mount Sinai West Hospital, Monday, Jan. 12, 2026, in New York. (AP Photo/Yuki Iwamura)

FILE - A medical worker transports a patient at Mount Sinai Hospital, April 1, 2020, in New York. (AP Photo/Mary Altaffer, File)