US stock market remains calm, even as oil prices rise

NEW YORK (AP) — The U.S. stock market remained calm Wednesday, even as the price of oil got back to rising.

The S&P 500 edged down 0.1% for a second day of modest moves following what had been a wild stretch caused by the war with Iran. The Dow Jones Industrial Average dropped 289 points, or 0.6%, and the Nasdaq composite rose 0.1%.

Since the start of the war, sharp moves for oil prices have triggered swings up and down for financial markets worldwide, sometimes by the hour. Oil prices briefly spiked to their highest levels since 2022 this week because of the possibility that production in the Middle East could be blocked for a long time, which in turn raised worries about a surge of debilitating inflation for the global economy.

The International Energy Agency said Wednesday that its members will release a record amount of oil, 400 million barrels, from stockpiles they’ve set aside for emergencies. Such moves push downward on oil prices in the near term, but it will likely require a full resumption of the flow of oil and natural gas from the Persian Gulf area to fully ease the market. That has investors worldwide anxiously awaiting the end of the war.

The price for a barrel of Brent crude, the international standard, rose 4.8% to settle at $91.98. A barrel of benchmark U.S. crude gained 4.6% to $87.25.

Worries are centered on the Strait of Hormuz, a narrow waterway off Iran’s coast where a fifth of the world’s oil sails on a typical day. The war has halted most of that traffic, which means storage tanks for crude in the region are filling up because the oil has nowhere else to go. That in turn is pushing oil producers to say they’re cutting their output.

The United States said it took out more than a dozen minelaying Iranian vessels Tuesday, and the Islamic Republic vowed to block the region’s oil exports, saying it would not allow “even a single liter” to be shipped to its enemies.

All this is happening at a time when inflation was already relatively high in the United States. A report released Wednesday showed that U.S. consumers paid prices for groceries, gasoline and other costs of living that were 2.4% higher in February than a year earlier.

To be sure, that inflation rate was the same as the prior month’s and better than the 2.5% that economists expected, but it remains above the 2% target the Federal Reserve has set for the economy. It also doesn’t include the spike in gasoline prices that’s happened this month because of the war.

“Looking forward, we expect a spring bulge in inflation due to the spike in energy prices tied to the Iran war, the duration of which will dictate the landing spot for headline inflation by year end,” according to Gary Schlossberg, global strategist at Wells Fargo Investment Institute.

High inflation combined with a stagnating economy would create a worst-case scenario called “stagflation” that the Federal Reserve has no good tools to fix. Stagflation fears are rising not just because of higher oil prices but also because of weakness in hiring by U.S. employers.

On Wall Street, the majority of stocks fell. Campbell’s sank 7.1% after the soup company reported a weaker profit for the latest quarter than analysts expected. It was hurt by struggles for its snack business, and it cut its forecasts for revenue and profit this fiscal year.

Helping to limit Wall Street’s losses was Oracle, which jumped 9.2%. The tech giant reported stronger profit and revenue for the latest quarter than analysts expected. It also raised its forecast for revenue growth next fiscal year, in part because of demand for cloud computing for artificial-intelligence training and inferencing.

All told, the S&P 500 fell 5.68 points to 6,775.80. The Dow Jones Industrial Average dropped 289.24 to 47,417.27, and the Nasdaq composite rose 19.03 to 22,716.13.

In stock markets abroad, indexes fell in Europe following better performances in Asia. Germany’s DAX lost 1.4%, while Japan’s Nikkei 225 rose 1.4%.

In the bond market, Treasury yields rose because of the upward pressure from higher oil prices. The yield on the 10-year Treasury climbed to 4.22% from 4.15% late Tuesday, a notable move for the bond market. Higher yields crank up the pressure on other investments, pushing downward on their prices.

Because of the spike for oil prices, traders have pushed back forecasts for when the Fed could resume its cuts to interest rates. President Donald Trump has been angrily calling for such cuts, which would give the economy and job market a boost but also potentially worsen inflation.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Traders work on the floor at the New York Stock Exchange in New York, Tuesday, March 10, 2026. (AP Photo/Seth Wenig)

Gennaro Saporito works on the floor at the New York Stock Exchange in New York, Friday, March 6, 2026. (AP Photo/Seth Wenig)

Traders work on the floor at the New York Stock Exchange in New York, Friday, March 6, 2026. (AP Photo/Seth Wenig)

Federico DeMarco works on the floor at the New York Stock Exchange in New York, Tuesday, March 10, 2026. (AP Photo/Seth Wenig)

Drew Cohen works on the floor at the New York Stock Exchange in New York, Tuesday, March 10, 2026. (AP Photo/Seth Wenig)

Traders work on the floor at the New York Stock Exchange in New York, Tuesday, March 10, 2026. (AP Photo/Seth Wenig)

Currency traders work at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Tuesday, March 10, 2026. (AP Photo/Ahn Young-joon)

A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI), rear center, and the foreign exchange rate between U.S. dollar and South Korean won, rear left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Tuesday, March 10, 2026. (AP Photo/Ahn Young-joon)

LAKE FOREST, Ill. (AP) — When it comes to choosing a direction in the NFL draft, the Chicago Bears have some flexibility.

And if they can replicate last year's success, they'll really be in good shape.

“We feel prepared. We put in the time,” general manager Ryan Poles said on Tuesday. “When we’re on the clock, I’ve got a ton of confidence things are going to work out just the way we planned them to be. If things start to shift and move, we’re agile enough to make adjustments if that’s moving up, moving back, we’ll be ready for anything that comes our way.”

The Bears have seven picks in the draft, starting at No. 25 on Thursday, as they try to build on a breakthrough season.

Chicago went from finishing last in the NFC North to capturing the division championship with an 11-6 record in coach Ben Johnson's first year. Quarterback Caleb Williams made big strides in his second season and threw for a franchise-record 3,942 yards.

The Bears advanced in the playoffs for the first time in 15 years by beating the rival Green Bay Packers in a wild-card game before losing an overtime thriller to the Los Angeles Rams in the divisional round.

It was quite a ride for the team and the fans. A big part of that success was what happened on draft weekend, and the Bears hope to do it again.

Poles drafted four big contributors on offense last year. He took tight end Colston Loveland with the No. 10 pick, added receiver Luther Burden and offensive lineman Ozzy Trapilo in the second round and selected running back Kyle Monangai in the seventh.

Loveland led Chicago in receptions (58) and yards (713) and tied for the team lead in touchdown catches (six). Trapilo played in 14 regular-season games before tearing the patella tendon in his left knee in the wild-card win over Green Bay, an injury that is expected to keep him out for most of next season.

The speedy Burden had 652 yards receiving, and Monangai ran for 783 while forming a productive tandem with D’Andre Swift.

Can this year's picks have a similar impact, particularly on the defense?

“Colston Loveland shows up every week," assistant general manager Jeff King said. “Luther Burden shows up in big games at critical moments. Kyle Monangai carried the load when we had to lean on him. Right? That goes to more the character than the talent. And they’re really talented. So. Yeah, if it lines up like that defensively, sure. But we’re going to have to not lean on last year. We have to divorce ourselves from that success and start over.”

The Bears had just 35 sacks last season. Their only player in double digits was Montez Sweat with 10, and no one else had more than six.

Chicago also lost its top four safeties in free agency, including three-time All-Pro Kevin Byard and Jaquan Brisker. The Bears did sign former Seattle Seahawk Coby Bryant, but they could still use help there.

King said they won't necessarily be drafting for need.

“If it’s equal, the need may come into play here or there," he said. “But at the end of the day, you’re not going to go wrong by taking the best football player. I think we all agree with that.”

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