US stocks swing and oil prices trim their jumps amid uncertainty about the US-Iran ceasefire

NEW YORK (AP) — Financial markets are moving cautiously Thursday, a day after surging on optimism about a ceasefire in the war with Iran, and U.S. stocks are rising even though oil prices are too.

The morning began with modest losses for Wall Street, following up on slides across much of Asia and Europe. But the S&P 500 erased its dip and was up by 0.5% in midday trading after Israel said it would begin direct negotiations with Lebanon “as soon as possible.” That calmed some of the worries that the two-week ceasefire announced late Tuesday could already be in trouble because of Israel's bombardment of Lebanon.

The Dow Jones Industrial Average was up by 238 points, or 0.5%, as of 12:15 p.m. Eastern time, and the Nasdaq composite was 0.7% higher after both indexes also erased early losses.

Oil prices pared some of their gains, but they nevertheless remained higher on the day after semiofficial news agencies in Iran suggested forces have mined the Strait of Hormuz. The narrow waterway has been at the center of President Donald Trump’s demands of Iran, and blockages there have kept oil and natural gas stuck in the Persian Gulf, away from customers worldwide.

The price for a barrel of benchmark U.S. crude rose 4% to $98.18. Brent crude, the international standard, added 1.1% to $95.79 per barrel. It’s still below the $119 level that it briefly reached when worries about the war reached their height, but it remains above its roughly $70 level from before the war.

Given how far apart the United States and Iran seem to be in their demands, upward pressure on oil prices may be “here to stay for a while” according to strategists at Macquarie led by Thierry Wizman. Risks remain for renewed fighting, which could cause customers worldwide to hoard whatever oil supplies they do get. That could itself keep oil off the market, much like actual fighting targeting pipelines or oil tankers.

On Wall Street, Constellation Brands climbed 6.5% for one of the market's bigger gains after reporting stronger results for the latest quarter than analysts expected. The company, which sells Modelo beer and Robert Mondavi wines, said it saw encouraging trends heading into its new fiscal year. But it pulled its financial forecasts for the following fiscal year because of “limited near-term visibility” and other factors.

CoreWeave rallied 4.3% after announcing an expanded, $21 billion deal with Meta Platforms to provide AI cloud capacity through December 2032. Meta rose 3.8%.

On the losing end of Wall Street was Simply Good Foods, which sank 19.5% after reporting a worse drop in revenue than analysts expected. CEO Joe Scalzo called the results unsatisfactory and said the company behind the Quest and Atkins brands is making immediate changes to turn around its performance.

A suite of mixed reports on the U.S. economy also helped to keep Wall Street in check. One said an underlying measure of inflation that the Federal Reserve considers important was slightly hotter in February than economists expected. It decelerated before the war with Iran began, but not by as much as economists expected.

A separate report said that more U.S. workers applied for unemployment benefits last week than economists expected. The number was not very high compared with history, but it could indicate an acceleration in layoffs.

Treasury yields swiveled up and down in the bond market following the reports, and the yield on the 10-year Treasury edged down to 4.27% from 4.29% late Wednesday.

The 10-year yield, though, remains well above its 3.97% level from before the war, which has sent rates up for mortgages and other kinds of loans going to U.S. households and businesses.

If oil prices stay high and keep upward pressure on inflation, the Federal Reserve would have difficulty resuming its cuts to interest rates to help the slowing economy, even if the job market weakens. A growing number of Fed officials seem to be considering the possibility of a hike in rates, according to minutes of their latest meeting released on Wednesday.

In stock markets abroad, South Korea’s Kospi fell 1.6%, and Germany’s DAX lost 1.1% for two of the world’s biggest moves.

AP Writers Chan Ho-him, Matt Ott and Aniruddha Ghosal contributed to this report.

Robert Greason works on the floor at the New York Stock Exchange in New York, Tuesday, April 7, 2026. (AP Photo/Seth Wenig)

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, April 9, 2026. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top center left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, April 9, 2026. (AP Photo/Ahn Young-joon)

A currency trader works near a screen showing international oil prices at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, April 9, 2026. (AP Photo/Ahn Young-joon)

NEW YORK (AP) — A former New York City police sergeant was sentenced Thursday to three to nine years in prison for tossing a picnic cooler full of drinks at a fleeing suspect, who then crashed his motorized scooter and died.

The ex-officer, Erik Duran, was convicted of manslaughter in the 2023 death of Eric Duprey. The former sergeant said he was trying to protect other officers from the approaching scooter.

“I took this job to save lives. I felt terrible once I saw Eric Duprey crash," Duran told the court Thursday, saying he “did everything he could” to attend to the man's injuries.

“I never wanted this to happen,” he added, addressing Duprey's family directly in Spanish that a court interpreter translated.

Duprey's mother, Gretchen Soto, wept as the ex-officer spoke . She had told the court a half-hour earlier: "There are no words to express what I feel.”

Judge Guy Mitchell said he did not accept the ex-sergeant’s defense that his actions were justified.

“It is the court’s belief that the defendant, Sgt. Duran, was upset that Mr. Duprey was getting away” and reacted by hurling the cooler, Mitchell said.

Duran was immediately taken into custody after sentencing. His lawyer, Arthur Aidala, said he will ask an appeals court for bail pending appeal, which would allow Duran to be freed while he challenges his conviction.

"Nobody’s above the law” a woman in the hallway outside court shouted after the sentence was announced.

Afterward, Soto and partner, Pearl Velez, said they did not accept Duran’s apology.

“How you gonna say sorry now?” Velez said.

The case has animated police on one hand and accountability activists on the other. Duran's union, the Sergeants Benevolent Association, says thousands of officers have signed an online petition calling for him to be spared prison.

Officers in New York Police Department jackets streamed down a Bronx courthouse hallway ahead of the sentencing Thursday, while a couple of dozen protesters demonstrated outside to demand justice for Duprey.

Prosecutors with state Attorney General Letitia James’ office sought a three-to-nine-year prison sentence for Duran, saying he recklessly caused Duprey's death.

“He did that while on duty,” then attempted to cover up his actions, prosecutor Joseph Bianco told the court.

Duran and his lawyers had not yet had their chance to speak.

Duran was part of a narcotics policing group that conducted a “buy-and-bust” operation in the Bronx on Aug. 23, 2023. Police said Duprey sold drugs to an undercover officer, then tried to flee on a scooter.

Surveillance video showed Duprey driving the motorized scooter on a sidewalk toward a group of people. As he approached, the then-sergeant — who wasn't in uniform — picked up a bystander's cooler and threw it.

The container full of ice, water and sodas struck Duprey. He lost control of the scooter, slammed into a tree and crashed onto the pavement. Duprey, 30, wasn't wearing a helmet. He sustained fatal head injuries and died almost instantly, according to prosecutors.

They argued Duran had enough time to warn others to move but instead hurled the cooler because he was angry.

Duran, however, testified at his trial that he made a split-second decision to keep other officers safe from the scooter speeding toward them.

“He was gonna crash into us,” Duran said then, adding “all I had time for was to try again to stop or to try to get him to change directions.”

Duran opted to have Mitchell, not a jury, decide the case.

Sergeants Benevolent Association President Vincent Vallelong has said the conviction sent “a terrible message to hard-working cops” about the costs of defending themselves and fellow officers.

Duran was an NYPD officer for 13 years before he was suspended after the crash. He was dismissed from the force after his conviction this past February.

Duprey worked as a delivery driver and had three young children. His mother, Gretchen Soto, who said she was on a video call with him right before he died, has disputed the police claims that he sold drugs and fled from officers.

She told the judge Thursday her son “is not just a name, not just one more case.”

“It is an unjust incident," Soto said through a Spanish interpreter. "As a mother, I have to miss him now every day.”

Associated Press writer Jennifer Peltz contributed to this report.

Former New York City police sergeant Erik Duran is seated during his sentencing hearing at the Bronx County Hall of Justice Thursday, April 9, 2026, New York, for tossing a picnic cooler full of drinks at a fleeing suspect, Eric Duprey, who then crashed his motorized scooter and died. (AP Photo/Michael R. Sisak)

Demonstrators stand outside the Bronx County Hall of Justice in New York, Thursday, April 9, 2026, where former New York City police sergeant Erik Duran is set to be sentenced for tossing a picnic cooler full of drinks at a fleeing suspect, Eric Duprey, who then crashed his motorized scooter and died. (AP Photo/David Martin)

FILE - Gretchen Soto, the mother of Eric Duprey, speaks outside the Bronx Criminal Court in New York, Feb. 6, 2026, after New York police officer Erik Duran was convicted of manslaughter after he tossed a picnic cooler filled with drinks at a fleeing Duprey, causing him to fatally crash his motorized scooter. (AP Photo/Kena Betancur, File)

FILE - New York police officer Erik Duran, who is charged with hurling a plastic cooler at a man fleeing officers on a motorized scooter, causing a crash that killed the driver, arrives to his manslaughter trial at the Bronx Criminal Court in New York, Feb. 6, 2026. (AP Photo/Kena Betancur, File)