NEW YORK (AP) — The U.S. stock market is edging back from its all-time high Thursday following mixed profit reports from Tesla and other big companies. Oil prices, meanwhile, are swinging higher on continued uncertainty about what will happen next in the war with Iran.
The S&P 500 slipped 0.1% following a big rally that erased all its losses because of the war and then carried it to records. The Dow Jones Industrial Average was down 71 points, or 0.1%, as of 10:15 a.m. Eastern, and the Nasdaq composite was 0.5% lower after setting its own record.
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Trader Edward Curran works on the floor of the New York Stock Exchange, Wednesday, April 22, 2026. (AP Photo/Richard Drew)
The sun rises behind tankers anchored in the Strait of Hormuz off the coast of Qeshm Island, Iran, Saturday, April 18, 2026. (AP Photo/Asghar Besharati)
A board above trading floor of the New York Stock Exchange displays the closing number for the Dow Jones industrial average, Wednesday, April 22, 2026. (AP Photo/Richard Drew)
A person takes a photo of an electronic stock board showing Japan's Nikkei index outside a securities firm Thursday, April 23, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, April 23, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
A person stands in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, April 23, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
A person looks at an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, April 23, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
Tesla dragged on the market and fell 4.3% even though it reported better results for the latest quarter than analysts expected. Investors may be focusing instead on Tesla’s increased forecast for spending this year, as it builds factories to make robots and other products.
“You should expect to see a very significant increase in capital expenditures,” Elon Musk told investors late Wednesday, “but I think well justified for a substantially increased future revenue stream.”
ServiceNow dropped even more, 16.2%, even though its results for the latest quarter matched analysts’ expectations. The company has been under pressure, along with much of the broad software industry, because of worries that rivals powered by artificial-intelligence technology could undercut its business.
Analysts said investors may have also been underwhelmed by its forecast for a declaration in growth for an important measure of revenue.
Texas Instruments helped limit Wall Street's losses after breezing past analysts' expectations for profit in the latest quarter. CEO Haviv Ilan said the semiconductor company is benefiting from growth led by industrial and data center customers, and it gave forecasts for profit and revenue in the spring that cleared analysts' estimates.
The 16.6% leap for Texas Instrument's stock was the strongest single force pushing upward on the S&P 500.
In the oil market, prices swung higher as uncertainty continues about what will happen with the Strait of Hormuz. A ceasefire is still in place between the United States and Iran, but oil tankers aren’t able to get through the narrow waterway off Iran's coast to exit the Persian Gulf and reach customers.
The U.S. military on Thursday seized another tanker associated with the smuggling of Iranian oil, ratcheting up the standoff a day after Iran’s paramilitary Revolutionary Guards took control of two vessels in the strait. President Donald Trump also said Thursday he ordered the U.S. military to “shoot and kill” small Iranian boats that deploy mines to gum up traffic in the strait.
The price for a barrel of Brent crude, the international standard, rose 1% to $102.97 after bouncing between roughly $101 and $106 overnight. It’s unclear whether U.S.-Iran peace talks, previously hosted by Pakistan, would resume anytime soon.
More expensive oil has hurt airlines in particular because of the industry's already big fuel bills, and stocks diverged in the industry following the latest profit reports.
American Airlines Group rose 4% after reporting better profit and revenue for the latest quarter than analysts expected. Even though winter storms hurt its revenue during the first three months of the year, American said demand was strong for flights, and it saw the nine best weeks for revenue intake in its 100-year history.
Southwest Airlines, though, lost 2.2% after reporting weaker quarterly results than analysts expected. It said it would not give an updated forecast for profit this year because of “the ongoing macroeconomic uncertainty.”
Also on the losing end of Wall Street was IBM, which sank 9.7% despite reporting better profit and revenue for the latest quarter than expected. Analysts said investors were focusing on some potentially discouraging numbers underneath the surface, including decelerating growth in trends for its software business.
In stock markets abroad, indexes fell across much of Europe and Asia. Hong Kong’s Hang Seng fell 0.9%, and Japan’s Nikkei 225 sank 0.7% for two of the bigger losses.
South Korea’s Kospi climbed 0.9% after the government reported better-than-expected economic growth for the start of the year, boosted by strong exports, particularly of computer chips used in the AI boom. Semiconductor supplier SK Hynix said its revenue for the latest quarter jumped more than analysts expected largely because of AI-related demand.
In the bond market, the yield on the 10-year Treasury edged down to 4.29% from 4.30% late Wednesday.
A report in the morning said slightly more U.S. workers applied for unemployment benefits last week, but the number is still at a historically healthy level. A separate, preliminary report on U.S. business output from S&P Global also suggested growth is improving a bit from its near-stagnation seen in March.
AP Business Writers Chan Ho-him and Matt Ott contributed to this report.
Trader Edward Curran works on the floor of the New York Stock Exchange, Wednesday, April 22, 2026. (AP Photo/Richard Drew)
The sun rises behind tankers anchored in the Strait of Hormuz off the coast of Qeshm Island, Iran, Saturday, April 18, 2026. (AP Photo/Asghar Besharati)
A board above trading floor of the New York Stock Exchange displays the closing number for the Dow Jones industrial average, Wednesday, April 22, 2026. (AP Photo/Richard Drew)
A person takes a photo of an electronic stock board showing Japan's Nikkei index outside a securities firm Thursday, April 23, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, April 23, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
A person stands in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, April 23, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
A person looks at an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, April 23, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
The Orlando-Detroit game was tied at the half. The Phoenix-Oklahoma City game had an eight-point margin at the break.
And then everything changed in a hurry.
Third quarters were the deciders on Wednesday night in the NBA playoffs. Detroit started the second half on a 30-3 run to turn a tight game into a runaway, and Oklahoma City ended the third quarter on an 18-7 run that gave the Thunder a 23-point lead headed into the fourth.
Thursday's schedule features three games: Cleveland will seek a 3-0 series lead when it goes to Toronto, while New York goes to Atlanta and Denver goes to Minnesota — the winners of those two games set to take 2-1 leads in those matchups.
— Pistons 98, Magic 83 to tie series 1-1. Detroit's intensity was cranked up.
— Thunder 120, Suns 107 for a 2-0 series lead. Jalen Williams hurt his hamstring.
Referee Natalie Sago has been assigned to work Game 3 of the New York-Atlanta series on Thursday night. She'll become the third woman to officiate an NBA playoff game, after Violet Palmer and Ashley Moyer-Gleich.
Sago has been an alternate official and had assignments in the NBA's Replay Center during this postseason. Thursday's game — which she'll work alongside Marc Davis and Nick Buchert — is her first playoff on-court assignment.
The other first-time playoff referee chosen for these playoffs, Jason Goldenberg, made his on-court postseason debut Wednesday night as part of the crew working the Phoenix-Oklahoma City game.
— Edgecombe's wink is a sign he's arrived
— Road teams are pushing back in playoffs
— Wolves' Gobert challenging Nuggets' Jokic
— Billy Donovan steps down as Chicago's coach
— Warriors bracing for Kerr's possible departure
— NBA individual awards finalists are announced
— Some news and notes going into the postseason
— Playoff preview: Thunder seeking another title
— Heat equipment manager needs organ transplants
— The view from Vegas says the West is the best
Awards season is in full swing in the NBA, with San Antonio's Keldon Johnson — the Sixth Man of the Year — the latest winner.
A breakdown on where things stand:
— On Monday, San Antonio's Victor Wembanyama — just 22 years old — became the youngest Defensive Player of the Year, and the first to win the award in a unanimous vote.
— On Tuesday, Oklahoma City's Shai Gilgeous-Alexander nearly became the first unanimous winner of the Clutch Player of the Year award. He got 96 of a possible 100 first-place votes.
— On Wednesday, Johnson topped Miami's Jaime Jaquez Jr. for Sixth Man of the Year, getting 63 first-place votes.
The finalists were unveiled Sunday night, led by the top three in the MVP voting — the reigning winner in Gilgeous-Alexander, three-time winner Nikola Jokic of Denver and Wembanyama, a first-time finalist.
The schedule for upcoming announcements:
— Thursday, Sportsmanship Award (Noon EDT, https://x.com/NBAPR). Finalists, with one player from each division: Miami’s Bam Adebayo (Southeast); San Antonio’s Harrison Barnes (Southwest); Gilgeous-Alexander (Northwest); Golden State’s Al Horford (Pacific); Indiana’s T.J. McConnell (Central); Boston’s Derrick White (Atlantic).
— Friday, Most Improved Player (6:30 p.m. EDT, Prime). Finalists: Nickeil Alexander-Walker, Atlanta; Deni Avdija, Portland; Jalen Duren, Detroit.
And the announcements that won’t be until next week, at the earliest:
— MVP: Gilgeous-Alexander; Jokic; Wembanyama.
— Coach of the Year: J.B. Bickerstaff, Detroit; Mitch Johnson, San Antonio; Joe Mazzulla, Boston.
— Rookie of the Year: VJ Edgecombe, Philadelphia; Cooper Flagg, Dallas; Kon Knueppel, Charlotte.
7 p.m. EDT — Game 3, New York at Atlanta (Prime Video)
8 p.m. EDT — Game 3, Cleveland at Toronto (Prime Video)
9:30 p.m. EDT — Game 3, Denver at Minnesota (Prime Video)
7 p.m. EDT — Game 3, Boston at Philadelphia (Prime Video)
8 p.m. EDT — Game 3, LA Lakers at Houston (Prime Video)
10:30 p.m. EDT — Game 3, San Antonio at Portland (Prime Video)
1 p.m. EDT — Game 3, Detroit at Orlando (Peacock/NBCSN)
3:30 p.m. EDT — Game 3, Oklahoma City at Phoenix (NBC/Peacock)
6 p.m. EDT — Game 4, New York at Atlanta (NBC/Peacock)
8:30 p.m. EDT — Game 4, Denver at Minnesota (ABC)
The defending champion Oklahoma City Thunder (-120) are bigger favorites to win the NBA title than they’ve been since the postseason began, according to oddsmakers.
The Thunder went below the even-money line after San Antonio's Victor Wembanyama left Game 2 of the Spurs' series against Portland with a concussion, leaving his status — at least for Game 3 on Friday — a bit uncertain.
The Thunder are followed by San Antonio (+550), Boston (+650), Cleveland (+1300), Denver (+1500), Detroit (+2200) and New York (+2200). The Los Angeles Lakers — who were among the favorites before Luka Doncic and Austin Reaves got hurt, then saw their odds soar to as much as +30000 — are now back to +4000.
— May 2, 3 or 4: Conference semifinals begin.
— May 10: NBA draft lottery.
— May 10-17: NBA draft combine.
— May 17 or 19: Eastern Conference finals begin on ESPN and ABC.
— May 18 or 20: Western Conference finals begin on NBC and Peacock.
— June 3: Game 1, NBA Finals on ABC. (Other finals dates: June 5, June 8, June 10, June 13, June 16 and June 19).
— June 23: Round 1, NBA draft
— June 24: Round 2, NBA draft
— “It’s bad for the sport, bad for the integrity of the sport. People are going to start viewing this as the WWE if they’re not held responsible. ... I know I haven’t won a championship in this league but I have been in it for 11 years now, so to get to this point, to be treated like that, for me to even be saying something out loud, it’s bad." — Phoenix's Devin Booker, airing frustration with referees after getting assessed a technical foul in the Suns' loss to Oklahoma City on Wednesday night.
We devote this edition entirely to the 6,539-day span between home playoff wins for the Pistons, a nearly 18-year run that finally ended Wednesday night.
— Every other team in the league had home playoff wins in that span. Boston (78), Golden State (68) and Miami (65) had the most, while New Orleans (6), Sacramento (2) and Charlotte (2) had the fewest.
— The Pistons had 193 different players appear in at least one game during those 18 years.
— They had 10 different coaches in that span.
— They've played home games in five different cities in that span: Auburn Hills, Detroit and — in a bit of a technicality, yes — one home game each in London, Mexico City and Paris, too.
AP NBA: https://apnews.com/nba
San Antonio Spurs guard De'aaron Fox (4) drives to the basket past Portland Trail Blazers forward Jerami Grant, left, during the second half in Game 1 of a first-round NBA playoffs basketball series in San Antonio, Sunday, April 19, 2026. (AP Photo/Eric Gay)
Toronto Raptors forward Scottie Barnes (4) blocks a shot by Cleveland Cavaliers center Jarrett Allen (31) in the second half in Game 2 of a first-round NBA basketball playoffs series in Cleveland, Monday, April 20, 2026. (AP Photo/Sue Ogrocki)
San Antonio Spurs forward Victor Wembanyama (1) sits on the court after a hard fall during the first half in Game 2 of a first-round NBA playoffs basketball series against the Portland Trail Blazers in San Antonio, Tuesday, April 21, 2026. (AP Photo/Eric Gay)
Cleveland Cavaliers guard Donovan Mitchell (45) gestures to the crowd in the first half in Game 2 of a first-round NBA basketball playoffs series against the Toronto Raptors in Cleveland, Monday, April 20, 2026. (AP Photo/Sue Ogrocki)
Toronto Raptors guard Ja'kobe Walter (14) and Cleveland Cavaliers guard Donovan Mitchell (45) reach for the ball in the second half in Game 2 of a first-round NBA basketball playoffs series in Cleveland, Monday, April 20, 2026. (AP Photo/Sue Ogrocki)
San Antonio Spurs forward Victor Wembanyama (1) drives past Portland Trail Blazers forward Toumani Camara (33) during the second half in Game 1 of a first-round NBA playoffs basketball series in San Antonio, Sunday, April 19, 2026. (AP Photo/Eric Gay)
Los Angeles Lakers forward LeBron James, left, talks to his son guard Bronny James during the first half in Game 1 of a first-round NBA playoffs basketball series against the Houston Rockets, Saturday, April 18, 2026, in Los Angeles. (AP Photo/Mark J. Terrill)
Orlando Magic forward Franz Wagner (22) and forward Tristan da Silva (23) celebrate after a win over the Detroit Pistons in Game 1 of a first-round NBA basketball playoffs series, Sunday, April 19, 2026, in Detroit. (AP Photo/Duane Burleson)
Golden State Warriors guard Stephen Curry celebrates after scoring during the second half of an NBA play-in tournament basketball game against the against the Los Angeles Clippers, Wednesday, April 15, 2026, in Inglewood, Calif. (AP Photo/Mark J. Terrill)
Miami Heat center Bam Adebayo (13) lies on the court during the first half of an NBA play-in tournament basketball game against the Charlotte Hornets in Charlotte, N.C., Tuesday, April 14, 2026. (AP Photo/Nell Redmond)
Los Angeles Clippers owner Steve Ballmer watches in the closing minutes of an NBA play-in tournament basketball game between the Clippers and the Golden State Warriors Wednesday, April 15, 2026, in Inglewood, Calif. (AP Photo/Mark J. Terrill)
Los Angeles Lakers forward LeBron James looks to make a pass during the first half of an NBA basketball game against the Utah Jazz, Sunday, April 12, 2026, in Los Angeles. (AP Photo/Jayne Kamin-Oncea)
Golden State Warriors guard Stephen Curry (30) shoots against the Los Angeles Clippers during the second half of an NBA basketball game, Sunday, April 12, 2026, in Inglewood, Calif. (AP Photo/Ethan Swope)
