US stocks drift as their record-breaking rally slows, while oil prices rise

NEW YORK (AP) — The U.S. stock market’s record-breaking rally is slowing on Monday after uncertainty rose over the weekend about what will happen next in the Iran war, while oil prices are rising.

The S&P 500 was virtually unchanged, coming off its latest all-time high driven by strong profit reports from U.S. companies and hopes that the United States and Iran can avoid a worst-case scenario for the economy because of their war. The Dow Jones Industrial Average was down 7 points, or less than 0.1%, as of 10 a.m. Eastern time, and the Nasdaq was 0.2% lower after setting its own record.

The moves were stronger in the oil market, where prices climbed roughly 2% as tankers still find the Strait of Hormuz effectively closed. That’s keeping crude stuck in the Middle East and away from customers worldwide, including crude produced by Iran that’s being blockaded by the U.S. Navy.

Iran has offered to reopen the strait if the United States ends its blockade, while proposing that discussions on the larger question of its nuclear program would come in a later phase. But U.S. President Donald Trump seems unlikely to accept the offer, which was passed to the Americans by Pakistan.

Over the weekend, Trump told U.S. envoys not to go to Pakistan, which has been playing a crucial mediating role. By saying the Iranians could call Washington with any proposal, Trump appeared to signal he’s content to try to continue to squeeze Iran with the blockade.

The price for a barrel of Brent crude to be delivered in June climbed 2.2% to $107.60. Brent to be delivered in July, which is where more of the trading is happening in the oil market, rose 2.3% to $101.38 per barrel.

Brent prices were at only roughly $70 per barrel before the war and have briefly shot above $119 a couple times when fears about the war have hit their heights.

Most big U.S. companies have nevertheless been reporting profits for the start of 2026 that have topped analysts’ expectations. That’s helped the S&P 500 jump nearly 13% since hitting a low in late March.

Verizon Communications joined the list, and its stock climbed 4.1% after the company said it added more postpaid phone customers than it lost during a first quarter for the first time since 2013. It also raised its forecast for profit growth this year, even though its revenue for the first quarter fell short of analysts’ expectations.

Domino’s Pizza helped drag on the market and fell 9.8% after it reported weaker profit and revenue for the latest quarter than analysts expected.

Several of Wall Street’s most influential stocks are scheduled to deliver their own profit reports this week, including Alphabet, Amazon, Meta Platforms and Microsoft all on Wednesday. Apple will report on Thursday.

In the bond market, Treasury yields held relatively steady even with the rise in oil prices. The yield on the 10-year Treasury note remained at 4.31%, where it was late Friday.

The Federal Reserve will announce its latest move on interest rates Wednesday, and the consensus expectation among traders is that it will hold rates steady. Lower rates would give the economy a boost, but they would also threaten to worsen inflation when oil prices are in flux and tariffs are also threatening to raise prices.

Wednesday will likely be the final meeting where Chair Jerome Powell will lead the Fed. His term as chair is scheduled to expire next month, and Trump has already named a nominee for his replacement, Kevin Warsh.

The European Central Bank, Bank of Japan and Bank of England will also be announcing their own rate decisions this week.

In stock markets abroad, indexes were mixed in Europe following a stronger finish in Asia. South Korea’s Kospi jumped 2.2%, and Japan’s Nikkei 225 rose 1.4% for two of the world’s bigger moves.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed to this report.

Trader Thomas Ferrigno, left, and specialist Dilip Patel work on the floor of the New York Stock Exchange, Thursday, April 23, 2026. (AP Photo/Richard Drew)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, April 27, 2026. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, April 24, 2026. (AP Photo/Ahn Young-joon)

Trader Justin Flinn works on the floor of the New York Stock Exchange, Thursday, April 23, 2026. (AP Photo/Richard Drew)

Currency traders watch monitors near 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, Monday, April 27, 2026. (AP Photo/Ahn Young-joon)

A currency trader watches monitors 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, Friday, April 24, 2026. (AP Photo/Ahn Young-joon)

Options trader Matthew Hefter, center, works on the floor of the New York Stock Exchange, Thursday, April 23, 2026. (AP Photo/Richard Drew)

OKLAHOMA CITY--(BUSINESS WIRE)--Apr 27, 2026--

MidFirst Bank, the nation’s largest family-owned bank, held its Community Connection Event on Tuesday, April 21, 2026 at its Oklahoma City campus. The event connected MidFirst employees with local nonprofit organizations, celebrating the Bank’s commitment to giving back to the communities it serves and creating lasting community impact.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260427530851/en/

The event featured ten nonprofit organizations across MidFirst Bank’s five giving pillars: education and family services, health and research, arts and culture, environmental stewardship, and economic development. Employees learned the many ways these organizations are impacting the community and the volunteer opportunities they offer to get involved and make a difference. Participating organizations included the American Red Cross, Arts Council OKC, Boys & Girls Club of OKC, City Rescue, Infant Crisis Center, OKC Beautiful, Oklahoma Council for Economic Education (OCEE), Pivot, Regional Food Bank of Oklahoma and United Way.

The event also featured a Financial Education table hosted by Emily Schwartz, MidFirst Bank's Director of Financial Education, in partnership with the OCEE. MidFirst Bank has partnered with many of the participating organizations for years, including an 18-year partnership with Infant Crisis Services. These longstanding relationships demonstrate MidFirst Bank’s sustained commitment to strengthening the communities it serves.

“At MidFirst Bank, giving back isn’t just something we do. It’s who we are,” said Todd Dobson, Chief Executive Officer of MidFirst Bank. “Year after year, our team members show up for the community with remarkable generosity, volunteering thousands of hours to strengthen the communities where we live and work. The Community Connection Event is a celebration of that spirit and a reminder that the impact our employees make beyond our walls is equally as important as the work they do inside them. We are proud to foster a culture where service is encouraged, and we look forward to seeing that commitment grow.”

MidFirst gives each full-time employee paid volunteer time annually, supplemented by a robust calendar of company-organized volunteer opportunities. MidFirst employees’ volunteer hours across the country are a testament to the Bank’s dedication to community engagement.

About MidFirst Bank

With over $42 billion in assets, Oklahoma City‑based MidFirst Bank is the largest privately owned bank in the United States. MidFirst operates banking locations in Oklahoma, Arizona, California, Colorado, Nevada, Texas and Utah, and provides commercial lending, wealth management, private banking and mortgage servicing nationwide.

MidFirst demonstrates a strong commitment to community investment through philanthropy, volunteerism and partnerships with organizations that advance healthcare, education, and civic development in the markets it serves. For more information on MidFirst Bank visit midfirst.com.

MidFirst Bank Celebrates Employee Volunteerism and Community Impact with Community Connection Event

MidFirst Bank Celebrates Employee Volunteerism and Community Impact with Community Connection Event

MidFirst Bank Celebrates Employee Volunteerism and Community Impact with Community Connection Event

MidFirst Bank Celebrates Employee Volunteerism and Community Impact with Community Connection Event

MidFirst Bank Celebrates Employee Volunteerism and Community Impact with Community Connection Event