Oil prices keep swinging, and so do stocks worldwide

NEW YORK (AP) — Oil prices and stock markets worldwide swung through a shaky Monday with uncertainty about what will happen with the Iran war.

The S&P 500 swiveled between gains and losses before finishing with a dip of 0.1%, its second loss since setting an all-time high last week. The Dow Jones Industrial Average added 159 points, or 0.3%, and the Nasdaq composite fell 0.5% after both indexes likewise yo-yoed.

Stock prices moved in the opposite direction of oil prices, which have been twitchy because of uncertainty about how long the Iran war will keep the Strait of Hormuz closed and prevent oil tankers from delivering crude. The price for a barrel of Brent crude oil, the international standard, went from a high of $112 overnight to below $107 in the morning before turning back higher.

After settling at $112.10 per barrel, Brent’s price then fell back below $109 after President Donald Trump said late in the day that he would hold off on a military attack on Iran planned for Tuesday, at the request of allies in the region. That kept alive hopes that a deal to open the Strait of Hormuz may still be possible.

The moves for oil prices have helped make the world’s bond markets the center of the action recently. Climbing yields there have cranked up the pressure on economies and stock markets worldwide.

Higher yields make it more expensive for households and businesses to borrow, which U.S. homebuyers know because of higher mortgage rates. Higher interest rates could also make it more difficult for companies to borrow to build data centers for artificial-intelligence technology, which has been driving much of the U.S. economy’s growth.

In the bond market, the yield on the 10-year Treasury got as high as 4.63% before falling back to 4.59%, where it was late Friday. The yield on the 10-year Japanese government bond rallied toward its highest level since the late 1990s.

Yields worldwide have been climbing on fears about higher inflation caused by higher oil prices, which could push central banks not only to abandon the possibility of cutting interest rates but also consider hiking rates. Higher rates would slow inflation at the cost of hurting the economy and dragging on prices for stocks and other investments.

Several solid reports on the U.S. economy recently, along with worries about the U.S. government’s huge and growing debt problem, are also pushing upward on yields.

On Wall Street, Regeneron Pharmaceuticals dropped 9.8% to help lead the U.S. stock market lower after reporting discouraging data from a trial of a treatment for melanoma.

NextEra Energy fell 4.6% after agreeing to buy Dominion Energy in an all-stock deal to create the world’s largest regulated electric utility by market value. Dominion rallied 9.4%.

Delta Air Lines finished essentially flat after swinging up and down through the day because of oil prices. It got a boost early following news that Berkshire Hathaway bought more than $2.6 billion of the airline’s stock. Berkshire Hathaway built a reputation as a value investor able to buy stocks at low prices under its former leader, Warren Buffett.

Boston Scientific was another winner and climbed 6.2% after saying it would spend $2 billion of its previously announced $5 billion stock buyback program by the end of June. Such purchases send cash directly to investors and boost the company’s per-share earnings.

All told, the S&P 500 fell 5.45 points to 7,403.05. The Dow Jones Industrial Average added 159.95 to 49,686.12, and the Nasdaq composite fell 134.41 to 26,090.73.

This upcoming week will offer little in terms of data on the U.S. economy, but a heavily anticipated report on Nvidia’s latest quarterly results will arrive Wednesday. The chip company has routinely blown past analysts’ expectations each quarter, while forecasting even bigger growth than Wall Street had thought. It will likely need to keep up such momentum to keep AI stocks driving the market to more records.

Target, Home Depot and Walmart will also report their latest quarterly results this week.

In stock markets abroad, indexes fell in much of Asia but reversed losses in Europe to finish higher. Japan’s Nikkei 225 sank 1%, but Germany’s DAX returned 1.5% for two of the world’s bigger moves.

AP Business Writers Chan Ho-him and Matt Ott contributed to this report.

Trader Michael Milano, center, works with colleagues on the floor of the New York Stock Exchange, Wednesday, May 13, 2026. (AP Photo/Richard Drew)

Trader Michael Capolino works on the floor of the New York Stock Exchange, Wednesday, May 13, 2026. (AP Photo/Richard Drew)

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A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, May 18, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A delivery person on a bicycle waits for a traffic light near an electronic stock board showing Japan's Nikkei index at a securities firm Monday, May 18, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic board at a business building showing Japan's Nikkei index, Monday, May 18, 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 Monday, May 18, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

MADRID (AP) — More than a million people poured into a central Madrid plaza on Sunday for Pope Leo XIV ’s main Mass and a procession highlighting one of the most iconic expressions of Spanish popular piety: flower carpets.

They cheered and shouted “This is the youth of the pope!” as Leo arrived for the Mass, looping around the plaza and surrounding streets in his popemobile to a crowd packed several rows deep behind barricades.

Sunday’s Mass falls on the Catholic Corpus Domini feast day, which often features processions of faithful through towns and cities led by a priest carrying the Eucharist. In Spain as in other predominantly Catholic countries, the processions often feature elaborate floral carpets arranged along the route.

Leo, who arrived in Spain on Saturday at the start of his weeklong visit, has been keen to highlight the long tradition of Catholic devotion here to encourage especially young generations to find their faith.

At a vigil service Saturday night, an estimated 600,000 young Spaniards knelt for several minutes in silent prayer alongside Leo, suggesting that there is indeed interest among young people despite Spain’s heavily secularized society.

“Let me take the opportunity to tell all of you: Don't ever be afraid of thinking about a vocation to the priesthood or religious life, or other services in the church!” Leo told the crowd.

Irati Valda and Javier Hormazal, a young couple, held up a cardboard sign announcing they are going to get married on June 13 and were ushered up close to receive Leo's blessing during the vigil.

“To see so many young people together, it's incredible. Half a million people in silence, this is something you will only live once," Valda said.

For Sunday's Mass and procession, local organizers said 1.2 million people had turned out on a brilliant spring morning at the central Plaza Cibeles and surrounding streets, with more trying to get in.

The tradition of laying flower carpets — and destroying them when the procession tramples them — dates back two centuries and is popular also in Latin America, where elaborate sand designs are also made. The painstaking displays are considered an offering to the Eucharist.

Poland has already had its tradition of Corpus Domini flower carpets recognized by UNESCO, and Spain's Galicia region is trying to have its tradition listed along with other countries as part of the world’s intangible cultural heritage.

According to Spanish organizers, the 16 flower carpets decorating the half-kilometer (mile) procession route were prepared by a Spanish florists association from Galicia. Florists used more than 30,000 flowers, most the yellow and white colors of the Holy See flag, for the carpets that feature decorations such as the Holy See keys.

Wildly popular religious processions, pilgrimages and feasts continue to be held in most Spanish regions. The most recognizable are Holy Week processions during the final week of Lent where brotherhoods and robed penitents parade ornate statues of Christ and the Virgin Mary through cities, towns and villages alongside marching bands. Such processions draw the faithful as well as droves of non-believers and tourists.

Spanish towns and cities also regularly honor local patron saints with fiestas. Religious pilgrimages to local shrines mix piety with communal festivities and music. In Andalusia, the El Rocío pilgrimage fetches a million people that make a long, dusty journey over the Pentecost weekend on horseback and decorated covered wagons to venerate an icon of the Virgin Mary.

Leo arrived in Spain on Saturday and urged its people to put an end to polarization and work for unity. Later Sunday he is to meet privately with members of his Augustinian religious order and address cultural leaders.

AP visual journalist Helena Alves contributed.

Associated Press religion coverage receives support through the AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content.

Pope Leo XIV arrives in the popemobile at Plaza de Lima in Madrid, Saturday, June 6, 2026, for a prayer vigil with young people on the first day of a seven-day apostolic journey to mainland Spain and the Canary Islands. (AP Photo/Bernat Armangue)

Pope Leo XIV is welcomed by Spain's King Felipe VI and Queen Letizia, as he arrives at the Royal Palace in Madrid, Saturday, June 6, 2026, on the first day of his seven-day apostolic journey to mainland Spain and the Canary Islands. (AP Photo/Alessandra Tarantino)

People wait for the arrival of Pope Leo XIV ahead of a Holy Mass and Corpus Christi procession at Plaza de Cibeles in Madrid, Spain, Sunday, June 7, 2026, on the second day of his seven-day apostolic visit to mainland Spain and the Canary Islands. (AP Photo/Andrea Comas)

People wait for the arrival of Pope Leo XIV ahead of a Holy Mass and Corpus Christi procession at Plaza de Cibeles in Madrid, Spain, Sunday, June 7, 2026, on the second day of his seven-day apostolic visit to mainland Spain and the Canary Islands. (AP Photo/Andrea Comas)

People wait for the arrival of Pope Leo XIV ahead of a Holy Mass and Corpus Christi procession at Plaza de Cibeles in Madrid, Spain, Sunday, June 7, 2026, on the second day of his seven-day apostolic visit to mainland Spain and the Canary Islands. (AP Photo/Manu Fernandez)