US stocks slip after oil prices rise and Nvidia's latest profit report gets a yawn

NEW YORK (AP) — The U.S. stock market is slipping Thursday after oil prices resumed their climb.

The S&P 500 fell 0.3% and is on track for a fourth drop in five days after setting its all-time high. The Dow Jones Industrial Average was down 83 points, or 0.2%, as of 1:01 a.m. Eastern time, and the Nasdaq composite was 0.4% lower.

A halt in the torrid run for stocks benefiting from the artificial-intelligence boom has slowed the U.S. market recently. Not even another better-than-expected profit report from Nvidia was enough to kick it back into gear.

The chip company reported stronger profit and revenue for the latest quarter than analysts expected, while also forecasting revenue for the current quarter that cleared analysts’ estimates. “The buildout of AI factories — the largest infrastructure expansion in human history — is accelerating at extraordinary speed,” CEO Jensen Huang said.

But such performances and such talk have become routine, and Nvidia's stock swiveled between losses and gains before falling 1.4%.

Some analysts said the weakness may have simply been because investors were locking in profits after Nvidia’s stock had soared nearly 70% over the prior year, more than double the S&P 500’s 27% jump. The broad AI industry is also getting criticism for becoming too expensive, as well as too circular as Nvidia has bought ownership stakes in companies that use its own chips that drive Nvidia’s revenue.

Pressure built on Wall Street, meanwhile, as the price for a barrel of Brent crude oil climbed 1.7% to $106.81 and trimmed its loss for the week. Oil prices have been swinging up and down with uncertainty about how long the war with Iran will keep the Strait of Hormuz shut, which is preventing oil tankers from exiting the Persian Gulf to deliver crude.

The higher oil prices pushed Treasury yields upward in the bond market, resuming rises following a slowdown the day before.

Climbing yields have cranked up the pressure on financial markets worldwide. They're slowing economies and weighing on prices for stocks and all kinds of other investments. Besides driving up rates for mortgages, high yields could also curtail companies’ borrowing to build the AI data centers that have been supporting the U.S. economy’s growth recently.

The yield on the 10-year Treasury rose to 4.61% from 4.57% late Wednesday.

It had gotten near 4.63% in the morning, after a report gave the latest signal that the U.S. job market remains in better shape than economists expected. The number of U.S. workers applying for unemployment benefits last week unexpectedly declined in an indication of fewer layoffs.

But yields eased a bit following a mixed preliminary report showing weaker-than-expected growth for business activity among U.S. services businesses and improved growth for U.S. manufacturers. Companies are feeling the effects of accelerating inflation and are seeing subdued growth in their order books, the preliminary data from an S&P Global survey said.

“The damaging economic impact from the war in the Middle East is becoming increasingly evident in the business surveys,” according to Chris Williamson, chief business economist at S&P Global Market Intelligence.

Inflation is worsening even beyond the high oil prices caused by the Iran war, while U.S. households are showing widespread discouragement about the economy.

Elsewhere on Wall Street, Walmart fell 7.2% following its profit report. The retailer delivered another quarter of impressive revenue but offered up weaker forecasts for upcoming profit than analysts expected.

On the winning side of Wall Street was Ralph Lauren, which jumped 12.2% after reporting stronger profit and revenue for the latest quarter than analysts expected.

In stock markets abroad, indexes were mixed in Europe following bigger moves in Asia.

South Korea’s Kospi Kospi soared 8.4% thanks to strength for technology stocks. Samsung Electronics jumped 8.5% after its labor union and management reached an agreement late Wednesday that averted a strike. SK Hynix, a chip company partnering with Nvidia, surged 11.2%.

Tokyo’s Nikkei 225 jumped 3.1%, while indexes fell 1% in Hong Kong and 2% in Shanghai.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

Trader Aaron Ford works on the floor of the New York Stock Exchange, Thursday, May 7, 2026. (AP Photo/Richard Drew)

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

A Global Medical Response helicopter sits in front of the New York Stock Exchange before the planned IPO of GMR Solutions, Inc., Wednesday, May 13, 2026. (AP Photo/Richard Drew)

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)

Currency traders watch monitors at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, May 20, 2026. (AP Photo/Ahn Young-joon)

A currency trader talks on the phone near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won, left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, May 20, 2026. (AP Photo/Ahn Young-joon)

NEW YORK (AP) — Kamala Harris “wrote off rural America" during the 2024 presidential campaign and failed to attack Donald Trump with sufficient “negative firepower," according to a long-awaited post-election autopsy released on Thursday by the Democratic National Committee.

The committee's chair, Ken Martin, shared the 192-page report only after facing intense internal pressure from frustrated Democratic operatives concerned with his leadership. Martin had originally promised to release the autopsy, only to keep it under wraps for months because he was concerned it would be a distraction ahead of the midterms as Democrats mobilize to take back control of Congress.

On Tuesday, Martin apologized for his handling of the situation and conceded that the report was withheld because it “was not ready for primetime."

Although the autopsy criticizes Democrats' focus on “identity politics,” it sidesteps some of the most controversial elements of the 2024 campaign. The report does not address former President Joe Biden’s decision to seek reelection, the rushed selection of Harris to replace him on the ticket or the party's acrimonious divide over the war in Gaza.

“I am not proud of this product; it does not meet my standards, and it won’t meet your standards,” Martin wrote in an essay on Substack on Thursday. “I don’t endorse what’s in this report, or what’s left out of it. I could not in good faith put the DNC’s stamp of approval on it. But transparency is paramount.”

A spokesperson for Harris did not immediately respond to a request for comment.

The initial reaction from Democratic operatives was a mix of bafflement and anger over Martin's handling of the situation.

“Why not say this in 2024, or bring in more people to finish it, instead of turning this into the dumbest media cycle for 7-8 months?” Democratic strategist Steve Schale wrote on social media.

The postelection report, which was authored by Democratic consultant Paul Rivera, calls for “a renewed focus on the voters of Middle America and the South, who have come to believe they are not included in the Democratic vision of a stronger and more dynamic America for everyone.”

“Millions of Americans are suffering from poor access to healthcare, manufacturing and job losses, and a failing infrastructure, yet continue to be persuaded to vote against their best interests because they do not see themselves reflected in the America of the Democratic Party,” the report says.

The autopsy points to a reduction in support and training for Democratic state parties, voter registration shifts and “a persistent inability or unwillingness to listen to all voters.”

Thursday's release comes as Martin confronts a crisis of confidence among party officials who are increasingly concerned about the health of their political machine barely a year into his term. Some Democratic operatives have had informal discussions about recruiting a new chair, even though most believe that Martin’s job wasn't in serious jeopardy ahead of the midterm elections.

The report found that Harris and her allies failed to focus enough on Trump's negatives, especially his felony convictions. This was part of a broader criticism that Democrats' messaging is too focused on reason and winning arguments, “even in cycles when the electorate is defined by rage.”

“There was a decision in the 2024 Democratic leadership not to engage in negative advertising at the scale required,” the report states. “The Trump campaign and supportive Super PACs went full throttle against Vice President Harris, but there was not sufficient or similar negative firepower directed at Trump by Democrats.”

The report continues: “It was essential to prosecute a more effective case as to why Trump should have been disqualified from ever again taking office. The grounds were there, but the messaging did not make the case.”

Trump's attack on Harris' transgender policies were cited as a key contrast.

Specifically, the report suggested the Democratic nominee was “boxed” in by the Trump campaign's “very effective” ad that highlighted Harris' previous statement of support for taxpayer-funded gender-affirming surgeries for prison inmates.

Democratic pollsters believed that “if the Vice President would not change her position – and she did not – then there was nothing which would have worked as a response," the report said.

The report criticized Harris' outreach to key segments of America while condemning the party's focus on “identity politics.”

“Harris wrote off rural America, assuming urban/suburban margins would compensate. The math doesn’t work,” the report says. “You can’t lose rural areas by overwhelming margins and make it up elsewhere when rural voters are a significant share of the electorate. If Democrats are to reclaim leadership in the Heartland or the South, candidates must perform well in rural turf. Show up, listen, and then do it again.”

The report also references Democrats' underperformance with male voters of color.

“Male voters require direct engagement. The gender gap can be narrowed. Deploy male messengers, address economic concerns, and don’t assume identity politics will hold male voters of color,” it says.

President Donald Trump speaks during an event about loosening a federal refrigerant rule, in the Oval Office at the White House, Thursday, May 21, 2026, in Washington. (AP Photo/Jacquelyn Martin)

Former Vice President Kamala Harris speaks during a fireside chat on Thursday, May 7, 2026, in Las Vegas. (AP Photo/Ty ONeil)

FILE - Democratic National Committee chair Ken Martin speaks during an interview with The Associated Press at DNC headquarters, Jan. 12, 2026, in Washington. (AP Photo/Allison Robbert, File)