stocks rise, even as oil prices keep climbing

U.S. stocks ticked higher Wednesday following strong profit reports from BlackRock and other big companies. The tentative gains came as oil prices swung to their highest levels in a month because of the war with Iran.

The S&P 500 rose 0.4% after flipping between modest gains and losses through the day, and it’s back within 0.5% of its all-time high set last month. The Dow Jones Industrial Average added 150 points, or 0.3%, and the Nasdaq composite climbed 0.6%.

BlackRock helped lead the market with a rise of 6.6% after the company behind some of the most popular investment funds reported stronger profit and revenue for the latest quarter than analysts expected. CEO Laurence Fink said its iShares funds topped $6 trillion in assets under management during the quarter, roughly doubling in three years.

Bank of New York Mellon rose 5.1% after adding to the spate of strong earnings reports from many of the biggest U.S. banks a day earlier. Cintas climbed 4.4% after the provider of office uniforms, restroom supplies and other products likewise delivered a better profit for the latest quarter than analysts forecast.

They helped offset a drop for Elevance Health, which fell 8.5% even though it reported stronger profit and revenue than analysts expected.

Expectations are high for U.S. companies’ profit growth during the spring. The S&P 500 rose 28.81 points to 7,572.40 and is within 0.5% of its record set early last month. The Dow Jones Industrial Average added 150.37 to 52,658.64, and the Nasdaq composite climbed 162.22 to 26,269.23.

The price for a barrel of Brent crude briefly topped $86 in the morning before falling back to settle at $84.95 per barrel, up 0.3% from the day before.

Amazon’s new satellite internet ready to launch

Amazon said Wednesday that the technology company will launch its new satellite internet service Amazon Leo in South Africa in 2027, seemingly pushing ahead of Elon Musk’s rival Starlink to win business in Africa’s most advanced economy.

Amazon, which was founded by Jeff Bezos, said that it would partner with South African internet provider Herotel to launch a new service in the country of 62 million people. Amazon said that it was its first satellite internet agreement on the African continent.

No financial details were initially disclosed.

Amazon’s announcement follows Musk’s bitter criticism of the government in his country of birth. The world’s richest man has said that South African regulations have prevented him from launching Starlink there because he’s white, and has accused the government of racism.

He was referring to South Africa’s affirmative action policies, which require foreign companies operating in the communications sector to give a minority share of their local entities to Black or other non-white owners in order to acquire a license.

US producer prices drop 0.3% from May to June

U.S. wholesale inflation fell from May to June on plunging energy prices, but intensifying hostilities with Iran are clouding the outlook.

The Labor Department reported Wednesday that its producer price index — which captures inflation before it reaches consumers — dropped 0.3% from May, biggest decline since April 2025 and a reversal from a 0.6% uptick the month before. Compared to a year earlier, wholesale prices were up 5.5% in June, decelerating from a 6% increase the month before. Gasoline prices plunged 12% in June but are still up nearly 43% from June 2025, pushed higher by the Iran war. Food prices also dipped in June.

Excluding volatile food and energy prices, so-called core wholesale prices were up 4.7% from June 2025 and 0.2% from May.

— Press Democrat news services