NEW YORK (AP) — The U.S. stock market is hanging around its all-time high Thursday following mixed profit reports from Tesla and other big companies. Oil prices, meanwhile, are swinging on continued uncertainty about what will happen next in the war with Iran.

The S&P 500 rose 0.1% after flipping an initial, modest loss. The Dow Jones Industrial Average was up 1 point, or less than 0.1%, as of 11 a.m. Eastern, and the Nasdaq composite was 0.1% lower after setting its own record. It's a slowdown for Wall Street following a weekslong rally that erased all its losses because of the war and then carried it to records

Tesla dragged on the market and fell 2.8% 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, 16.4%, 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.

But Texas Instruments helped offset those 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 16.9% leap for Texas Instrument's stock was the strongest single force pushing upward on the S&P 500.

In the oil market, prices swung 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 0.8% to $102.74 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.

Source: WPLG