Pre-Market Report – Thursday 28 May: US markets mixed | Chips take a breather

The Dow Jones Industrial Average rose to a new record on Wednesday as oil prices retreated, while the S&P 500 eked out a tiny gain, with chip stocks keeping the index’s gains in check.

The 30-stock Dow gained 182.60 points, or 0.36%, for a record close of 50,644.28. The blue-chip index also hit an intraday all-time high. The broad market S&P 500 ticked 0.02% higher to 7,520.36, another closing record. The Nasdaq Composite also edged up 0.07% to end at 26,674.73.

A decline in oil prices lent the Dow some support. U.S. crude oil fell 5.55% to settle at $88.68 a barrel after Iranian state media said the country is committed to restoring commercial traffic through the Strait of Hormuz to pre-war levels within one month.

Oil down 5% Gold falls - SPI down 38

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