The United States stock market hovered close to its record high on Monday, as oil prices ascended due to uncertainties surrounding the reopening of the Strait of Hormuz and its impact on global crude supply. The S&P 500 dipped 0.1%, while the Dow Jones Industrial Average declined by 0.2% and the Nasdaq composite dropped 0.2%. This comes after a sustained rally in stocks, driven by reports indicating robust corporate profits during the spring for major US companies. Analysts forecast that earnings per share for S&P 500 firms will surge by 50% compared to last year, marking the strongest growth since five years ago when the economy was recovering from the COVID-19 pandemic's economic chasm. Berkshire Hathaway reported stronger profits than anticipated for the last quarter and announced investments in stocks under its new CEO, Greg Abel, amidst ongoing criticism about the high valuation of US stocks. Intel's shares fell by 4% after announcing plans to sell $15 billion worth of its stock, a move that could dilute existing investors' ownership stakes while freeing up cash for AI technology investments. On Wall Street, buyout-boosted companies such as MarineMax and Varex Imaging recorded significant gains. Meanwhile, in the oil market, Brent crude price rose 2% to $85.23, reflecting continued volatility due to geopolitical tensions. Higher oil prices could fuel inflation, with Wednesday's update on July's inflation rate being a key event for Wall Street this week. Economists expect the inflation rate to slow down from 3.5% to 3.4%. A slower inflation rate would alleviate pressure on the Federal Reserve to raise interest rates, which could help contain inflation but also potentially slow economic growth and diminish stock prices. Job market data released last Friday indicating weaker-than-expected hiring lowered expectations for an upcoming interest rate cut; however, traders still anticipate a 46% chance of an interest rate hike at the Fed's September meeting. Meanwhile, European indexes showed mixed performances, while Japan's Nikkei 225 registered one of the world's biggest daily gains with a 2.1% increase. AP Business Writers Michelle Chapman and Elaine Kurtenbach contributed to this report.