S&P 500 Dips 0.49% to $7,138.80 as Gas Surge Flashes 2022-Like Warning

The S&P 500 slipped 0.49% to $7,138.80 amid a bearish indicator last seen in 2022, triggered by U.S. gasoline averaging $4.25/gal—up ≈45% YTD—in the week ended April 27. Brent crude topped $100/bbl due to Iran tensions and potential Strait of Hormuz closure, historically preceding an average 11% S&P decline over six months after similar gas spikes. The index had rebounded too swiftly from a ~9% March peak drop, per analysts, with Morgan Stanley forecasting oil at $80–$90/bbl or $150–$180 in disruptions, raising recession risks that Moody’s ties to deeper ~32% losses.