Yahoo Finance
US stocks fell on Tuesday as a rally in tech names halted and investors assessed the latest consumer inflation reading for insight into the impact of the Iran war on the economy.
The Nasdaq Composite (^IXIC) led losses, tumbling roughly 1.5%, while the S&P 500 (^GSPC) shed 0.6% after the two indexes notchedrecord closing highs.
The Dow Jones Industrial Average (^DJI), which includes fewer tech names, was little changed.
Markets are weighing theConsumer Price Index (CPI) readingfor April, which showed core price growth above expectations.
Consumer inflation continued its rapid ascent amid the Strait of Hormuz blockade, which pressured global fuel and energy prices.
Annual headline consumer inflation came in at 3.8%, slightly topping estimates to mark the metric’s largest increase since May 2023.
The debate going forward will be how rising inflation could sway theFederal Reserve’s viewof monetary policy, especially in light of Friday’sstronger-than-expected April jobs report.
Also on Tuesday, President Trump will kick off a trip to China, where he will meet with Chinese President Xi Jinping.
Trade and AI are expected to top the leaders’ agenda, andTrump has invited 16 top executives,including Tesla CEO Elon Musk and Apple CEO Tim Cook, to join him during the visit.
In the background, escalating tensions between the US and Iran kept investors on edge.
Trumpsaidthe US-Iran ceasefire agreement between the two countries is on “massive life support” amid a stalemate over a potential peace plan.
Amid the impasse, oil pricescontinued to rise.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | ▲ +0.34% |
| WTI Crude | $96.90/bbl | ▲ +0.21% |
| EN590 Diesel | $846/MT | ▲ +0.18% |
| Jet Fuel A-1 | $1090/MT | ▲ +0.55% |
| Mazut M100 | $450/MT | ▼ -0.15% |
| Bitumen 60/70 | $470/MT | ▲ +0.08% |
| Sulphur Gran 99.5% | $470/MT | ▼ -0.44% |
| Urea 46% Gran | $650/MT | ▲ +1.12% |
| NPK 16-16-16 | $460/MT | ▼ -0.28% |
| Nat Gas TTF | $15.42/MMBtu | ▲ +0.92% |
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