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S&P 500 retreats from record after high inflation reading, drop in tech stocks: Live updates
The S&P 500 slipped on Tuesday, weighed down by higher oil prices, as traders reacted to a hotter-than-expected annual consumer price index reading for April.
The broad market index was 0.9% lower, and the Nasdaq Composite dropped 1.5%. The Dow Jones Industrial Average traded down 277 points, or 0.6%.
West Texas Intermediate futures jumped 3% to trade above $101 per barrel. Brent crude climbed 3% to above $108. Those gains built on Monday's advance, after President Donald Trump called the month-old ceasefire between the U.S. and Iran "unbelievably weak" and said it was "on massive life support" after rejecting an "unacceptable" counterproposal from Tehran to end the war.
Stock market today: Nasdaq, S&P 500, Dow futures fall as Wall Street weighs CPI inflation print
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 1.2%, while the S&P 500 (^GSPC) shed 0.7% after the two indexes notched record closing highs. The Dow Jones Industrial Average (^DJI), which includes fewer tech names, retreated by 0.6%.
Markets are weighing the Consumer Price Index (CPI) reading for 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.
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