US stocks declined and oil prices hit 2023 highs on Tuesday, stirring investors’ concerns about mounting price pressures a day before the release of the closely watched US inflation report.
Wall Street’s benchmark S&P 500 slipped 0.6 per cent, as declines for Apple and several other big tech stocks outweighed an advance for oil and gas companies. The Nasdaq Composite fell 1 per cent.
Traders are looking ahead to US consumer price index figures due on Wednesday, which will mark the last piece of top-tier economic data before the Federal Reserve announces its decision on interest rates next week. Officials earlier this month signalled they will hold the federal funds rate steady at this upcoming meeting.
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