US Stock Market Pauses as Iran Strait of Hormuz Talks Stall Before Inflation Data

TLDR

• Dow, S&P 500, and Nasdaq edged slightly higher Tuesday before pulling back as Iran tensions dragged on
• The US-Iran standoff over the Strait of Hormuz continues with no clear deal in sight
• Brent crude hovered around $87 a barrel; WTI futures rose 1.3% to $83.20
• Wednesday’s CPI report is the next major market catalyst, with rate hike bets rising after Friday’s jobs data
• AI hardware earnings from CoreWeave and Super Micro Computer are due after the bell

The major US stock indexes drifted in a narrow range Tuesday as Wall Street waited on two key triggers: a potential deal to reopen the Strait of Hormuz and Wednesday’s Consumer Price Index report.

The Dow Jones Industrial Average slipped about 43 to 49 points, or roughly 0.1%. The S&P 500 was also down around 0.1%, and the Nasdaq Composite fell approximately 0.3%.

The S&P 500 hit a fresh closing high on Friday at 7,757.64. It has since run out of momentum and needs to close above that level to extend the record.

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