Stock Market Today: Indexes Pull Back After Core CPI Hotter Than Expected; Oil Prices Rise on Tenuous US-Iran Ceasefire
U.S. stock indexes declined Tuesday after core consumer inflation rose more than expected in April, while oil prices surged amid uncertainty over a US-Iran ceasefire. The Nasdaq, Dow, and S&P 500 each dropped 0.7-1.1%, and tech stocks like Intel and Micron fell sharply, while GameStop shares dipped after eBay rejected its $56 billion takeover bid.
U.S. stock markets opened lower Tuesday as investors reacted to stronger-than-expected inflation data and geopolitical tensions. The Bureau of Labor Statistics reported core consumer prices rose 3.8% year-over-year in April, exceeding forecasts and hitting a 9-month high, while the 10-year Treasury yield climbed to 4.46%. The Nasdaq Composite fell 1.1%, the Dow Jones Industrial Average dropped 0.7%, and the S&P 500 declined 0.7%, reversing Monday’s record-high gains. Oil prices advanced further after President Donald Trump described the US-Iran ceasefire as 'on massive life support.' West Texas Intermediate crude rose 3.6% to $101.55 a barrel, while Brent crude climbed 3.2% to $107.55. Gold futures fell 0.7% to $4,695 an ounce, and Bitcoin dipped to $80,700 after reaching $82,100 overnight. Tech stocks underperformed, with Intel and Micron Technology—both at record highs Monday—plunging 7.5% and 6%, respectively. Nvidia remained flat near its all-time high. GameStop shares dropped less than 1% after eBay rejected its $56 billion takeover offer, calling it 'neither credible nor attractive.' Under Armour shares crashed 18% following a wider-than-expected loss and weak guidance, while Hims & Hers Health fell 10% after reporting an unexpected net loss. The U.S. dollar index rose 0.4% to 98.30, reflecting stronger inflation data. Investors now anticipate prolonged high interest rates, weighing on growth-sensitive sectors. The Federal Reserve’s next policy decision will be closely watched for further signals on monetary tightening.
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