Oil Prices Weigh on Global Markets Despite Strong Earnings

Global stock markets experienced a decline on Tuesday as rising oil prices and concerns about inflation overshadowed strong earnings reports.

The S&P 500 fell 0.6% to a third consecutive modest loss since setting its all-time high on Thursday, while the Dow Jones Industrial Average dipped 156 points and the Nasdaq composite sank 1.2%.

Although most stocks in the S&P 500 rose, losses for Nvidia and Micron Technology weighed heavily on the market due to criticism that their prices had shot too high and rising bond yields increased pressure further.

The global economic outlook was also impacted by the looming deadline for an agreement to end the Iran war and resolve its nuclear program, which is set to expire in 10 days.