S&P 500 Dips from Record High as Brent Crude Surges on Strait of Hormuz Fears

The S&P 500 slipped 0.1% from its all-time high on Monday, while Brent Crude rose 5% to $87.72 due to uncertainty about the Strait of Hormuz.

Berkshire Hathaway's stock rose 1.5%, and MarineMax jumped 46.1% after agreeing to sell itself for $1.5 billion in cash to a Blackstone portfolio company, while Intel fell 4.1% after announcing it may sell $15 billion of its stock.

The US stock market edged down from its record high on Monday as investors focused on Wednesday's inflation data and Fed rate expectations.