US Stocks Retreat Ahead of Inflation Numbers Amid Ongoing Iran Conflict

US stocks retreated slightly from their records on Tuesday as investors awaited the latest inflation numbers due out on Wednesday.

The S&P 500 fell 0.3% for a second modest drop since setting its all-time high on Friday, while the Dow Jones Industrial Average dipped 184 points, or 0.3%, and the Nasdaq composite sank 0.6%.

Oil prices, however, swung wildly due to uncertainty over when crude will flow freely again after the US and Israel's attack on Iran in late February closed the Strait of Hormuz.

The price for a barrel of Brent crude briefly jumped above $90 before falling back below $87. It eventually settled at $88.91, up 1.4% from Monday.