US Stocks Slip Amid Fluctuating Oil Prices and Inflation Concerns

Stocks in the US slipped further from their records on Tuesday as oil prices continued to fluctuate amid uncertainty about the Iran conflict. The S&P 500 fell 0.3%, while the Dow Jones Industrial Average dipped 184 points, or 0.3%. The Nasdaq composite sank 0.6%.

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

Economists expect the latest monthly reading on inflation to show it remains high but decelerated to 3.4% in July from 3.5% in June. This could help the Federal Reserve members who are split on whether they should raise interest rates to keep a lid on inflation.