US Stocks Slip Amid Rising Oil Prices and Middle East Tensions
The US stock market declined on Tuesday as tensions in the Middle East pushed oil prices to their highest since late July. This comes after a roller-coaster stretch of trading, where investors adjusted rate-hike expectations following commentary from Federal Reserve Governor Christopher Waller and a stronger-than-expected jobs report.
Investors are awaiting inflation data due later this week, with the Consumer Price Index report scheduled for Friday and the Producer Price Index reading on Thursday. Some investors believe that inflation readings will hold more weight for the Fed's rate trajectory, given Chair Kevin Warsh's focus on bringing prices down.
Michael Matousek, head trader at U.S. Global Investors, noted that 'It still seems to be a bit of a wild card out there. Warsh is not as easily readable as his predecessor Jerome Powell was.'