US Stocks Slip as Oil Prices Rebound, Inflation Concerns Grow

US stocks took a downturn on Wednesday as oil prices rebounded from their weeklong decline. The S&P 500 fell by 0.6%, dropping below its record set last month by 1.1%. The Dow Jones Industrial Average also struggled, down by 87 points or 0.2% after the first hour of trading. Meanwhile, the Nasdaq composite dipped 1.1% from its own all-time high.

The sudden reversal in oil prices and a strong report on US business activity have raised concerns about inflation. The strong report suggests that the economy is growing, but it also increases worries about inflationary pressures.