US Stocks Slip Below Records Amid Rising Oil Prices and Inflation Concerns

The US stock market slipped below its all-time high on Monday as oil prices rose due to uncertainty over the Strait of Hormuz's reopening. The S&P 500 fell 0.1%, while the Dow Jones Industrial Average dropped 0.1% and the Nasdaq composite lost 0.3%. Technology stocks weighed heavily on the market, with Intel falling 3.4% after announcing plans to sell $15 billion in stock.

Berkshire Hathaway was one of the few bright spots, climbing 1.4% after beating profit expectations for the last quarter and investing some of its massive cash pile into stocks under new CEO Greg Abel. Oil prices rose 5%, with Brent crude reaching $87.50 per barrel as hopes turned to caution over a possible agreement allowing oil tankers to exit the Middle East.

Higher oil prices push inflation upward, which could impact the Federal Reserve's interest rate decisions. Wednesday's update on June's inflation numbers is expected to show a slowdown in price growth, potentially reducing pressure on the Fed to raise rates and supporting stocks.