Wall Street Holds Steady Near Record High Amid Oil Price Volatility

Wall Street hovered near its record high on Tuesday despite concerns about oil prices and inflation. The S&P 500 dipped 0.1% but remains within striking distance of its all-time high set last month, while the Dow Jones Industrial Average fell 295 points, or 0.5%, as of 11:45 a.m. Eastern time.

Brent crude prices briefly dropped below $98 per barrel in the morning before recovering to $100.23 per barrel, still down from nearly $110 last week but higher than its pre-Iran war price of $72.

A strong earnings report from AutoZone helped boost shares 6% after the retailer reported a better-than-expected profit for the latest quarter, though revenue fell short. CEO Phil Daniele said the company faced 'a difficult selling environment' at the start of the quarter but improved afterward.