US Stock Market Retreats from Record High Amid Rising Oil Prices and Weaker Retail Sales

The US stock market experienced a slight downturn on Friday as it retreated from its all-time high. The S&P 500 index slipped 0.2%, while the Dow Jones Industrial Average dipped 107 points, or 0.2%. The Nasdaq composite sank 0.3% after stocks gave up modest gains in the morning due to rising oil prices.

The price of Brent crude surged 1.7% to $88.52, causing uncertainty about when tankers will be able to freely exit the Persian Gulf again. A report showing that shoppers spent less at US retailers last month than the previous month surprised economists, who had forecasted another month of growth.

However, this unexpected decrease in spending could take pressure off inflation, which remains higher than desired but is decelerating according to earlier reports. If inflation continues on this trend, it may encourage the Federal Reserve to hold off on interest rate hikes.