US Stocks Hold Steady as Investors Await Inflation Numbers

US stocks hovered near their records on Tuesday as investors awaited new inflation numbers due out this week. Oil prices continued to swing, influenced by uncertainty surrounding the war in Iran and its impact on global crude supplies.

The S&P 500 added a minor 0.1% gain, while the Dow Jones Industrial Average rose by just 7 points, or less than 0.1%. The Nasdaq composite was nearly flat as of mid-morning Eastern time.

Brent crude prices briefly spiked above $90 per barrel but retreated to $87.99, a 0.3% increase from Monday's settlement price. Higher oil prices contribute to inflationary pressures and have driven the average cost for regular gasoline up to $4.01 per gallon, according to AAA.

Wall Street is keeping a close eye on Wednesday's release of July inflation numbers, which are expected to show a slight deceleration from 3.5% in June to 3.4%. This could provide insight into the Federal Reserve's next move on interest rates and its potential impact on the economy.