Wall Street Stocks Dip Ahead of US Inflation Data

Wall Street stocks cooled ahead of US inflation data, as investors wait to see if rising oil prices will drive consumer price increases and prompt an interest rate hike from the Federal Reserve in September.

The S&P 500 fell 0.4% and the tech-heavy Nasdaq Composite dropped 0.7% in late trading, while the Dow Jones Industrial Average slipped 0.3%. Brent crude oil futures rose to US$88.79 a barrel before easing back from earlier highs.

Pakistan's defence minister Khawaja Asif said Iran and Oman were close to an agreement on reopening the Strait of Hormuz, which could ease tensions in the Middle East.