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While the jump in oil prices this year has raised concerns about fueling inflation, oil will likely need to rise “well above levels seen even at the peak of commodity price hikes in Russia and Ukraine to have a meaningful impact on core inflation,” he said. the bank. US strategists said in a global research report by Bank of America.
The price of a barrel of standard US crude fell $1.20 to settle at $85.23, reducing its gains this year so far to less than 20 percent. Brent crude, the international standard, fell 96 cents to $89.42 a barrel.
On Wall Street, Apple helped push the S&P 500 index higher by 0.7 percent. It reduced its losses for this year to less than 12 percent.
Norfolk Southern rose 1.3 percent even though the railroad reported preliminary first-quarter earnings results that fell short of analysts' expectations.
It agreed to pay $600 million ($905 million) in a settlement of a class action lawsuit related to last year's train derailment in eastern Ohio. The agreement, if approved by the court, will resolve all class action claims within a 20-mile radius from derailment and personal injury claims within a 10-mile radius for those who choose to participate, the company said.
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Some of Wall Street's biggest losses came from the same stocks that were the biggest winners in the market frenzy over artificial intelligence technology.
Nvidia shares fell 2 percent, and because it is one of the largest stocks on the market, it was the only force weighing down the S&P 500. Super Micro Computer shares fell 2.6 percent, although its shares are still more than triple So far this year. .
Tilray Brands stock fell 20.7 percent after the cannabis company reported weaker revenue growth last quarter than analysts expected.
In the bond market, the yield on 10-year Treasury notes fell to 4.35 percent from 4.42 percent late Monday.
In Europe, stock indices fell ahead of the European Central Bank's decision on interest rates on Thursday. Many investors expect it to keep interest rates steady.
Stock indices were mixed in Asia, with Tokyo's Nikkei 225 index jumping 1.1 percent while South Korea's Kospi index fell 0.5 percent.
AP
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