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US stocks trade mixed as Middle East tensions lift oil to a July high
The Dow fell 0.6% and the S&P 500 slipped 0.0% as Brent moved above $98 a barrel after attacks targeted Saudi oil infrastructure.
US stock indexes traded mixed on Tuesday, with the Middle East conflict helping push crude higher and investors turning to upcoming US inflation data for clues on the Federal Reserve's next move. The Dow Jones Industrial Average fell 303.8 points, or 0.6%, to 53,110.45, while the S&P 500 was down 0.0% to 7,717.81, and the Nasdaq Composite rose 0.1% to 26,528.571.
According to LiveMint Markets, Brent crude futures moved above $98 a barrel after Houthi attacks targeted Saudi oil infrastructure. The article linked the escalation to efforts to gain control of the Bab al-Mandab Strait for Saudi crude shipments, amid an Iran-imposed blockade on the Strait of Hormuz.
The higher oil price added uncertainty for investors ahead of key consumer and wholesale inflation reports due later this week. LiveMint Markets said the data will be closely watched for signals about the Fed's policy stance ahead of its September 16 meeting. FHN Financial's Chris Low said the forecast calls for a fairly big inflation increase, and that the Fed is expected to raise rates.
In company-specific news, GE Aerospace shares gained 0.7% after the company announced plans to acquire Consolidated Precision Products for $11.75 billion from private investment firms Warburg Pincus and Berkshire Partners.
Latest closeWTI crude $90.70 ▲0.5%|Brent $95.32 ▲0.7%|S&P 500 7,666.60 ▲0.5%