Stocks closed mixed on Tuesday as investors unpacked a hotter-than-expected inflation report, with April's consumer price index reading coming in at a three-year high of 3.8%. Stalled Iran peace talks also rattled sentiment, while tech profit taking pushed the Nasdaq to a triple-digit drop. Semiconductor stocks bore the brunt of today's selling, taking a breather from their recent surge. Meanwhile, the S&P 500 finished quietly in the red, though still holding above 7,400, while the Dow scored its third-straight daily win.
Oil Prices Surge
Oil prices surged Tuesday while hopes for a U.S.-Iran resolution continued to fade. June-dated West Texas Intermediate (WTI) settled 4.2% higher at $102.18 per barrel.
Gold prices slipped amid inflation concerns and raised fears of higher global interest rates. June-dated gold futures fell 0.7% to $4,693.90.
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