The Dow pulled back sharply from Monday’s record close, snapping its three-day win streak with an 398-point loss. Both the Nasdaq and S&P 500 settled lower as well, as traders unpacked this morning's inflation data. President Donald Trump also issued a series of updates, including tariff threats and the cancellation of all meetings with Iran, while telling Iranian protestors that “help is on the way.” Meanwhile, JPMorgan Chase (JPM) kicked off earnings season with a 4.2% drop. 

GOLD HITS RECORD BEFORE MOVING LOWER

Oil prices moved higher after President Trump cut off talks with Iran and pledged support to protesters. February-dated West Texas Intermediate (WTI) crude added 2.8% to settle at $61.15 per barrel.

Gold prices hit record highs as inflation data reinforced interest interest rate cut hopes, while ongoing geopolitical uncertainty fueled safe-haven demand. Still, February-dated gold futures dipped 0.3% to close at $4,599.10.

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