U.S. stocks drifted lower in their return to trading from a three-day weekend after the latest fighting in the war with Iran pushed oil prices higher.
The S&P 500 fell 0.6 percent Tuesday. The Dow Jones Industrial Average dropped 1.2 percent, and the Nasdaq composite slipped 0.3 percent.
They felt pressure after the cost for a barrel of Brent briefly neared $99.50.
More expensive oil has worsened worries about inflation and is giving extra heft to a couple reports on inflation that are coming later this week. They will be the final updates the Federal Reserve hears before its meeting on interest rates next week.
On Tuesday:
The S&P 500 fell 45.08 points, or 0.6 percent, to 7,673.52.
The Dow Jones Industrial Average fell 628.18 points, or 1.2 percent, to 52,786.07.
The Nasdaq composite fell 85.58 points, or 0.3 percent, to 26,421.41.
The Russell 2000 index of smaller companies fell 15.44 points, or 0.5 percent, to 2,960.20.
For the year:
The S&P 500 is up 828.02 points, or 12.1 percent.
The Dow is up 4,722.78 points, or 9.8 percent.
The Nasdaq is up 3,179.42 points, or 13.7 percent.
The Russell 2000 is up 478.30 points, or 19.3 percent.
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