Traders at work at the New York Stock Exchange on May 7, 2026.
new york stock exchange
of S&P500 Stocks fell on Tuesday, weighed down by declines in tech stocks and higher oil prices, as traders reacted to April’s better-than-expected annual consumer price index.
The broader market index closed 0.16% lower at 7,400.96. Nasdaq Composite It fell 0.71% to 26,088.20. of Dow Jones Industrial Average It rose 56.09 points (0.11%) to end at 49,760.56.
micron technology It drove the S&P 500 and Nasdaq Composite Index to record highs on Monday, but instead fell 3.6%. The stock has soared more than 37% in the last week and is up about 53% in the last month amid a surge in memory chip prices.
advanced micro device and Qualcomm also decreased by 2% and 11%, respectively. AMD soared more than 74% in April, while Qualcomm rose more than 39%.
meanwhile, West Texas Intermediate Futures The price rose 4.19% and settled at $102.18 per barrel. brent crude oil It settled at $107.77, an increase of 3.42%. Monday’s advances forged such victories after President Donald Trump said the month-long ceasefire between the United States and Iran was “incredibly weak” and “reliant on massive life support” after rejecting an “unacceptable” counteroffer from Tehran to end the war.
In its latest counteroffer, Iran called for war reparations, full sovereignty over the Strait of Hormuz, the release of frozen Iranian assets, and the lifting of economic sanctions.
As energy prices soar, traders are paying close attention to the impact of the Iran war on inflation and consumer spending, which still accounts for about two-thirds of the economy.
The Consumer Price Index rose 0.6% in April, bringing the annual inflation rate to 3.8%, according to the Bureau of Labor Statistics. The month-on-month rise in headline inflation was in line with expectations, although economists polled by Dow Jones had called for a 3.7% rise from a year earlier. This annual inflation rate was the highest since May 2023.
“It’s not an avalanche, but it’s steadily rising,” Thomas Martin, senior portfolio manager at Globalt Investments, told CNBC. “It’s not an avalanche, but it’s steadily rising,” adding that the longer the conflict in the Middle East drags on without progress in negotiations between the United States and Iran, the more inflation “will continue to rise.”
“It’s going to continue to be a struggle for consumers because as gas prices and other prices go up, more and more people are going to be squeezed out,” he said.
—CNBC’s Anniek Bao and Jeff Cox contributed reporting.
