US stocks retreated on Tuesday as rising oil prices, sticky inflation and a selloff in technology shares cooled Wall Street’s record-setting rally.The S&P 500 fell 0.6 per cent after closing at an all-time high in the previous session, while the Dow Jones Industrial Average dropped 288 points, or 0.6 per cent.
The Nasdaq Composite declined 0.9 per cent, weighed down by sharp losses in artificial intelligence-linked stocks.Chipmakers and AI-focused companies led the decline after a blistering rally earlier this year.
Intel Corporation fell 4.7 per cent, trimming gains after the stock had more than tripled in 2026.
Micron Technology dropped 4 per cent, while CoreWeave slumped 8 per cent.Investor sentiment was also hit by another surge in oil prices as concerns mounted over the prolonged Iran conflict and disruptions to crude supplies through the Strait of Hormuz.The weakness in AI stocks followed a broader pullback in Asian markets, where South Korea’s benchmark Kospi index tumbled 2.3 per cent from record highs amid concerns over potential government measures targeting AI-related profits.Brent crude rose 3.6 per cent to $107.99 per barrel as uncertainty surrounding the fragile US-Iran ceasefire kept markets on edge.
