U.S. equities retreated Tuesday as geopolitical uncertainty over the Strait of Hormuz sent crude oil surging and unnerved investors ahead of Wednesday's critical inflation data. The S&P 500 dropped 0.3%, the Nasdaq fell 0.6%, and the 10-year yield climbed above 4.7% as traders reassessed Fed rate-cut odds. Alphabet's 3.6% plunge led tech sector losses.
→ Consumer Price Index (Wednesday 8:30 AM ET)—the inflation print Wall Street's been holding its breath for; any surprise could reset rate-cut timeline
→ Producer Price Index (Thursday)—PPI expected 0.2% monthly rise; watch if energy component justifies oil's recent spike
→ Late earnings: earnings from Cardinal Health, CoreWeave, Super Micro Computer and others hit after hours; tech spending data will matter amid recent sector weakness