US stocks end lower on rising oil prices and inflation

US stocks closed lower on Tuesday after ending the previous session at a record high, pressured by losses in the technology sector, alongside rising oil prices and faster-than-expected inflation in April.

Dow Jones Industrial Average edged up 0.11%, or 56 points, to 49,760 points.

However, the broader S&P 500 index fell 0.16%, or 11 points, to 7,400, while the Nasdaq Composite declined 0.71%, or 185 points, to 26,088, after both indices had closed at record highs in the previous session.

In Europe, the STOXX Europe 600 index dropped 1% to 606 points, with most sectors and major bourses posting losses.

Britain’s FTSE 100 was unchanged at 10,265 points, while Germany’s DAX declined 1.62% to 23,954 points, France’s CAC 40 fell 0.95% to 7,979 points, and Spain’s IBEX 35 dropped 1.56% to 17,573 points.

In Japan, the Nikkei 225 rose 0.50% to 62,742 points, while the broader Topix index gained 0.85% to 3,872 points.

In oil markets, Brent crude futures for July delivery climbed 3.42%, or $3.56, to settle at $107.77 per barrel.

US Nymex crude futures for June delivery also rose 4.19%, or $4.11, to $102.18 per barrel.

As for gold, futures for June delivery fell 0.89%, or $42, to $4,686.70 per ounce.

Technology shares lost the momentum seen at the start of the week, while oil prices continued their sharp rally, weighing on investor sentiment after data showed US consumer inflation accelerated to its highest level in three years.