US stock market today (May 12, 2026): Oil price surge, inflation fears drag Wall Street, S&P 500 down 0.6%, Nasdaq 0.9% lower
US stocks retreated on Tuesday as rising oil prices and sticky inflation cooled Wall Street's rally. Technology shares, particularly AI-linked companies, led the decline. Concerns over the Iran conflict and its impact on crude supplies fueled inflation worries, strengthening expectations of prolonged elevated interest rates.
