Oil prices declined again on Tuesday and fell below $80 per barrel for the first time since early March, while U.S. stocks moved little near record levels. The S&P 500 edged down 0.2 percent after approaching within 1 percent of its recent high. The Dow Jones Industrial Average rose 502 points, or 1 percent, by midday, while the Nasdaq composite slipped 0.5 percent. Hopes for a U.S.-Iran agreement that could reopen the Strait of Hormuz supported expectations of restored oil supplies. Brent crude dropped 5.4 percent to $78.66 a barrel. Negotiations still face obstacles over Iran’s nuclear program, yet markets anticipate longer-term relief from the conflict that has fueled global inflation. Brent prices have retreated from above $100 in recent weeks. Shares of artificial-intelligence companies weighed on indexes after sharp swings in prior sessions, with Nvidia falling 1.7 percent and Micron Technology declining 3.5 percent. SpaceX gained 12.8 percent after announcing plans to acquire an AI coding firm. Yum Brands rose 2.2 percent on news it would sell Pizza Hut. The Federal Reserve began its policy meeting with a decision expected on Wednesday. Most analysts expect rates to remain unchanged.
