WASHINGTON :U.S. stocks pared gains on Tuesday after manufacturing data showed expansion amid rising commodity prices and shortages of materials, while oil rose and global equities hit a record high as markets rode concerns of rising inflation.
All three major indexes were trading off from larger gains notched earlier in the session, leaving U.S. stocks mixed. "Markets are letting the macroeconomic data lead the way with Treasury prices lower and yields higher after strong numbers this morning," said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina, adding that news of oil supplies rapidly drawing down, which will lead to higher oil prices, has prompted traders.
Oil prices, meanwhile, extended gains ahead of an OPEC+ meeting and on optimism that fuel demand will grow in coming months as the U.S. summer driving season gets under way. U.S. crude recently rose 3.5per cent to US$68.64 per barrel and Brent was at US$71.15, up 2.64per cent on the day.