US and European equities retreated amid higher oil prices and hawkish inflation signals, with tech underperforming.
The S&P 500 closed 0.16% lower as rising oil prices and hawkish US inflation data pressured risk assets. Tech stocks led declines, with the Nasdaq Composite down 0.71% and the Philly Semiconductor Index retreating 3.01% from deeper intraday losses.
Defensive sectors like healthcare and consumer staples outperformed, while the Magnificent 7 fell 0.49%. European markets faced sharper declines, with the CAC 40 and DAX dropping 0.95% and 1.62%, respectively, on Iran-related oil concerns.
The FTSE 100 saw minimal losses, down just 0.04%, as broader sentiment remained cautious amid geopolitical and inflation risks.