US stocks trade mostly lower as jump in oil prices reignites inflation fears

• US stocks traded mostly lower on Tuesday as a spike in oil prices reignited inflation fears.
• If inflation reaccelerates, it could force the Federal Reserve to continue with its interest rate hikes.
• Fed Governor Chris Waller said recent economic data suggests the Fed can “proceed carefully” with further rate hikes.

US stocks traded mostly lower on Tuesday as oil prices spiked, reigniting investor fears that inflation could tick higher.

Oil prices spiked about 1% to a 10-month high after Saudi Arabia and Russia said they would continue with their oil production cuts into the end of the year.