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Wall Street traders refrained from making riskier bets before key inflation data, with stocks falling as the lack of a deal to restore energy flows through the Strait of Hormuz lifted oil prices.
US crude settled near $83 as Iran reiterated plans to keep the waterway shut until its demands are met. Oil had earlier dropped after Pakistan signaled optimism about some sort of arrangement over Hormuz. The S&P 500 extended its retreat from record highs. Treasuries edged up ahead of a report that’s expected to show moderation in consumer prices.
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