Market Snapshot: Stocks on track to close lower amid hawkish Fed talk

U.S. stocks on Tuesday pulled back from the records set a day earlier trading near session lows, as investors weighed hawkish comments by Federal Reserve officials against sharp gains for oil futures, a weakening dollar and fresh consumer-price data that showed U.S. inflation remains tepid.

William Dudley, president of the New York Federal Reserve Bank, on Tuesday said the time for another interest-rate increase is approaching and a rate increase as soon as September is a possibility, adding to the selling pressures on U.S. equities.

The S&P 500 index SPX, -0.35% fell 9 points, or 0.4%, to 2,181, as nine out of 10 sectors traded lower, led by a 1.7% drop in telecom stocks, followed by a 0.9% loss in utility shares.

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