US stocks slip as Middle East conflict pushes oil prices higher; Qualcomm climbs 4%, Intel gains 6%

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US stock indices slipped on Tuesday as renewed tensions in the Middle East sent crude oil prices to their highest level since late July, while investors awaited key inflation readings due later this week.
As of 2 p.m. Eastern Time, the S&P 500 fell 0.4%. The Dow Jones Industrial Average was down 1%, and the Nasdaq Composite was 0.2% lower.
At 11:35 a.m. ET, the Dow Jones Industrial Average fell 519.16 points, or 0.97%, to 52,895.09, the S&P 500 lost 23.39 points, or 0.30%, to 7,695.21 and the Nasdaq Composite lost 16.97 points, or 0.06%, to 26,490.02.
At the open, the Dow Jones Industrial Average fell 303.8 points, or 0.57%, to 53,110.45. The S&P 500 fell 0.8 points, or 0.01%, to 7,717.81, while the Nasdaq Composite rose 21.6 points, or 0.08%, to 26,528.571.
Brent crude futures moved above $98 a barrel after Houthi attacks targeted Saudi oil infrastructure. The attacks came as part of efforts to gain control of the Bab al-Mandab Strait, an important route for Saudi crude shipments, after Iran imposed a blockade on the Strait of Hormuz.
The rise in oil prices added another layer of uncertainty for investors, particularly ahead of crucial US inflation figures that could influence the Federal Reserve's interest-rate decision later this month.
Markets are now focused on the consumer and wholesale inflation reports due later this week. The data will be closely watched for clues about the US central bank's policy stance ahead of its September 16 meeting.
"Our forecast is that we're going to see a fairly big inflation increase this month, so we are expecting the Fed will raise rates," said FHN Financial's Chris Low.
In the bond market, the yield on the 10-year Treasury was steady at 4.78%.
Shares of GE Aerospace gained 0.7% after the company announced plans to acquire Consolidated Precision Products (CPP) for $11.75 billion.
The deal will see GE Aerospace purchase CPP from private investment firms Warburg Pincus and Berkshire Partners.
Boston Scientific stock fell 2.7% after the firm said it's unlikely to meet forecasts for sales and profit for the third quarter and for the fully year.
Qualcomm stock climbed 4% after the chipmaker announced a deal to collaborate with Amazon on large-scale AI data centers.
Chipmaker Intel’s stock gained 5.99%.
US-listed Novartis shares tumbled 12.6% after the Swiss pharmaceutical company gave a discouraging update on a study of a therapy for people living with myotonic dystrophy type 1, a neuromuscular disease.
Gold prices edged lower on Tuesday as rising oil prices fueled inflation concerns.
By 09:44 a.m. EDT (1344 GMT), spot gold fell 0.2% to $4,396.19 per ounce, while US gold futures for December delivery dropped 0.8% to $4,441.30.
Among other metals, silver edged 0.33% lower to $65.92 per ounce, platinum steady at $1,827.83 and palladium slid 2.7% to $1,351.39.
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