U.S. stocks drift as inflation data disappoints, oil prices fall

U.S. stocks and bonds drifted Wednesday after a report showed inflation and spring economic growth last month were slightly worse than economists expected, while oil prices fell. The S&P 500 edged down 0.1 percent but remains near its all-time high, with the Dow dipping 7 points and the Nasdaq slipping 0.2 percent. Investors awaited Nvidia's earnings report after the close, while the 10-year Treasury yield rose to 4.64 percent. Oil prices dropped 2.4 percent amid escalating U.S.-Iran tensions and new sanctions, though diplomatic talks continued. Markets also weighed Canada's retaliatory tariffs on $20 billion of American goods, which could raise costs for businesses and consumers ahead of midterm elections.