The S&P 500 snapped its eight-day winning streak Tuesday, as investors eased their bullish bets amid a Tesla-fueled slump in consumer discretionary stocks and weakness in financials as U.S. Treasury yields slid. The S&P 500 fell 0.36%, the Dow Jones Industrial Average lost 0.31%, or 112 points, the Nasdaq slipped 0.60%. In other news, speculation over whether Jerome Powell will retain his position as Federal Reserve Chairman intensified following a Bloomberg report that President Joe Biden had interviewed Fed Governor Lael Brainard as a possible candidate for the top job.

European shares retreated from record highs on Tuesday, although strong corporate earnings and hopes of a recovery kept losses limited as investors awaited fresh cues from economic data due this week. The pan-European STOXX 600 closed 0.2% lower at 482.71 points, holding just below its record peak hit last week. Investors are now awaiting inflation data from the euro zone’s largest economy, as well as industrial production data for the bloc, later in the week.

Japan equities were lower at the close on Tuesday, as losses in the Paper & Pulp, Railway & Bus and Real Estate sectors propelled shares lower. At the close in Tokyo, the Nikkei 225 lost 0.75%. The biggest gainers of the session on the Nikkei 225 were Softbank Group Corp. (T:9984), which rose 10.50% or 647.0 points to trade at 6808.0 at the close. Taisei Corp. (T:1801) added 6.78% or 235.0 points to end at 3700.0 and Kajima Corp. (T:1812) was up 5.45% or 74.0 points to 1433.0 in late trade.

The Russian stock market closed the day with a decline in the Moscow Exchange index and an unchanged RTS index. The Moscow Exchange index fell by 0.73% and amounted to 4187.33 points. The RTS index sank by only 0.01% – to 1865.29 points.

Oil prices edged higher Tuesday, with traders awaiting the latest U.S. inventory numbers and a potential move by the Biden administration to combat soaring gasoline prices. U.S. crude futures were up 0.6% at $82.39 a barrel, after gaining 0.8% on Monday, while Brent futures rose 0.3% to $83.69, after rising 0.8% during the previous session.