Stocks end lower as oil prices surge on renewed Hormuz tensions, SK Hynix leads chip stock sell-off

Stocks ended lower as oil prices surged due to renewed Hormuz tensions, with SK Hynix leading a semiconductor sell-off. The Dow and S&P 500 finished lower, while the Nasdaq snapped its three-day winning streak as the oil rally fueled inflation worries.

Why it matters: Traders increased bets on Fed rate hikes ahead of key inflation data.