Wall Street pulls back after last week's rally

STORY: U.S. stocks ended lower on Tuesday after a three-session rally last week as volatile oil trading kept soaring inflation in focus, and data showed consumer confidence dipped in May.

The Dow and S&P 500 each lost about two thirds of a percent, while the Nasdaq fell less than half a percent.

George Ball is chairman and CEO of Sanders Morris Harris.

"The market is taking a respite from the relief rally that began in the latter part of last week. Many people think that the market is about to head upward in a major way again. But I think the conventional wisdom, the thinking of most people, is that this is an interim rally within a bear market.”

The only sector gainers were consumer discretionary, with Amazon.com providing the S&P's biggest boost from a single stock on the day, and communications services, as Google was the S&P's next biggest contributor, while most other megacap tech stocks sank.

Federal Reserve policy was top of mind for investors as President Joe Biden and Fed Chair Jerome Powell met on Tuesday to discuss inflation, which Biden said ahead of the meeting was his "top priority."

This was after Fed Governor Christopher Waller said the U.S. central bank should be prepared to raise rates by a half percentage point at every meeting from now on until inflation is decisively curbed.

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