(Il Sole 24 Ore Radiocor) - Milano, 15 mag - US shares were trading lower as tech stocks retreated and treasury yields jumped amid renewed inflation fears.

The two-day summit between president Donald Trump and his Chinese counterpart ended with no major breakthroughs but oil prices rose after Trump said China had agreed to buy oil from the US following his talks with Chinese president Xi Jinping though Beijing did not comment his remarks.

On Iran, US treasury secretary Scott Bessent told CNBC China was ready to work behind the scenes to help reopen the Strait of Hormuz, the narrow waterway that handled roughly a fifth of global energy flows before the US-Iran conflict.

But in comments to TV, Trump said the US did not need the waterway open, and separately signalled a tougher stance toward Tehran, stating he would no longer be patient.

The lack of progress on talks to resolve the Iran crisis has stoked worries over the inflationary impact of the conflict, reflected in hotter-than-expected consumer and wholesale inflation reports earlier this week.

On the stocks front, shares in tech stocks slipped after their recent rally, with Intel down 6.7%, Micron 5.0% lower, Nvidia off 3.1% and AMD down 3.9%. Boeing shares were down 2.7% after Trump said China had ordered 200 jets with the possibility of that rising to 750.

At 1722 GMT, the Dow Jones was down 404.95 points, or 0.81%, at 49,658.61 points.

The S&P 500 was 63.61 points, or 0.85%, lower at 7,437.63 points.

The Nasdaq was losing 282.48 points, or 1.06%, at 26,354.58.

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(RADIOCOR) 15-05-26 19:30:10 (0601) 5 NNNN