US stocks cut losses in the last three hours of trading, with the S&P 500 closing 0.2% lower, the Dow remaining near the flat line, and the Nasdaq falling 0.7%. Hot April CPI report consolidated worries that higher energy prices may dent earnings prospectives backing bets that the Fed will not cut rates this year against recent evidence of a robust labor market. Alphabet, Amazon, Microsoft, Tesla were down more than 1% while Nvidia and Apple turn positive. Chip and memory producers also declined as South Korea mulled establishing a universal dividend for the recent surges in AI infrastructure stocks, pressuring Broadcom and AMD to fall 2%. Meanwhile, telehealth company Hims & Hers plunged 15% after its first-quarter earnings report missed expectations.

SPI down 10 - Oil up - Gold slips - CBA 3Q results - Budget in focus.

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