The NZX 50 dropped 72 points, or 0.5%, to 13,651 on Tuesday, falling for the second consecutive session and tracking the decline on Wall Street overnight after US President Trump vowed to reinstate a blockade on Iranian shipping through the Strait of Hormuz. Rising oil prices due to the escalating conflict in the Middle East continued to weigh on sentiment as inflation concerns fueled expectations of further interest rate hikes. Investors also awaited the release of US inflation data to help gauge the Fed's monetary policy decision at its upcoming meeting, along with key Chinese economic data, including Q2 GDP, due later this week. On the data front, New Zealand's visitor arrivals rose 6.7% in May, marking the slowest growth in four months. The financial, utilities, and industrial sectors led the declines, with notable losses from Auckland International Airport (-3.3%), ANZ Group (-2.5%), Infratil (-1.9%), Summerset Group (-0.9%), and Westpac Banking Corp (-0.8%).