Stock indexes edged lower on Wall Street Tuesday, shedding early gains as investors weigh new data on inflation.
The pullback follows back-to-back losses driven by worries about the economic collateral damage as the Federal Reserve tackles high inflation more aggressively. A report showed inflation is still at its highest level in 40 years.
Still, a faint silver lining was that inflation unexpectedly slowed in March on a month-over-month basis, after excluding the costs of food and fuel. The Fed pays close attention to that number, and Treasury yields fell immediately after the report.
The S&P 500 fell 15.08 points, or 0.3%, to 4,397.45.
The Dow Jones Industrial Average fell 87.72 points, or 0.3%, to 34,220.36.
The Nasdaq fell 40.38 points, or 0.3%, to 13,371.57.
The Russell 2000 index of smaller companies rose 6.61 points, or 0.3%, to 1,986.94.