The Dow Jones Industrial Average fell over 87 points or 0.26%, while the S&P 500 and Nasdaq Composite ended down 0.3% apiece.
|I:DJI||DOW JONES AVERAGES||31500.68||+823.32||+2.68%|
|I:COMP||NASDAQ COMPOSITE INDEX||11607.620416||+375.43||+3.34%|
The consumer price index rose 8.5% in March from a year ago, according to a new Labor Department report released Tuesday, marking the fastest increase since January 1982, when inflation hit 8.4%. The CPI — which measures a bevy of goods ranging from gasoline and health care to groceries and rents — jumped 1.2% in the one-month period from January.
In stocks, Apple could boost its dividend by 10%, according to the team at Citi, which also notes it may authorize a $90 billion stock buyback.
Tesla remains in focus as investors await Elon Musk's next move as the company's largest shareholder.
Keep an eye on the chipmakers after Nvidia, following Monday's drop, rebounded after Bank of America said the selling was overdone.
|AMD||ADVANCED MICRO DEVICES INC.||87.08||+4.65||+5.64%|
CarMax shares are under pressure after retail sales dropped over 5% during the quarter, as the cost of a used vehicle rose 40% to an average selling price of $8,300.
Elsewhere, Beyond Meat confirmed it will add 8,000 retailers to sell its plant-based chicken tenders.
|BYND||BEYOND MEAT INC.||25.42||-0.64||-2.46%|
|CVS||CVS HEALTH CORP.||94.78||+2.46||+2.66%|
Following their successful retail debut at Walmart and grocery chains Jewel-Osco, Safeway NorCal, Harris Teeter, Giant Food and ShopRite last year, Beyond Chicken Tenders are now available at select Albertsons, CVS, Sprouts and Whole Foods Market stores nationwide and will expand into all Kroger banners throughout April.
Wednesday will kick off a slew of bank earnings, including JPMorgan and BlackRock, before the market opens.
|JPM||JPMORGAN CHASE & CO.||117.32||+3.40||+2.98%|
Oil also moved higher, closing up nearly 7% to $100.60 per barrel.
|USO||UNITED STATES OIL FUND L.P.||81.24||+2.23||+2.82%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||32.65||+0.89||+2.79%|
|UGA||UNITED STATES GASOLINE FUND LP PARTNERSHIP UNITS||72.39||+2.50||+3.57%|
That could impact gas prices, which have retreated in recent days but remain above $4 per gallon across most of the country.
Gold also got a bounce, closing up over 1% to $1,972.10 an ounce.
|GLD||SPDR GOLD SHARES TRUST - EUR ACC||170.09||-0.17||-0.10%|
In cryptocurrencies, Bitcoin slipped below the $40,000 level.