The latest inflation data for March weighed on investors.
The futures on the S&P 500 and the Nifty 100 were flat.
Consumer prices rose 8.5% in March from the previous year, the highest level since 1981 and further fueling concerns of tighter monetary policy from the Federal Reserve. The core inflation was slightly below expectations.
Guggenheim Partners Global Chief Investment Officer told CNBC that he thinks inflation peaked.
The 10-year Treasury hit a new three-year high before pulling back.
The major averages closed the day in the negative. The average fell for the second day in a row. The S&P 500 and the tech-laden Nasdaq were both down.
Financials led the seven sectors that ended the day in the negative. Microsoft and Meta closed down about 1%. Advanced Micro Devices and Nvidia both fell, continuing a string of losses in the industry.
China relaxed some Covid-19 lockdowns which could have a big impact on oil prices. West Texas Intermediate crude futures jumped 6.69% to $100.60 per barrel, while the international benchmark crude rose 6.26% to $104.64 per barrel. The moves sent energy stocks rising with Marathon Oil and Occidental Petroleum ending the day up 4.2% and 2.1%, respectively.
The dollar index hit a high of 100.332, its highest level since May 2020. The price of gold added 1.43% and settled at $1,976.1.
The start of earnings season is on Wednesday with Delta Airlines.
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