
The S&P 500 ended Tuesday's session flat as investors prepared for the release of key inflation data later this week.
The broader index was little changed at 4,108.94, inching down by 0.004%. The Dow Jones Industrial Average rose 98.27 points, or 0.29% to 33,684.79. Meanwhile, the Nasdaq Composite shed 0.43% to 12,031.88.
Cyclical stocks outperformed, even as tech names lagged. Energy names led the S&P 500, with the sector up about 0.9%. On the other hand, tech stocks lagged the broader index, with the information technology sector falling by 1%.
Meanwhile, CarMax shares jumped 9.6% after the used car retailer posted a stronger-than-expected quarterly profit. Moderna shares shed 3% after the biotech firm said it's delaying its flu vaccine.
Those moves come ahead of the March readings of the consumer price index, due Wednesday, and the producer price index, out Thursday. Both inflation metrics could give further clarity into how the Federal Reserve might proceed on its rate-hiking campaign.
"The data coming forward this week is important in that it will be one of the last sets of data to inform the May 3rd Federal Reserve meeting. And, as the Federal Reserve evaluates their battle against inflation and the appropriate pace of monetary policy, market conditions have already begun to lean back towards an additional rate increase at the next meeting," U.S. Bank Wealth Management's William Northey said.
"This set of data will certainly provide context for the Federal Reserve to evaluate where they are in that battle," Northey added.
Further, Wall Street is heading toward another season of earnings announcements, with several major U.S. banks scheduled to release their earnings reports for the first time since the series of bank crises in March. JPMorgan Chase, Wells Fargo and Citigroup are set to report Friday. BlackRock and UnitedHealth Group are also scheduled to report.