U.S. stocks edged lower on Tuesday after lower-than-expected inflation data dampened hopes for interest rate cuts.
The Dow Jones Industrial Average fell 98.21 points, or 0.25%, to $38,699.17. The S&P 500 index fell 53.90 points, or 1.07%, to open at 4,967.94, and the Nasdaq Composite Index fell 343.67 points, or 2.16%, to 15,598.88 at the opening bell.
Microsoft's stock price fell 2.3%, and Nvidia's stock fell 2.1%.
U.S. Treasury yields soared on the back of the inflation data. The yield on the 10-year U.S. Treasury rose to 4.25% from 4.18% late Tuesday. The yield on two-year bonds rose to 4.57% from 4.47%.
Asian stock markets were mixed on Tuesday. Japan's Nikkei Stock Average rose 2.9% to 37,963.97 yen.
Hong Kong's Hang Seng Index and China's Shanghai Composite Index were closed for public holidays.
Oil prices rose slightly on Tuesday due to uncertainty over fighting in the Middle East.
Brent futures rose 54 cents to $82.54 a barrel at 1224 GMT. U.S. West Texas Intermediate (WTI) crude oil rose 50 cents to $77.42 a barrel.
Gold prices rose on Tuesday. Spot gold rose 0.4% to $2,027.99 an ounce at 1145 GMT. US gold futures rose 0.4% to $2,041.80.
Here is a comprehensive three-minute summary of what Finance Minister Nirmala Sitharaman said in her budget speech: Click to download!
