Stock market today: Live updates

The S&P 500 fell on Tuesday, bogged down by JPMorgan Chase, as investors absorbed the latest inflation reading and weighed whether President Donald Trump’s credit card price controls will come to fruition.

The broad-based index moved 0.3% lower, while the Dow Jones Industrial Average shed 214 points, or 0.4%. The Nasdaq Composite dropped 0.4%.

JPMorgan dipped more than 2% after CFO Jeremy Barnum signaled that the banking industry could push back against President Donald Trump’s call for credit card price controls. Goldman Sachs followed JPMorgan lower, declining more than 1%. Other financial stocks such as Mastercard and Visa traded down roughly 5% each. The State Street Financial Select Sector SPDR ETF (XLF) and Invesco KBW Bank ETF (KBWB) were also under pressure.

Stocks had received a bit of boost before pulling back earlier Tuesday after the December consumer price index report showed that core CPI — excluding food and energy — rose 0.2% on the month and 2.6% on the year, below the 0.3% and 2.8%, respectively, that economists polled by Dow Jones had estimated.

The monthly figure for headline inflation increased 0.3% in December, putting the annual rate at 2.7%. Both figures matched Dow Jones forecasts.

The CPI data came days after the December jobs report showed a somewhat weaker, yet stable, labor market, likely encouraging the Fed to hold off on interest rate cuts at their first meeting of the year later this month. Fed funds futures are pricing in two quarter point cuts this year, starting in June, according to the CME FedWatch tool.

Wall Street is coming off a record setting session, when the S&P 500 and Dow Industrials both hit all-time closing highs as investors looked past news of the Department of Justice’s criminal investigation into Federal Reserve Chair Jerome Powell. The Russell 2000 index of small company shares also reached an all-time high.