Stocks fell Tuesday, reversing an earlier gain, as traders awaited fresh U.S. inflation data following the release of a lighter-than-expected producer price index report.

The Dow Jones Industrial Average inched down 69 points, or around 0.2%. The S&P 500 and the tech-heavy Nasdaq Composite fell 0.3% and 0.4%, respectively. The major averages gave back their early gains following the cool inflation data.

Big tech stocks wavered Tuesday, putting pressure on the S&P 500 and Nasdaq. Nvidia and Meta Platforms lost around 2% each, while Alphabet and Microsoft pulled back 0.1% each. Meanwhile, Tesla and Palantir rose around around 1% and 2%, respectively.

The producer price index, which measures wholesale inflation, increased just 0.2% in December, according to a Bureau of Labor Statistics report. Economists polled by Dow Jones had estimated a 0.4% rise. Core PPI, which excludes food and energy, was flat.

Investors are now looking to Wednesday’s consumer price index report to gauge whether the Federal Reserve is succeeding at bringing inflation close to its 2% target, which would allow the central bank to ease  interest rate policy.

“If CPI comes in hotter than expected, it would certainly be bad news for equity markets because it would imply that the Fed will indeed remain slower to lower interest rates,” said Sam Stovall, chief investment strategist at CFRA Research.

Fed funds futures trading suggests a near-certainty that the Fed will hold steady on interest rates at the conclusion of its two-day meeting later this month. Market pricing also suggests a near 80% likelihood rates will stay at their current target range of 4.25%-4.5% in March, according to the CME FedWatch tool.

On the earnings front, banking behemoths will kick off fourth-quarter earnings season this week, with JPMorgan Chase, Citigroup, Goldman Sachs and Wells Fargo posting results on Wednesday. Morgan Stanley and Bank of America are slated to report on Thursday.