After ending the previous session modestly higher, stocks may move back to the downside in early trading on Tuesday. The major index futures are currently pointing to a lower open for the markets, with the S&P 500 futures down by nearly 10 points.

Traders may cash in on recent strength in the markets after a report from the Labor Department showed consumer prices in the U.S. saw the biggest monthly increase in thirteen years in the month of June.

The Labor Department said its consumer price index jumped by 0.9 percent in June after climbing by 0.6 percent in May. Economists had expected consumer prices to rise by 0.5 percent.

The bigger than expected increase in consumer prices reflected the biggest advance since prices surged up by 1.0 percent in June of 2008.

Excluding food and energy prices, core consumer prices still jumped by 0.9 percent in June following a 0.7 percent increase in May. Core prices were expected to rise by 0.4 percent.

The annual rate of consumer price growth accelerated to 5.4 percent in June from 5 percent in May, reaching the highest level since a matching spike in August of 2008.

Core consumer prices were up by 4.5 percent year-over-year in June, reflecting an acceleration from the 3.8 percent jump in May. Core prices saw the biggest annual increase since November of 1991.

The sharp increases in consumer prices may add to recent concerns about the outlook for monetary policy and the possibility the Federal Reserve may soon begin its tapering its asset purchases.

On the earnings front, financial giants JPMorgan Chase (JPM) and Goldman Sachs (GS) both reported quarterly results that exceeded analyst estimates on both the top and bottom lines.

Snack and beverage giant PepsiCo (PEP) also reported better than expected second quarter results and raised its full-year guidance.

After showing a lack of direction early in the session, stocks moved modestly higher over the course of the trading session on Monday. With the upward move, the major averages all reached new record closing highs.

The major averages all close in positive territory. The Dow climbed 126.02 points or 0.4 percent to 34,996.18, the Nasdaq edged up 31.32 points or 0.2 percent to 14,733.24 and the S&P 500 rose 15.08 points or 0.4 percent to 4,384.63.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan’s Nikkei 225 Index and China’s Shanghai Composite Index both climbed by 0.5 percent, while Hong Kong’s Hang Seng Index jumped by 1.6 percent.

Meanwhile, the major European markets are turning in a lackluster performance on the day. While the U.K.’s FTSE 100 Index is up by 0.2 percent, the French CAC 40 Index and the German DAX Index are both nearly unchanged.

In commodities trading, crude oil futures are rising $0.24 to $74.34 a barrel after falling $0.46 to $74.10 a barrel on Monday. Meanwhile, after slipping $4.70 to $1,805.90 an ounce in the previous session, gold futures are climbing $9.10 to $1,815 an ounce.

On the currency front, the U.S. dollar is trading at 110.44 yen compared to the 110.37 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1807 compared to yesterday’s $1.1861.

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