The U.S. stock market closed down on Tuesday following a report detailing surging consumer prices, reversing gains from the start of the week. The Dow Jones Industrial Average fell 107.39 points, or 0.31%, while the S&P 500 dipped 0.4% and the Nasdaq Composite slid 0.46%.

The losses came after the Department of Labor issued a report Tuesday stating that consumer prices in the United States increased 5.4% between June 2020 and June 2021, the steepest 12-month increase in more than a decade.

Tuesday also marked the start of second-quarter earnings reports, with JPMorgan Chase falling 1.72% after posting earnings of $11.9 billion, or $3.78 per share, while Goldman Sachs stock dipped 1.19% reporting earnings of $15.02 per share.