The S&P 500 closed lower Tuesday for the first time in nine sessions as investors took some profits after an October rally and awaited key inflation data ahead.

The broad equity index retreated nearly 0.4% to 4,685.25. The S&P 500 on Monday posted its 64th record close of the year and eighth straight positive day — its longest winning streak since April 2019.

The October producer price index increased 0.6% month over month, the Labor Department said Tuesday, in line with the Dow Jones consensus estimate. Still, wholesale prices jumped 8.6% in October from a year ago, the hottest annual pace on record in nearly 11 years.
 

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U.S. equity futures were lower on Tuesday night as investors await key data on Wednesday that’ll be the next big indicator of how much rising price pressures are accelerating.

The Nasdaq Composite ticked down 0.6% to 15,886.54.

Investors are holding their breath for the latest consumer price index reading, which the Labor Department will report Wednesday before the bell. Economists expect a 0.6% increase, or a year-over-year gain of nearly 6%, which would be the most in 30 years. They expect core CPI, which excludes food and energy and is the Federal Reserve’s preferred measure of inflation, to have risen 0.4%, or 4.3% year-over-year.

Weekly jobless claims and mortgage applications to purchase a home are also due out Wednesday.