Stocks closed lower on Wall Street Tuesday, bringing major indexes slightly below the record highs they set a day earlier.

The S&P 500 fell 0.4%. Investors were weighing the latest quarterly earnings reports from big U.S. companies and concerns about inflation.

Inflation has been a lingering concern for the markets as investors try to gauge how the Federal Reserve will respond to it.

The latest report from the Labor Department showed yet another increase in consumer prices in June that surprised economists.

Banks, including Goldman Sachs and JPMorgan Chase helped kick off the latest round of corporate earnings reports, along with PepsiCo.