NEW YORK (AP) — Stock indexes edged lower on Wall Street Tuesday, shedding early gains as investors weigh new data on inflation.

The S&P 500 fell 0.3%. The pullback follows back-to-back losses driven by worries about the economic collateral damage as the Federal Reserve tackles high inflation more aggressively.

A report showed inflation is still at its highest level in 40 years. Still, a faint silver lining was that inflation unexpectedly slowed in March on a month-over-month basis, after excluding the costs of food and fuel.

The Fed pays close attention to that number, and Treasury yields fell immediately after the report.