Stocks moved lower on Tuesday, with investors stuck in a holding pattern ahead of tomorrow's highly anticipated consumer price index (CPI) reading. The Dow shed 56 points, while the Nasdaq and S&P 500 finished lower as well. The U.S. debt ceiling standstill remained in focus, with President Joe Biden and House Speaker Kevin McCarthy meeting today in an effort to avoid the looming potential default. 

OIL REVERSES LOSSES ON U.S. BUYBACK PLAN

Oil prices erased earlier losses to notch a win on Tuesday, following news the Biden administration will buy back oil for the U.S. Strategic Petroleum Reserve. The report helped traders brush off declining crude imports in China for April. June-dated crude added 55 cents, or about 0.8%, to close at $73.71 per barrel.

Gold prices also settled higher, as investors continued to anticipate key inflation data to determine the health of the U.S. economy. The June-dated commodity added $9.70, or 0.5%, to close at $2,042.90 an ounce.

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