The Dow Jones Industrial Average pulled back Tuesday as investors looked to regain some positive momentum ahead of the release of key U.S. inflation data.

The 30-stock index traded 50 points lower or 0.2%. The S&P 500 was marginally higher, while the Nasdaq Composite advanced 0.3%.

Shares of Alphabet rose 1.6%, marking a new 52-week high, after unveiling a new custom Arm-based chip at its Cloud Next conference. Shares of Amazon also ticked up 0.3%, on pace to break the previous record close from 2021.

The March consumer price index report is slated for release Wednesday at 8:30 a.m. ET. Economists surveyed by Dow Jones expect inflation to have increased 0.3% in March on a month-over-month basis.

Investors will keep a close eye on the data as they search for clues on when the Federal Reserve will start cutting rates. Right now, it’s a coin toss whether they’ll decrease rates in June, according to the CME Group’s FedWatch tool.

“If [CPI] is a surprise and that continues to reprice inflation expectations higher, I think that’s where it becomes dangerous for stocks,” iCapital chief investment strategist Anastasia Amoroso told CNBC’s “Closing Bell” on Monday.

Amoroso added that the rise in bond yields to multimonth highs has been triggered by an improving growth outlook, underpinned by a stronger-than-expected jobs report from Friday. However, she cautioned that a continued rise in the 10-year yield could signal cause for concern for the broader market.

The benchmark 10-year Treasury note yield slipped to 4.38% after trading above 4.4% in the previous session.

“If the moves are somewhat contained here I think we’re fine, despite the backup, but obviously if you have anything closer to a breakout to 4.8%, I think we’d have to worry,” Amoroso said.