As investors evaluated the March inflation data, stock futures rose overnight.

Futures on the Dow Jones Industrial Average rose 30 points or 0.1%, while S&P 500 futures inched 0.1% higher and Nasdaq 100 futures gained 0.13%.

Tuesday’s inflation data showed consumer prices rise 8.5% in March from the previous year — the highest level since 1981 — further fueling concerns of tighter monetary policy from the Federal Reserve. The Core CPI increased 0.3%, which is slightly lower than expected.

“I think it’s very likely inflation peaked,” Guggenheim Partners Global Chief Investment Officer Scott Minerd told CNBC’s “Closing Bell: Overtime” on Tuesday. “If inflation didn’t reach its peak in March it is currently at the peak,” Minerd said. 

The 10-year Treasury saw a record-breaking three year high. It topped 2.82% for the first time, before falling to 2.727%.

The major averages were down after rallying early in the session. Dow Jones Industrial Average lost 87.72 point, or 0.26 percent, to 34.220.36. The S&P 500 slipped 0.34% to 4,397.45, and the tech-heavy Nasdaq Composite slipped 0.30% to 13,371.57.

Financials led seven sectors to close the day with a negative result. Technology suffered as well, with Meta and Microsoft closing around 1%. Nvidia dropped 1.9% while Advanced Micro Devices lost 2.3%. This continues a series of losses for the semiconductor industry.

China eased some Covid-19 lockdowns that could have had a hard hit demand, which led to oil prices rising. Brent crude oil, the international benchmark for crude oil, rose 6.6% to $104.64 a barrel while West Texas Intermediate crude crude futures rose 6.69% at $100.60 a barrel. Energy stocks rose as Marathon Oil and Occidental Petroleum ended the day higher by 4.2% and 2.1% respectively.

The dollar index rose 0.3% to 100.332, the highest point since May 2020. Also, gold gained 1.43% to settle at $1.976.1.

Investors anticipate the beginning of earnings season Wednesday with JPMorgan, Delta Airlines.