The S&P 500 fell 0.38% to 7,520.93 on Tuesday, snapping a two-session winning streak as hotter-than-expected inflation data pressured stocks. 

October CPI rose 0.4%, above the 0.3% estimate, while core CPI increased 0.3%, compared with expectations for 0.2%. Fed Governor Christopher Waller had warned ahead of the release that a stronger reading could warrant considering a 50-basis-point rate hike in December.

December S&P 500 futures traded as high as 7,598.00 and as low as 7,503.50. The contract settled near the session low at 7,510.50, losing 63.75 handles from Monday’s close.

Tomorrow, market participants can look forward to a light Veterans Day calendar. U.S. stock markets will remain open, while bond markets will be closed.

Among the largest components of the index, Broadcom Inc. (NASDAQ: AVGO) emerged as the biggest gainer. The chip designer advanced by $12.50, or 3.91%, to close at $331.98. That performance was approximately 4.3 percentage points stronger than the cash index’s decline.

Conversely, the biggest loser was NVIDIA Corp. (NASDAQ: NVDA). For the day, the chip designer declined by $9.87, or 5.53%, to close at $168.80.