US stocks close lower after inflation data

The major US stock fell on Tuesday, after the release of the US inflation data sparked concerns in the market.

The US Q2 cooperate earnings season launched in Wall Street, with major US banks like JP Morgan Chase and Morgan Stanley reporting their results today.

Data showed that the US consumer price index rose by 0.9% in June, the largest monthly rise since 2008, higher than forecasts of 0.5%, and the y/y reading showed a rise by 5.4%. 

The core reading (excluding food and fuel prices) rose by 0.9%, higher than forecasts of 0.4%.

To the oil market, WTI crude August futures rose 1.6% or $1.15, and closed at $75.25 a barrel, after hitting a high of $75.5 and a low of $73.6.

Brent August futures rose 1.7% or $1.33, and closed at $76.49 a barrel, after hitting a high of $76.6 and a low of $74.9.

As for stocks, Dow Jones fell 0.3% or 107 points, and closed at 34,888, with a day high of 35,018, and a low of 34,876.

S&P 500 fell 0.3% or 15 points to 4,369, after hitting a high of 4,392 and a low of 4,366.

Nasdaq fell 0.3% or 55 points to 14,677, with a high of 14,803 and a low of 14,660.