The major averages closed mixed on concerns of U.S. inflation and lackluster earnings from the big banks. The Dow Jones fell 436 points or 0.98%. The S&P 500 fell 24 points while the Nasdaq rose 37 points thanks in part to Nvidia.

On the inflation front, the consumer price index increased 0.3% on the month, putting the annual inflation rate at 2.7%, matching a consensus poll from Dow Jones. The 10-year Treasury yield rose 6 basis points to 4.48%. The 30-year yield jumped more than 4 basis points to 5.01%. The 2-year note yield advanced 6 basis points to 3.95%.

On the earnings front, bank stocks took a hit following earnings that were better than expected. Citigroup was up 3%, but JP Morgan was down a percent, Wells Fargo fell 5% while Blackrock was down 5% as well.

Most sectors were lower today.

Only the tech sector was higher. Nvidia rose 4% as the Trump administration will allow them to sell their H20 artificial-intelligence chip in China, days after Chief Executive Jensen Huang met President Trump.

In the commodity space, oil and gold were lower. Bitcoin fell 2% after making new all time higher yesterday.

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