The S&P 500 and Nasdaq closed lower on Tuesday, as warmer-than-expected inflation data and an increasingly fragile US-Iran ceasefire prompted investors to take money off the table near the end of a strong first-quarter earnings season. Weakness in tech shares dragged the Nasdaq down the most, while healthcare stocks buoyed by a rally in Humana helped keep the Dow in positive territory.

Despite the selloff, the S&P 500 and Nasdaq are near all-time highs.

As the reporting season winds down, investors are increasingly focusing on valuations, macroeconomics and geopolitical developments.

While the PHLX semiconductor index tumbled, the index is up more than 60% this year, benefiting from enthusiasm about artificial intelligence.

“Our call is for the market to flatten out simply because there’s greed and then fear during earnings season,” said Jay Hatfield, CEO and portfolio manager at InfraCap in New York.

Consumer prices rise disappointed Economic data showed consumer prices rising at a faster pace than analysts expected as the closure of the Strait of Hormuz continued to disrupt crude supplies due to the war with Iran.

“Inflation doesn’t get better until oil prices go down,” Hatfield added. “It is history by which you can set your watch.” The Iran war, now in its 11th week, shows no signs of a near-term resolution. After US President Donald Trump rejected a US proposal to Tehran to end the conflict, Trump declared the ceasefire “on life support”, sticking with a list of demands he called “rubbish”. The notion of a protracted conflict raises the possibility that rising energy prices could metastasize into broader, more entrenched inflation. There are also low hopes for an interest rate cut from the Fed this year under the expected chairmanship of Kevin Warsh, who the US Senate confirmed to the Fed board on Tuesday.

“Warsh can’t cut rates even if he wants to and I don’t think he will,” Hatfield said, adding that he is optimistic about Warsh’s Fed reform plans.

Chances of a rate hike are increasing. According to CME’s FedWatch tool, financial markets are more than 30% likely that the central bank will implement a 25-basis-point increase in its fed funds target rate in December, up from 21.5% on Monday. Trump is due to travel to Beijing this week to meet with his Chinese counterpart Xi Jinping, addressing a wide range of issues including tariffs, US military aid to Taiwan, China’s potential role in a peace deal with Iran and expanding a trade agreement on critical rare earth metals.

According to preliminary data, the S&P 500 fell 11.16 points, or 0.15%, to close at 7,401.68, while the Nasdaq Composite lost 184.67 points, or 0.70%, to 26,089.45. The Dow Jones Industrial Average rose 71.37 points, or 0.14%, to 49,775.84.

Humana advanced following Bernstein’s 36% price target increase. GameStop fell after eBay rejected a $56 billion takeover bid for meme stock Trailblazer.

Zebra Technologies rose after the barcode scanner maker raised its annual sales growth forecast, betting on strong demand for its products that help automate manufacturing workflows. Hims & Hers Health tumbled after the telehealth firm missed Wall Street estimates for first-quarter revenue and posted a surprise loss.

Venture Global rose after the LNG exporter raised its annual adjusted core profit forecast.