S&P 500 futures were down 0.4%, while futures on the Dow Jones Industrial Average dropped 0.38%. Nasdaq 100 futures fell 0.29%. 

These overnight moves were influenced by the release of March’s highly-anticipated consumer price index on Tuesday. It is expected that the data will reveal an 8.4% annual increase in prices, according to economists polled by Dow Jones. This is the highest level since December 1981, with rising housing, energy, and food costs thought to be the major factor behind the record-high figure. 

Speaking to CNBC on Monday, Ed Yardeni, president of Yardeni Research said, “I think by the summer we’ll probably see the CPI inflation rate peaking and then the consumption deflator is going to peak somewhere between 6 and 7% and then come down to maybe 3 to 4% by the second half of the year going into next year.”

“There’s definitely a lot of financial anxiety,” commented Celeste Revelli, a director of financial planning at eMoney Advisor. “It’s difficult to know how long this inflationary moment will last.”