Stocks closed lower Tuesday for the third day in a row as investors await inflation data amid a cut in global economic growth projections by the IMF.

European and Asian markets were also negative on rising oil prices, as shortages and panic-buying continues.

The U.S. 10-year yield was little changed and the dollar was mixed against a basket of other currencies.

The price of crude oil was flat at $80.55 and the spot price of gold was up $6.2 to $1,761.90.

The IMF came out today with a warning that although inflation factors are largely transitory, there is a high degree of uncertainty around the issue, and risks are to the upside.

Although the Federal Reserve bank is largely expected to begin asset-purchase tapering by the end of the year, it has said that interest-rate hikes remain the primary tool for addressing inflation. The IMF also updated its global economic growth projects, lowering its previous forecasts, citing shortages, inflation and labor concerns.

Investors were focused on jobs data today while looking to corporate earnings guidance, as earnings season gets officially underway later this week.

Large-cap banking names such as JPMorgan will kick the season off, but the bar of outperforming analyst expectations is rising, and strong earnings results might not be enough to allay investor fears.

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