Markets caught between geopolitics and CPI

Seven of the S&P 500's 11 sectors are in the red, with healthcare, down more than 1.5%, the weakest group. Energy, up more than 1.5%, is the top performer. Earlier, NYMEX crude futures climbed to their highest level since June.

Elsewhere, chip stocks are outperforming. Gold and silver miners are also attracting buyers as investors seek exposure to rising commodity prices and potential safe-haven plays. On the downside, software and services stocks and biotech shares are among the market's weakest pockets.

The early action suggests investors are balancing geopolitical risks and inflation concerns while awaiting fresh economic data that could help shape expectations for the Fed's next move.

Here is a snapshot of where markets stood shortly after 10 a.m. EDT.

Wall Street's main indexes are falling early Tuesday as renewed hostilities in the Middle East lifted oil prices, adding to investor caution ahead of a busy week for inflation data.

Much of the focus is already shifting to Friday's consumer price index (CPI) report. Investors will be paying especially close attention to the core CPI measure, which excludes food and energy prices and is often viewed as a better gauge of underlying inflation trends. A hotter-than-expected reading could reinforce hawkish expectations for the Federal Reserve, although uncertainty remains over whether it would be enough to sway policymakers when they meet on September 15 to 16.