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The tech-heavy Nasdaq fell 99.11 points or 0.5 percent to 19,615.88, the S&P 500 dipped 16.57 points or 0.3 percent to 6,022.24 and the Dow edged down 1.10 points or less than a tenth of a percent to 42,865.77.

The early strength in the markets came following the release of a closely watched Labor Department report showing U.S. consumer prices increased by slightly less than expected in the month of May. The Labor Department said its consumer price index inched up by 0.1 percent in May after rising by 0.2 percent in April. The report said the annual rate of consumer price growth accelerated to 2.4 percent in May from 2.3 percent in April. Excluding food and energy prices, core consumer prices still crept up by 0.1 percent in May after edging up by 0.2 percent in April. The annual rate of core consumer price growth in May was unchanged from the previous month at 2.8 percent.

Buying interest was also generated after U.S. and Chinese officials announced an agreement in principle on a framework to ease trade disputes between the two economic superpowers. The plan is subject to approval by President Donald Trump and his Chinese counterpart Xi Jinping, Commerce Secretary Howard Lutnick told reporters. Without specifying the terms of the framework, Lutnick indicated that both sides agreed to lift export controls on key goods and technologies. Trump concluded that they're getting a total of 55% tariffs out of which China will pay 10%.

Airline stocks substantial moved downwards, with the NYSE Arca Airline Index plunging by 3.4 percent. Steel stocks were significantly weak, as reflected by the 1.5 percent loss posted by the NYSE Arca Steel Index. Housing and retail stocks too saw notable weakness as the day progressed while energy stocks turned in a strong performance amid a surge by the price of crude oil.

Asia Pacific stocks moved mostly higher. Japan's Nikkei 225 Index climbed by 0.6 percent, while Hong Kong's Hang Seng Index advanced by 0.8 percent. The major European markets turned in a mixed performance on the day while the U.K.'s FTSE 100 Index inched up by 0.1 percent, the German DAX Index dipped by 0.2 percent and the French CAC 40 Index fell by 0.4 percent.

In the bond market, treasuries showed a strong move to the upside following the inflation data. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, slid 6.2 bps to 4.41 percent.