The S&P 500 was little changed flat early Tuesday following a big rally, as investors digested a softer-than-expected inflation report. Sea soared 7%; UnitedHealth tumbled 11%.

The consumer price index, a broad measure of goods and services costs across the U.S. economy, increased 2.3% on an annualized basis in April. Economists polled by Dow Jones expected inflation to remain at a 2.4% rate last month on a year-over-year basis. Excluding food and energy, so-called core inflation ran at a 2.8% annual rate, which matched consensus estimates and was also unchanged from the prior month.

Wall Street enjoyed a huge rally Monday after the U.S. and China agreed to slash steep tariffs for 90 days, raising hopes a trade war won’t tip the economy into a recession.

“And just like that, the markets’ twin fears – a tariff-induced recession and sticky inflation – have been greatly assuaged,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management. “We’re still concerned that high valuations and market concentration remain risks to much higher stock prices this year, but in the short run, markets should love this data and continue yesterday’s (China-trade) celebration.”

The blue-chip Dow surged more than 1,100 points, while the S&P 500 popped over 3%, cutting its year-to-date losses to just 0.6%. The Nasdaq Composite added 4.4%. All three averages posted their best day since April 9.

After negotiations in Switzerland over the weekend, the U.S. and China reached a deal to cut “reciprocal” tariffs between both countries down to 10%. The U.S.′ 20% duties on Chinese imports relating to fentanyl will remain in place, meaning total tariffs on China stand at 30%.

Treasury Secretary Scott Bessent told CNBC’s “Squawk Box” on Monday that he expects to meet once again with representatives from Beijing in the “next few weeks” to start ironing out a bigger agreement.