Major U.S. equities indexes slipped lower on Tuesday ahead of Wednesday morning's Consumer Price Index (CPI) report, a key gauge of inflation that could influence next week's interest rate decision by the Federal Reserve.

The S&P 500 and the Nasdaq both ended Tuesday's session around 0.3% lower, while the Dow lost around 0.4%.

Moderna (MRNA) shares plunged 9.1%, losing the most of any S&P 500 stock after Bank of America reinitiated coverage of the biotech stock with an "underperform" rating. Analysts pointed to the pharmacy maker's elevated levels of research and development (R&D) spending and uncertainty about the true value of Moderna's pipeline. They also said the financial impact of Moderna's respiratory syncytial virus (RSV) vaccine will likely remain limited.

Shares of server and data storage provider Super Micro Computer (SMCI) fell 8.2%. Late last week, the Nasdaq extended Supermicro's filing deadline until February 2025 for its delayed annual report. Although the CEO expressed confidence that the stock would not be delisted from the Nasdaq exchange, concerns have emerged about the potential removal of Supermicro from the influential Nasdaq 100.

Although cloud software giant Oracle (ORCL) topped quarterly profit expectations, sales fell short of forecasts, and shares dropped 6.7%. Although Oracle cited record artificial intelligence (AI) demand, Citi analysts questioned the upside potential for the firm's cloud revenue. Analysts at Oppenheim noted that while Oracle's results demonstrated strong growth, its performance was not as impressive as it was in recent quarters.

Walgreens Boots Alliance (WBA) shares surged 17.7%, notching the top daily gains in the S&P 500. The embattled pharmacy giant is reportedly considering selling itself to private equity firm  Sycamore Partners. According to The Wall Street Journal, Walgreens and Sycamore have been discussing a possible deal that could be completed in early 2025, with the private equity firm likely to sell off components of the company and/or explore partnerships if the buyout is successful.

Shares of Google parent Alphabet (GOOGL) advanced 5.6% as the tech giant unveiled its latest quantum computing chip. The company said the new "Willow" chip outperformed previous iterations on a quantum computing benchmark, touting the development as a key step forward in developing a practical quantum computer with uses in areas like drug discovery and battery design. Alphabet Class C (GOOG) shares were up 5.4%.

A federal judge blocked a proposed merger between grocery chains Kroger (KR) and Albertsons (ACI). The Federal Trade Commission (FTC) argued that the combination of the two traditional supermarket operators would limit direct competition, raising prices for consumers and reducing bargaining power for unionized workers. Kroger shares jumped 5.1% following the court decision, while Albertsons stock slipped 2.3%.