The Bureau of Labor Statistics on Tuesday released June inflation data, showing prices increased from the prior month. Hours later, President Trump called on the Fed to lower rates.

Brent crude futures fell 5 cents to $69.16 a barrel, while U.S. West Texas Intermediate crude futures declined 9 cents to $66.89 a barrel. Both contracts settled more than $1 lower in the previous session.

CNBC's "Closing Bell" team discusses what to expect from upcoming bank earnings with Stephen Biggar, director of financial services research at Argus Research.

President Trump has renewed calls for Federal Reserve Chair Jerome Powell to resign, criticizing the Fed for not cutting interest rates.

U.S. President Donald Trump says the Federal Reserve should set its benchmark interest rate at 1% to lower government borrowing costs, allowing the administration to finance the high and rising deficits expected from his spending and tax-cut bill.