The S&P 500 closed in the red for the first time in nine sessions on Tuesday as investors traded cautiously ahead of ket inflation data slated for release on Wednesday. All three major averages slipped from their record highs, with the Dow Jones Industrial Average shedding over 100 points while the Nasdaq fell by 0.6%.

Here's how the market settled on Tuesday:

S&P 500 Index (SPY  ): -0.35% or -16.44 points to 4,685.26

Dow Jones Industrial Average (DIA  ): -0.31% or -112.18 points to 36,320.04

Nasdaq Composite Index (QQQ  ): -0.60% or -95.81 points 15,886.54

General Electric to break up into three separate companies:

General Electric (GE  ) announced Tuesday that it plans to split into three separate, publicly traded companies, focused on aviation, health care and energy, respectfully.

The company said in a press release that it plans to spin off its health care unit by early 2023 and combine its GE Renewable Energy, GE Power and GE Digital units into their own business in early 2024. The remaining company, currently known as GE, will then become an aviation-focused company, with Larry Culp remaining as CEO.

"By creating three industry-leading, global public companies, each can benefit from greater focus, tailored capital allocation, and strategic flexibility to drive long-term growth and value for customers, investors, and employees," CEO Lawrence Culp said in a statement. "We are putting our technology expertise, leadership, and global reach to work to better serve our customers."

Producer prices rose higher in October:

U.S. producer prices rose in October, with price hikes being driven by surging costs for gasoline and motor vehicles, sending warning signals for long-term inflationary pressures as global supply chains remain tight heading into the high demand holiday season.

The producer price index (PPI) for final demand increased by 0.6% last month following September's 0.5% gain, according to a Labor Department report published Tuesday. In the 12 months through October, the PPI increased by 8.6%, or their highest annual pace on record, and were similar to the prior month's gain.

More than 60% of October's PPI increase was due to a 1.2% rise in the prices of goods, which followed a 1.3% gain in September. Moreover, a 6.7% hike in gasoline prices accounted for a third of the increase in goods prices.

Here's how market benchmarks started trading soon after opening bell:

S&P 500 Index: +0.13% or +6.19 points to 4,707.89

Dow Jones Industrial Average: -0.12% or -44.72 points to 36,387.50

Nasdaq Composite Index: +0.15% or +24.73 points to 16,007.08