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U.S. stock indexes closed lower Tuesday, giving up gains earlier in the session after a better-than-feared inflation reading and falling back into their September doldrums.

The Dow Jones Industrial Average shed 292.06 points, or 0.8%, to 34,577.57.

The S&P 500 dipped nearly 0.6% to 4,443.05.

The Nasdaq Composite ticked about 0.5% lower to 15,037.76.

Stocks popped at the open after the August consumer price index, while still showing a significant jump in inflation, came in less than expected. However, the stock averages turned lower roughly half an hour into trading.

The S&P 500 and the Nasdaq Composite are down more than 1% in September, while the Dow is down 2.2% for the month. For the past two days, stocks rolled over from intraday highs earlier in the session.

September is historically the worst month for markets with an average decline of 0.56% in the month dating back to 1945, according to CFRA.

The Federal Reserve begins a two-day policy meeting on September 21. The central bank is monitoring key economic indicators like inflation readings as it decides when to taper its pandemic-era easy monetary policy.

“I believe the Fed will talk about tapering in September and not announce it until the November meeting and then put it in place before the end of the year,” said Art Hogan, chief market strategist at National Securities.

In Washington, House Democrats on Monday proposed new tax hikes on corporations and wealthy people to fund a $3.5 trillion social safety net and climate policy bill.

Reference: CNBC