• US stocks edged lower on Monday as investors prepare for the release of January inflation data.
• The January CPI report will be released on Tuesday, and investors are looking for a continued decline in inflation.
• So far 67% of S&P 500 companies have reported earnings, and overall 81% of those companies beat profit estimates.

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US stocks backed off from record highs on Monday and edged lower as investors prepare for the release of January inflation data.

The January CPI report will be released Tuesday morning, and investors are looking for a continued decline in inflation. A lower reading would help solidify the Federal Reserve's decision to cut interest rates later this year.

The median forecast suggests year-over-year CPI will fall to 2.9%, a decline from the previous reading of 3.4%. Meanwhile, year-over-year Core CPI is expected to drop to 3.7%, compared to its previous reading of 3.9%.

Investors are still assessing fourth-quarter earnings results, which have been positive overall. 67% of S&P 500 companies have reported results so far — of those companies, 81% beat profit estimates by a median of 7%, while 64% reported better-than-expected revenue by a median of 2%, according to data from Fundstrat.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday: 

• S&P 500: 5,027.33, up 0.01%
• Dow Jones Industrial Average: 38,691.46, up 0.05% (+19.77 points)
• Nasdaq Composite: 15,997.31, up 0.04%

Here's what else is going on today: 

In commodities, bonds, and crypto: 

• West Texas Intermediate crude oil fell 0.48% to $76.47 a barrel. Brent crude, the international benchmark, dropped 0.71% to $81.61 a barrel. 
• Gold declined 0.50% to $2,028.50 per ounce. 
• The 10-year Treasury yield was flat at 4.16%.
• Bitcoin climbed 0.29% to $48,452.