US stocks slide amid economic data

US stocks retreated in the morning session on Tuesday, as investors digested the newly-released economic data and awaited the minutes of the US Federal Reserve.

The Dow Jones Industrial Average shed 48.18 points, or 0.26%, to 18,587.87, Xinhua news agency reported.

The S&P 500 lost 7.69 points, or 0.35%, to 2,182.46. The Nasdaq Composite Index decreased 23. 52 points, or 0.45%, to 5,238.50.

The US Consumer Price Index (CPI) for all urban consumers was unchanged in July on a seasonally adjusted basis, in line with market estimates, the Labor Department reported on Tuesday.

The index for all items less food and energy rose 0.1% in July, but posted its smallest increase since March.

Meanwhile, privately-owned housing starts in July were at a seasonally adjusted annual rate of 1.211 million units, 2.1% above the revised June estimate, according to the US Commerce Department.

US industrial production increased 0.7% in July, better than expectations of 0.3%, after moving up 0.4% in June, said the Federal Reserve on Tuesday.

Investors were also awaiting the minutes of the Fed's July policy meeting scheduled for release Wednesday, for more indications on the timing of the next interest rate hike.

US stocks rallied on Monday, with all three major indices setting new closing records for the second time in less than a week.