The Globe and Mail reports in its Wednesday edition that Canada's main stock index fell on Tuesday, giving back some of the previous day's strong gains, as hotter-than-expected domestic inflation data lowered expectations the Bank of Canada would cut interest rates again next month. A Reuters dispatch to The Globe says that the S&P/TSX Composite Index ended down 60.11 at 21,788.48 after posting on Monday its biggest gain in seven weeks. Canada's annual rate of inflation accelerated to 2.9 per cent in May from 2.7 per cent in April, after showing signs of cooling since the start of the year. It led to traders pricing in a less-than-even chance the BoC would cut interest rates for a second time at its next policy decision on July 24, down from 65 per cent before the data. Still, roughly two 25-basis-point rate cuts are expected by December. Two-year and five-year Canadian bond yields rose nearly 10 basis points to two-week highs. The Nasdaq composite rallied 1.3 per cent, buoyed by strength in Nvidia and other tech megacaps, while the Dow slipped as retailers weighed and investors waited for crucial U.S. inflation data due out this week. Nvidia climbed 6.8 per cent, bouncing back after a three-session sell-off.