Stocks fell sharply after disappointing data on inflation made investors confront the bitter possibility that interest rates will stay high for months longer than they were hoping.
The S&P 500 fell 1.4% Tuesday after clawing back part of a larger intraday loss. The worse-than-expected inflation report may have put the final nail into hopes that the Federal Reserve could deliver its first interest rate cut in March. It also pushed many forecasts past May into June.
The Dow fell 1.4% and the Nasdaq composite tumbled 1.8%. The smallest stocks took some of the biggest losses as Treasury yields surged in the bond market.
On Tuesday:
The S&P 500 fell 68.67 points, or 1.4%, to 4,953.17.
The Dow Jones Industrial Average fell 524.63 points, or 1.4%, to 38,272.75.
The Nasdaq composite fell 286.95 points, or 1.8%, to 15,655.60.
The Russell 2000 index of smaller companies fell 81.08 points, or 4%, to 1,964.17.
For the week:
The S&P 500 is down 73.44 points, or 1.5%.
The Dow is down 398.94 points, or 1%.
The Nasdaq is down 335.06 points, or 2.1%.
The Russell 2000 is down 45.82 points, or 2.3%.
For the year:
The S&P 500 is up 183.34 points, or 3.8%.
The Dow is up 583.21 points, or 1.5%.
The Nasdaq is up 644.25 points, or 4.3%.
The Russell 2000 is down 62.90 points, or 3.1%.
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