U.S. stocks slumped after a report said inflation was primed to worsen even before the war with Iran sent oil prices spiking.
That and comments from the head of the Federal Reserve pushed Wall Street on Wednesday to see less chance of getting the lower interest rates that it loves. The S&P 500 fell 1.4 percent for its first loss this week. The Dow Jones Industrial Average dropped 1.6 percent, and the Nasdaq composite slid 1.5 percent.
Treasury yields climbed in the bond market, which in turn hurt the price of gold. It fell back below $5,000 per ounce.
On Wednesday:
The S&P 500 fell 91.39 points, or 1.4 percent, to 6,624.70.
The Dow Jones Industrial Average fell 768.11 points, or 1.6 percent, to 46,225.15.
The Nasdaq composite fell 327.11 points, or 1.5 percent, to 22,152.42.
The Russell 2000 index of smaller companies fell 41.35 points, or 1.6 percent to 2,478.64.
For the week:
The S&P 500 is down 7.49 points, or 0.1 percent.
The Dow is down 333.32 points, or 0.7 percent.
The Nasdaq is up 47.06 points, or 0.2 percent.
The Russell 2000 is down 1.41 points, or 0.1 percent.
For the year:
The S&P 500 is down 220.80 points, or 3.2 percent.
The Dow is down 1,838.14 points, or 3.8 percent.
The Nasdaq is down 1,089.57 points, or 4.7 percent.
The Russell 2000 is down 3.26 points, or 0.1 percent.
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