U.S. stocks dropped to their worst day since July.
The S&P 500 fell 1.1% Wednesday and had its fifth loss in the six days since setting its all-time high. The Dow Jones Industrial Average slipped 0.1%, and the Nasdaq composite sank 1.9%.
A report showing inflation accelerated last month raised expectations on Wall Street that the Federal Reserve will raise interest rates. More expensive borrowing could slow the buildout of AI data centers, and AI stocks were the heaviest weights on the market.
Bank of America sank after reporting a weaker profit than analysts expected.
On Wednesday:
The S&P 500 fell 86.51 points, or 1.1%, to 7,718.94.
The Dow Jones Industrial Average fell 48.62 points, or 0.1%, to 51,621.48.
The Nasdaq composite fell 511.51 points, or 1.9%, to 26,692.87.
The Russell 2000 index of smaller companies fell 53.84 points, or 1.9%, to 2,729.53.
For the week:
The S&P 500 is down 92.60 points, or 1.2%.
The Dow is down 33.47 points, or 0.1%.
The Nasdaq is down 673.30 points, or 2.5%.
The Russell 2000 is down 77.45 points, or 2.8%.
For the year:
The S&P 500 is up 873.44 points, or 12.8%.
The Dow is up 3,558.19 points, or 7.4%.
The Nasdaq is up 3,450.88 points, or 14.8%.
The Russell 2000 is up 247.62 points, or 10%.
