U.S. stocks tumbled in a broad sell-off after a hotter-than-expected inflation report may jeopardize the Federal Reserve’s plan to cut interest rates.
The Dow Jones Industrial Average fell more than 600 points during intraday trading, or 1.7%, and is on pace for the worst session in 11 months.
The benchmark has erased almost half its gains for 2024 with the 10-year Treasury yield nearing 4.3%.
The consumer price index for January rose by 3.1% on an annual basis, higher than the 2.9% economists surveyed by Refinitiv expected. The producer price index, due Wednesday, will also be closely watched. ... Read More: FOX Business