From Nasdaq:

Wall Street’s main indexes tumbled on Tuesday after a higher-than-expected consumer inflation reading pushed back market expectations of imminent interest rate cuts. The Dow Jones Industrial Average had its biggest one-day percentage drop in nearly 11 months after a Labor Department report showed U.S. consumer prices increased above forecasts in January.
Equities are in retreat mode following a still inflationary CPI report, said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. Markets have rallied this year on bets that the Fed would start trimming rates in May. After the release of the inflation data, bets by traders for a rate reduction in May of at least 25 basis points dropped to 36.1%, from about 58% before the data.
The latest data comes on the heels of a modest revision to inflation in the last quarter of 2023 that left investors briefly relieved on the trajectory of inflation. The Cboe volatility index .VIX, a market fear gauge, hit its highest level since November. Most chip stocks such as Micron Technology MU.O, Qualcomm QCOM.O and Broadcom AVGO.O also dropped, sending the Philadelphia SE Semiconductor index .SOX down 2%.
The S&P 500 .SPXlost 68.14 points, or 1.37%, to end at 4,953.70 points, while the Nasdaq Composite .IXIC lost 282.64 points, or 1.79%, to 15,659.91. The Dow Jones Industrial Average .DJI fell 522.05 points, or 1.36%, to 38,275.33. It marked Dow’s biggest one-day percentage loss since March 22, 2023.
Tripadvisor TRIP.O stock jumped 13.8% as the online travel agency formed a special committee to evaluate deal proposals. Declining issues outnumbered advancers by a 10-to-1 ratio on the NYSE and a 4.9-to-1 ratio on the Nasdaq. On U.S. exchanges 12.9 billion shares changed hands compared with the 11.71 billion moving average for the last 20 sessions.



Read more: US STOCKS-Wall St ends sharply lower as hot inflation sparks sell-off