Stocks pulled back again on Wall Street Wednesday after a surprisingly big jump in inflation last month worsened worries among investors that the economy may run too hot as it bounces back from its pandemic-induced recession.
Tech giants, which had soared during the past year of lockdowns, took some of the biggest losses. The slump put major indexes on track for their worst weekly losses since October. Bond yields snapped higher after the government reported that consumer prices rose in April at the fastest year-over-year rate since 2008.
The S&P 500 fell 89.06 points, or 2.1%, to 4,063.04.