S&P 500 Slides Midday as Hot October Inflation Print Drives Treasury Yields Higher

U.S. stocks extended losses midday Tuesday as hotter-than-expected October inflation data stoked fears of extended Federal Reserve monetary tightening. By midday, the S&P 500 fell 0.79% to 7,490, while the Dow Jones slipped 0.70% to 52,039 and the Nasdaq Composite dropped 1.09% to 24,987. The decline followed a weak opening where the S&P 500 initially lost 0.49% to 7,513.09. Inflation concerns drove the 10-Year U.S. Treasury yield up 12 basis points to 5.02%, weighing heavily on technology and basic materials shares.