S&P 500 Falls Up to 1.3% as Hotter Inflation Ignites Rate-Hike Concerns

The S&P 500 dropped as much as 98 points, or 1.3%, to 7,706 on Wednesday, marking its sharpest single-day decline since late July. Markets slid after the September Consumer Price Index rose 3.7% year-over-year, with core CPI reaching 2.6% and monthly core advancing 0.3%, exceeding consensus forecasts. The data lifted Fed rate-hike expectations and sent Treasury yields higher, with the 10-year yield topping 5.29%. The S&P 500 opened down 0.40% at 7,774.18 before losses widened past 1% midday, led by heavy declines in technology and semiconductor shares.