The stock market took a hit today as major indexes like the S&P 500 and Dow Jones slid after the release of inflation data. The Consumer Price Index (CPI) reading solidified expectations for a small rate cut by the Federal Reserve, causing concerns among investors.
The Dow Jones dropped over 650 points as hopes for a more aggressive rate cut faded. This news led to a decline in stock market recovery, with GameStop also taking a hit on earnings. Oil prices also sank, adding to the overall negative sentiment in the market.
Investors were disappointed by the surprise inflation report, which caught many off guard. This reduced the chances of a larger rate cut by the Fed, causing uncertainty and volatility on Wall Street.
Overall, US stocks were mostly down today as traders closely watched the CPI inflation report. Dow futures dipped as the market reacted to the latest economic data. The stock market continues to be influenced by a variety of factors, including inflation, interest rates, and corporate earnings.