U.S. stocks slumped Tuesday after hotter-than-expected inflation data dashed investors’ hopes that cooling price pressures would allow the Federal Reserve to moderate its campaign of interest-rate increases.
The S&P 500 tumbled 2.6%, while the Dow Jones Industrial Average declined 2.3%, or about 748 points. The Nasdaq Composite slid 3.3% as rate-sensitive technology stocks took a heavy beating.
