US stocks fall as inflation data lowers rate cut expectations; S&P 500, Nasdaq both down by more than 1%

Disappointing Inflation Data Leads to US Stock Market Slump: The Dow, S&P 500 and Nasdaq Composite All Fall

US stocks took a hit on Tuesday after disappointing inflation data dashed hopes of an interest rate cut. The Dow Jones Industrial Average fell 98.21 points, or 0.25 percent, at the open to 38,699.17, while the S&P 500 dropped 53.90 points, or 1.07 percent, to 4,967.94 at the opening bell. The Nasdaq Composite saw a decline of 343.67 points, or 2.16 percent, to 15,598.88 at the start of trading.

Shares of Microsoft fell by 2.3 percent and Nvidia lost by 2.1 percent after the inflation data came in worse than expected. As a result, Treasury yields jumped significantly with the yield on the 10-year Treasury rising from 4

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