Stocks dipped on Wednesday, stepping back earlier gains as investors continued to digest the latest U.S. inflation data.
The Dow Jones Industrials let gains slip by the closing bell, surrendering 326.63 points, or 1%, to 31,834.11.
The S&P 500 slid 65.87 points, or 1.7% to 3,935.18.
The NASDAQ Composite swooned 373.43 points, or 3.2%, to 11,364.24.
Tech shares struggled on Wednesday, tempering gains for the NASDAQ. Meta Platforms and Netflix each fell around 4% while Microsoft dipped 2% as investors continued their movement out of growth areas. Information technology and consumer discretionary sectors fell more than 3%, dragging down the S&P 500.
Meanwhile, Dow and Merck were the best-performing stocks in the Dow. IBM shares popped 1.7%. While most sectors dipped into negative territory, energy rose 2%. Utilities and materials also fought to stay positive.
April's consumer price index showed an 8.3% jump, higher than the 8.1% increase expected by economists polled by Dow Jones. The price surge remained near the 40-year high pace of 8.5% seen in March.
Core CPI, which does not include food and energy prices, gained 6.2% compared to expectations of 6%. On a monthly basis, headline CPI rose by 0.3% and core rose 0.6%.
On the earnings front, shares of Coinbase slumped more than 26% after the crypto exchange posted its latest quarterly results. Investors are looking ahead to reports from Walt Disney, Rivian and Beyond Meat after the bell.
Treasury prices gained, with yields slumping to 2.93% from Tuesday's 3%. Treasury prices and yields move in opposite directions.
Oil prices hiked $5.38 to $105.14 U.S. a barrel.
Gold prices recovered $11.40 to $1,852.40 U.S. an ounce.