Most U.S. stocks fell after an update on inflation hurt Wall Street’s hopes for lower interest rates.
The S&P 500 fell 0.4 percent Tuesday, and the Dow Jones Industrial Average lost 1 percent.
Stocks felt pressure from a report showing inflation in the United States accelerated to 2.7 percent last month from 2.4 percent in May. That could help keep the Federal Reserve from cutting interest rates.
Tech stocks were more resilient, thanks to a strong gain for Nvidia. It and other tech stocks helped drive the Nasdaq composite 0.2 percent higher to another record.
On Tuesday:
The S&P 500 fell 24.80 points, or 0.4 percent, to 6,243.76.
The Dow Jones Industrial Average fell 436.36 points, or 1 percent, to 44,023.29.
The Nasdaq composite rose 37.47 points, or 0.2 percent, to 20,677.80.
The Russell 2000 index of smaller companies fell 44.68 points, or 2 percent, to 2,205.05.
For the week:
The S&P 500 is down 15.99 points, or 0.3 percent.
The Dow is down 348.22 points, or 0.8 percent.
The Nasdaq is up 92.27 points, or 0.4 percent.
The Russell 2000 is down 29.77 points, or 1.3 percent.
For the year:
The S&P 500 is up 362.13 points, or 6.2 percent.
The Dow is up 1,479.07 points, or 3.5 percent.
The Nasdaq is up 1,367.01 points, or 7.1 percent.
The Russell 2000 is down 25.10 points, or 1.1 percent.
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