CNBC reports:

Stocks fell Thursday morning and the S&P 500 fell to its lowest level since 2020 after a key consumer inflation report came in hotter than expected, signaling that the Federal Reserve will likely continue with aggressive interest rate hikes.

The Dow Jones Industrial Average fell 233 points, or 0.82%, and also briefly hit its lowest intraday level since November 2020. The S&P 500 slipped 1.27% and the Nasdaq Composite slumped 1.94%. Shares of large consumer companies led the losses as the inflation reading stoked fears that spending will take a hit. Amazon fell more than 3% while Home Depot and Costco slipped 2.5%.

The yield on the 10-year U.S. Treasury spiked above 4% as bonds sold off – yields are inverse to price…

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Now read: “Investors Set To Learn How Bad Things Really Are“.

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