Stocks drop toward their worst day since June as inflation worsens

U.S. stocks are sliding toward their worst day since June as renewed inflation worries push bond yields higher. The S&P 500 fell 1.3% on Wednesday and was on track for a fifth loss in six sessions after posting an all-time high. The Dow Jones Industrial Average was down 218 points (0.4%) and the Nasdaq Composite fell 1.9% by 2:15 p.m. Eastern time. Pressure intensified after data showed consumers paid 3.7% more for fuel, food and other living costs than a year earlier, accelerating from 3.4% in August and above the 3.6% expected. The 10-year Treasury briefly rose above 5.32% before easing, while traders increased their expectations for Fed rate hikes.