Stocks plummet. Dow drops nearly 1,300 points after worrying inflation data

Traders work on the floor of the New York Stock Exchange during trading on Sept. 6 in New York City. Markets slumped on Monday after the latest inflation data was worse than expected, raising fears the Federal Reserve will need to continue raising interest rates aggressively. (Michael M. Santiago/Getty Images)

All three major indexes plunged on Tuesday after worse-than-expected inflation data raised fears the Federal Reserve will need to continue raising interest rates aggressively to bring prices under control.

The Dow Jones Industrial Average fell nearly 1,300 points, while the broad-based S&P 500 fell by over 4%.