
The Consumer Price Index came in at 9.1% for June, marking an increase from 8.6% in May. On a monthly basis, prices rose 1.3%, higher than the 1% increase seen in April. The decades-high inflation is weighing in on investor sentiments.
The stock market plunged on Wednesday after the inflation report came in. The Dow Jones Industrial Average slipped 0.7%, the S&P 500 dropped 0.5%, and the Nasdaq Composite slipped 0.2%.