U.S. stocks are sinking Wednesday after a report said inflation is unexpectedly getting worse for Americans, before even the first of President Donald Trump ’s tariffs had a chance to raise prices for imports.

The S&P 500 was 0.9% lower in early trading. The Dow Jones Industrial Average was down 418 points, or 0.9%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.8% lower. The pain on Wall Street was widespread, and everything from AI darling Nvidia to staid utilities like Duke Energy to bitcoin fell.

Wall Street's main indexes hit an over one-week low on Wednesday, as a hotter-than-anticipated inflation reading added to concerns that the Federal Reserve would not cut interest rates anytime soon. U.

Wall Street held relatively firm on Tuesday following President Donald Trump’s latest tariff escalation and after the Federal Reserve hinted interest rates may not change for a while. The S&P 500 was virtually unchanged and edged up by less than 0.

Bond traders pushed out bets for the next Federal Reserve interest-rate cut to December, from mid-year previously, as underlying US inflation last month rose by more than forecast.