Stocks are sliding through a shaky day of trading on Wall Street Wednesday after a highly anticipated report on inflation turned out to be even worse than expected.
The S&P 500 initially tumbled as much as 1.6% on expectations the Federal Reserve will hike interest rates drastically to slow the nation’s skyrocketing inflation. But markets took a few U-turns through the morning, as has become the norm on Wall Street this tumultuous year, and stocks recovered much of their losses after a pullback in Treasury yields eased the pressure.
