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Stocks Tumble the Most Since February; Yields Jump: Markets Wrap

  • S&P 500 slides for third day after closing at an all-time high
  • Oil gains as U.S. pipeline closure leads to fuel shortages
Bloomberg business news
WATCH: Fed Vice Chairman Richard Clarida says the rise in inflation is largely due to transitory factors.Source: Bloomberg
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The S&P 500 Index slumped the most since February and bond yields jumped after a report showed inflation rose more than forecast, adding to concern that price pressures will stifle a recovery in the world’s biggest economy.

The technology sector continued to lead the retreat in equities, with Apple and Microsoft pacing a 2.6% decline in the Nasdaq 100. Cathie Wood’s ARK Innovation ETF resumed its slide, bringing this year’s loss to about 18%. After closing at a record high on Friday, the benchmark S&P 500 dropped 2.14%. Energy was the only one of the 11 industry sectors to finish in the green. Treasury yields surged the most since March.