Chip Stocks Sink as Inflation Woes Boost US Yields: Markets Wrap

A selloff in high-flying chipmakers drove stocks lower, with the market also falling alongside bonds after inflation data showed the impacts of energy disruptions stemming from the war in Iran.

The faster-than-estimated core consumer price index halted a rally in equities, with the S&P 500 dropping from a record. The Nasdaq 100 slid about 1.5%. A gauge of semiconductor firms sank 4.5%. Renewed inflation worries sent two-year yields toward their highest since June, with traders boosting bets on a Federal Reserve rate hike in 2027. US crude topped $102.