Stocks sink after hot March inflation data

U.S. stocks sank across the board after hotter-than-expected inflation data dimmed hopes of a June rate cut by the Federal Reserve. The Dow Jones Industrial Average fell more than 500 points in volatile trading following the release of the data on Wednesday and closed with a 422.16 point loss or 1%. The Nasdaq Composite and S&P 500 fell 0.8% and 0.9%, respectively. Treasury yields spiked, with the 10-year hitting 4.5% for the first time in 2024, and the 2-year yield hovering just b