The Dow, S&P 500, and Nasdaq All Fell 0.4% on Oil and Inflation
Major U.S. stock indexes fell 0.4% as wholesale inflation surged to 5.4% year-over-year and oil prices climbed above $105 per barrel. The inflation data raised Fed rate hike odds to 70% for the September meeting. Rate-sensitive stocks like Nvidia and memory chip makers declined, while Apple gained. Friday's consumer price index will be crucial before the Fed's decision.