Stock Market Today: Dow in biggest loss since March as hot inflation rattles bulls By

-- The Platform foreign exchangeDow slumped on Tuesday, posting its biggest daily loss since March 2023 as Treasury yields surged after a hotter-than-expected inflation report cooled expectations for a sooner and more aggressive Federal Reserve's rate cutting cycle. 

By 16:00 ET (21:00 GMT), the fell 524 points, or 1.4%, the  contract fell 1.3%, and the slumped 1.8%.

Inflation comes in hot to cool Fed rate-cut optimism, pushing Treasury yields higher

Headline to 3.1% pace in January, from 3.4% a month earlier, but that was still above economists estimates of 2.9%.

, which the Fed watches more closely as it strips out volatile items like food and fuel, remained at the same annual pace of 3.9% posted in December, but was expected to slow to a 3.7% pace.

Treasury yields jumped, with the 2-year Treasury yield rising 18 basis points to 4.654%, while the yield on the 10-year Treasury surging 14 basis points to 4.315%. 

The hotter inflation report was driven by the "lumpy shelter/rent component," RBC said, adding that  broader signs of reacceleration in inflation pressures" as well as a strong labor market "are reinforcing the risk that the Fed won't need (or be able to) pivot to interest rate cuts as quickly or aggressively as previously expected."

With a March rate cut all but priced out, investors cut their bets on a May rate cut to 31.6% from nearly 50% the prior day, according to 's Fed Rate Monitor Tool. 

Coca-Cola delivers earnings beat, but peak pricing power worries weigh; Biogen, Hasbro stumble on earning stage

(NYSE:) closed less than 1% lower after better-than-expected fourth-quarter results and guidance was cast aside by worries about waning pricing power as top-line sales growth from a year earlier.

Biogen (NASDAQ:) fell more than 7%  after the company reported lower-than-anticipated profit and revenue in its latest quarter, driven by weaker sales across multiple products including Vumerity, Spinraza amid competition and pricing pressures. 

Hasbro (NASDAQ:) also stumbled on the earnings stage, after its fourth-quarter results and guidance missed Wall Street estimates, sending its shares more than 1% lower.

The toy maker's performance was dragged by it entertainment segment, which came under pressure from industry strikes, and a losses owing to goodwill and intangible asset impairment charges.

Nvidia gets a boost ahead of quarterly earnings next week

NVIDIA Corporation (NASDAQ:) sidestepped the heavy selling to end the day just below the flatline after Mizuho upgraded its price target on the stock to $825 from $625, as the chipmaker will continue its market dominance amid rising AI demand. 

The bullish backing comes come just ahead of the fourth-quarter results due Feb. 21. 

Nvidia is up 231% over the past year, with a market cap of about $1.78 trillion.  

(Scott Kanowsky, Oliver Gray contributed to this report.)

Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!