Financial Markets Wall Street

U.S. stocks slumped after a report said inflation was primed to worsen even before the war with Iran sent oil prices spiking. That and comments from the head of the Federal Reserve pushed Wall Street on Wednesday to see less chance of getting the lower interest rates that it loves. The S&P 500 fell 1.4% for its first loss this week. The Dow Jones Industrial Average dropped 1.6%, and the Nasdaq composite slid 1.5%. Treasury yields climbed in the bond market, which hurts prices for all kinds of investments. Gold fell back below $5,000 per ounce.

Oil prices shot up again because of the war with Iran, tightening their grip on the global economy and sending stock markets sharply lower.