Stock market today: Wall Street skids after inflation remains stubbornly high

News Snapshot:

NEW YORK (AP) — Stocks fell sharply after disappointing data on inflation made investors confront the bitter possibility that interest rates will stay high for months longer than they were hoping. The S&P 500 fell 1.4% Tuesday after clawing back part of a larger intraday loss. The worse-than-expected inflation report may have put the final nail into hopes that the Federal Reserve could deliver its first interest rate cut in March. It also pushed many forecasts past May into June. The Dow fell 1.4% and the Nasdaq composite tumbled 1.8%. The smallest stocks took some of the biggest losses as...