The S&P 500 was 0.9% lower in early trading. The Dow Jones Industrial Average was down 418 points, or 0.9%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.8% lower. The pain on Wall Street was widespread, and everything from AI darling Nvidia to staid utilities like Duke Energy to bitcoin fell.

Wall Street's main indexes hit an over one-week low on Wednesday, as a hotter-than-anticipated inflation reading added to concerns that the Federal Reserve would not cut interest rates anytime soon. U.

Bond traders pushed out bets for the next Federal Reserve interest-rate cut to December, from mid-year previously, as underlying US inflation last month rose by more than forecast.