Stocks explored both sides of the aisle today as investors grappled with the consumer price index's (CPI) hottest reading since 1981. The Dow came off its intraday lows to settle the day with a 208-point drop, marking its fourth-consecutive daily decline. The S&P 500 waffled at its breakeven level before eventually settling lower, while the Nasdaq cut its earlier gains to finish with a muted loss. The reading had a notable effect on Treasury yields as well, with the inversion between the 10-year and 2-year rates hitting its biggest level since 2000. Elsewhere, the release of the Federal Reserve's "Beige Book" revealed more anxieties over inflation and a looming economic recession. 

The Dow Jones Average (DJI -30,772.79) gave up 208.5 points or 0.7% for the day. Nike (NKE) led the gainers, adding 1.3%. UnitedHealth (UNH) paced the laggards with a 2.6% fall.

The S&P 500 Index (SPX - 3,801.78) lost 17 points, or 0.5% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,247.58) shed 17.2 points, or 0.2% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 26.82) lost 0.5 points or 1.7% for the day.

OIL INCHES HIGHER AS TEMPERATURES IN U.S. RISE

Oil prices made a slight comeback today after the National Oceanic and Atmospheric Administration's six to 14-day prediction for hotter-than-normal temperatures across the U.S. pointed to a boost in demand for the commodity, as well as tightening supply.  August-dated crude rose 46 cents, or 0.5%, to finish at $96.30 per barrel for the day.

Some weakness in the U.S. dollar finally gave gold prices some respite from their selloff, lifting the commodity off its lowest settlement since September 2021, but not before dropping to its lowest level since March 31, 2021. August-dated gold added $10.70, or 0.6%, to close at $1,735.50 an ounce.

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