Hotter-than-expected inflation reading stopped Wall Street in its tracks today, with all three benchmarks logging their steepest point-based drop of 2024. The Dow erased more than 524 points for its worst single-session loss in nearly 12 months and was off over 700 points at its session lows.

Not to be outdone, the S&P 500 breached the psychologically significant 5,000 mark and the Nasdaq shed triple digits. In the background, investors' "fear gauge," the Cboe Volatility Index (VIX), logged its best single-session percentage gain since October.

OIL SECURES 7TH CONSECUTIVE WIN

Oil futures turned in their seventh consecutive gain, as supply speculation continues to swirl amid Middle East tensions. For the session, March-dated West Texas Intermediate Crude (WTI) added 95 cents, or 1.2%, to finish at $77.87per barrel, the sixth-straight winning session.

Gold prices, meanwhile, pulled back to the key $2,000 level, after today's inflation raised questions about the Fed's future interest-rate cut plans.April-dated gold lost $25.20, or 1.2%, to settle at $2,007.80 for the session.

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