After hotter-than-expected January inflation statistics lifted Treasury yields and cast doubt on the Federal Reserve's ability to cut rates multiple times this year, stocks fell on Tuesday.

 also fell over 4%, its worst session since June 2022.

 Consumer prices rose 0.3% in January from December. CPI rose 3.1% annually. Dow Jones economists projected January CPI to rise 0.2% and 2.9% from a year ago

 After excluding volatile food and energy, core prices grew 0.4% month over month and 3.9% year over year

 Core CPI was predicted to rise 0.3% in January and 3.7% year-over-year.

 “This may well come as an easy excuse to take some of the froth out of this market that's been universally higher thus far this year,” said B. Riley Financial chief market strategist Art Hogan

 "The CPI was just a touch hotter than expectations today, proving we're not on a linear path but headed lower."

 Following CPI statistics, the 2-year Treasury yield went above 4.66% and the 10-year yield above 4.32%. Tech stocks like Microsoft and Amazon, which pushed the market to new highs amid rate declines, led losses on Tuesday

 Both Microsoft and Amazon lost almost 2%.

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