Finance

The unexpected jump in core consumer prices has renewed concerns that the Federal Reserve may consider additional interest rate hikes at its upcoming policy meeting. These macroeconomic anxieties heavily pressured growth segments, causing the tech-focused Nasdaq Composite to slump nearly 2% in its largest single-day retreat in three months.

Chipmakers faced a punishing session as the broader semiconductor index marked its sixth consecutive day of losses. Heightened Treasury yields, intense international competition, and ongoing skepticism regarding the massive capital investments driving artificial intelligence infrastructure fueled the sharp downturn across the industry.

Bank of America's stock faced downward pressure during Wednesday's trading after the financial institution delivered underperforming quarterly profits. The earnings miss was largely driven by a substantial regulatory fine from the U.S. Treasury, overshadowing the broader momentum of the banking sector's ongoing earnings season.