US market today: S&P 500, Nasdaq slip from peaks; Dow down 104 points after hot inflation data

Wall Street experienced a downturn as wholesale inflation exceeded expectations, diminishing hopes for imminent interest rate cuts by the Federal Reserve. The S&P 500, Dow Jones, and Nasdaq all saw declines following the release of the Labor Department’s report. Corporate news also impacted the market, with Tapestry and Deere shares falling due to profit warnings and cautious outlooks.