Investors are now betting that the Federal Reserve will cut interest rates just once more this year, a drastic shift in expectations since late 2024.

Stocks sell off broadly, with the tech sector taking a bigger blow after back-to-back hot inflation prints suggest a stalling of price deceleration. The Dow Jones Industrial Averaged fell 440 points,

Stock index futures fell sharply on Wednesday, while yields rose as retail inflation came in hotter than expected. S&P 500 futures (SPX) -0.9%, Nasdaq 100 futures (US100:IND) -1%, and Dow futures (INDU) -0.