Stocks Slip as Hot Inflation Data Damps Hopes for Near-Term Fed Rate Cuts
• Another hot inflation report keeps stocks in check, with the S&P 500 down 0.3% and Nasdaq down 0.7% • Treasury yields rose after the wholesale inflation report showed prices rising more than expected in January • Hopes faded for Fed rate cuts in March or even May, with forecasts moving closer to the Fed's outlook • Applied Materials stock climbed on stronger earnings, but Digital Realty sank on weaker-than-expected results • Japanese stocks near 1980s record high despite Japan now having the world's fourth-largest economy