Stocks Mostly Lower After Inflation Data Cools Rate Cut Hopes; Semiconductor Stock Jumps on Earnings

• S&P 500 down slightly after setting record high day before; Dow drops 164 points • Wholesale inflation report hotter than expected, keeps door closed on near-term rate cuts • Treasury yields jump on inflation data, cooling hopes of Fed rate cut in March or May • Semiconductor equipment maker Applied Materials stock jumps 10% on strong earnings • Cryptocurrency exchange Coinbase surges 17% as crypto trading revenue beats forecasts