Stocks Drop and Oil Rises As Hot Inflation Data Reinforces Rate Hike Outlook

• US stocks slid on Thursday after a hotter-than-expected wholesale inflation print, with the S&P 500 falling 0.4% and the Nasdaq dropping 0.5%.

• Oil prices continued to climb, with WTI crude rising above $81 per barrel and Brent topping $85, as supplies remain tight.

• Fisker shares plunged over 40% on reports the EV maker may file for bankruptcy.

• Inflation data showing sticky price growth reinforced expectations that the Fed will maintain higher interest rates through mid-2024.

• Retail sales rebounded 0.6% in February, recovering some ground after January's surprise 1.1% decline.