S&P 500 ends down as hot US inflation data hints at fewer rate cuts
Gilead Sciences rallied after upbeat quarterly reports.
Nvidia and Amazon dipped more than 1%, with the two AI computing heavyweights weighing on the S&P 500 .
U.S. consumer prices increased in January by the most in nearly a year and a half, reinforcing the Fed's message that it was in no rush to resume cutting rates.
The surge in prices offered a cautionary note to President Donald Trump's push for tariffs on imported goods, which economists have panned as inflationary.
Interest rate futures now suggest traders see about a 70% chance the Fed will reduce rates by another 25 basis points by the end of 2025, down from about an 80% chance on Tuesday, according to CME Fedwatch.
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