Markets wobble on inflation news

Stocks fell on Wall Street on Wednesday, led by more drops in tech companies, after the report on inflation came in worse than feared.

Treasury yields initially jumped but pared their gains as the morning progressed. The 10-year Treasury yield climbed as high as 3.08% but fell back to 2.92% in later trading, below its late-Tuesday level of 2.99%. The two-year yield, which moves more on expectations for Fed action, rose to 2.64% from 2.62% late Tuesday. It had climbed as high as 2.75% shortly after the report’s release.

The S&P 500 fell 65.87 points to 3,935.18, while the Nasdaq slid 373.44 points to 11,364.24. Both indexes posted five straight weekly losses heading into this week.

The Dow dropped 326.63 points to 31,834.11. The bluechip index has racked up six straight weekly losses. The Russell 2000 fell 43.65 points, or 2.5%, to 1,718.14.

Coinbase, a crypto trading platform, tumbled 26.4% after it reported much weaker results for the latest quarter than analysts expected.

Hamburger chain Wendy’s fell 10.8% after reporting disappointing profits. Callaway Golf jumped 10.2% and H&R Block surged 19.5% after reporting encouraging financial results.

Crude jumped again on Wednesday, with a barrel of benchmark U.S. oil rising 6% to settle at $105.71. Brent crude, the international standard, added 4.9% to settle at $107.51.