NEW YORK (AP) — Stocks fell on Wall Street Wednesday, led by more drops in technology companies, after a report on inflation came in worse than feared.

The S&P 500 fell 1.6% and the tech-heavy Nasdaq lost 3.2%. The Dow Jones Industrial Average fell less, 1%. Treasury yields initially jumped following the inflation report but later fell back.

Wall Street has been transfixed on the nation's high inflation, and where it's heading, because it's causing the Federal Reserve to yank the supports it propped under markets for most of the pandemic.

U.S. crude oil prices rose 6%.