Stocks sink as inflation data offers little relief

STORY: Stocks ended sharply lower Wednesday, after flirting with gains early in the session, but April inflation data appeared to raise investor concerns over further interest rate hikes.

While the monthly consumer price index report suggested inflation may have peaked in April, it also showed that it's likely to stay hot enough to keep the Federal Reserve focused on cooling it down.

Brian Vendig is president of MJP Wealth Advisors.

"We see that inflation is slightly moderating month over month, but still hanging at levels at 8% or more. That is a concern for investors because of the pace of Federal Reserve policy measures that could happen in the next subsequent meetings, as well as how does this impact consumers domestically as well."

The Dow ended a percent lower. The S&P 500 fell more than a percent and a half, while the Nasdaq plummeted more than 3%, as the prospect of rising interest rates once again hit tech and growth stocks hard.

Shares of Apple were the biggest weight on the Nasdaq and S&P 500 indexes, as the stock fell more than 5%.

Energy shares were up again, helping to limit some of the declines in the S&P and Dow.

Investors are anxious to see more on inflation Thursday, when the Labor Department releases U.S. producer price index data.

And, finally, shares of Coinbase Global slid more than 26% Wednesday after the cryptocurrency exchange platform's first-quarter revenue missed estimates, amid a plunge in digital assets, including Bitcoin, which is down 39% from the year's high.

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