Market Highlights

Stocks fell the most since July as a selloff in chipmakers extended a decline that was fueled by wagers the Federal Reserve will keep lifting interest rates to fightinflation. The broad upswing in consumer prices reinforced bets on rate hikes even if the Fed pauses in October. The S&P 500 snapped its longest streak without a 1% drop in over six years. The Russell 2000 entered a correction. A gauge of chip giants sank 4.3%. CoreWeave Inc.’s bonds hit levels that usually signal distress. Its chief said the market is acting “irrationally.” US stocks rose modestly on a busy day for earnings in banking and artificial intelligence as traders stayed cautious ahead of the latest US inflation reading.