The S&P 500 index fell 1.1% on Wednesday, ending its longest streak of 53 trading days without a single-day drop exceeding 1% since January 2020. This decline was primarily driven by a combination of factors: the US September CPI rising 0.6% month-over-month (the fastest pace since April) and growing market doubts about the sustainability of AI-related trades. The technology sector bore the brunt, with the Nasdaq 100 index plummeting 2%, marking its largest single-day drop since July. The semiconductor stock index fell for the sixth consecutive day, with a cumulative decline of nearly 12%. CoreWeave, an AI cloud computing service provider, also saw its corporate bonds sold off, with its unsecured bonds due in 2032 trading below 80 cents on the dollar. The company's stock price dropped 15%. Chris Zaccarelli, Chief Investment Officer at Northlight Asset Management, stated that the inflation data reignited market concerns about further interest rate hikes by the Federal Reserve.