U.S. stocks dropped to their worst day since July on Wednesday following the latest signal that inflation is getting worse.

The S&P 500 sank 1.1% for a fifth loss in the six days since setting its all-time high. The Dow Jones industrial average fell 48 points, or 0.1%, and the Nasdaq composite slid 1.9% as stocks in the artificial-intelligence industry led the way lower.

Stocks felt pressure from rising yields in the bond market, where worries grew after a report said U.S. consumers had to pay prices for fuel, food and other costs of living last month that were 3.7% higher overall than a year earlier.

Inflation has accelerated recently in part because of jumps in fuel prices, and the price for a barrel of Brent crude added 0.4% Wednesday to $106.06.

The centerpiece of the U.S. bond market, the 10-year Treasury, saw its yield briefly jump above 5.32% from less than 5.17% just before the inflation report’s release. It eventually gave back much of the gain.

Much of Wall Street’s pain on Wednesday was due to drops for companies riding the AI frenzy to huge profit growth and stellar stock gains.

Drops of 3.2% for Nvidia, 3.1% for Broadcom and 5.7% for Advanced Micro Devices were among the day’s heaviest weights on the S&P 500.

CoreWeave, which offers AI computing power to customers over the cloud, tumbled 15.5% for its worst day since February. GE Vernova, which is hoping to electrify power-hungry data centers, dropped 6.2%, and Oracle sank 8.8%.

Smaller companies also feel the bite of higher interest rates because many need to borrow to grow. The Russell 2000 index of the smallest U.S. stocks fell 1.9%.

Bank of America dropped 4.8% after reporting weaker profit and revenue for the summer than analysts expected.

State Street sank 4.1% after reporting weaker revenue for the latest quarter than analysts expected, even though its profit was slightly above their forecasts.

All told, the S&P 500 fell 86.51 points to 7,718.94. The Dow dipped 48.62 to 51,621.48, and the Nasdaq composite sank 511.51 to 26,692.87.

— Associated Press