Stock market today: Hot inflation report drops tech, drives S&P 500, Dow and Nasdaq down

Stocks declined to session lows in afternoon trading on Wednesday as investors digested hotter-than-expected inflation data, and bank earnings continued to roll in.The Dow Jones Industrial Average (^DJI) slipped 0.4% while the S&P 500 (^GSPC) declined 1.3%. The Nasdaq Composite (^IXIC) fell 2% after stocks staggered lower on Tuesday.September's Consumer Price Index (CPI) rose 3.7% year over year, versus 3.6% expected by economists. Higher gas and energy prices drove inflation higher, lowering the odds that the Federal Reserve will hold rates steady at its next policy meeting. Semiconductor stocks continued to sell off after the KOSPI index (^KS11) declined 12% over the past five days. Chip equipment maker ASML (ASML) on Wednesday posted record third quarter sales and raised its full-year outlook amid strong AI demand. Investors await Taiwan Semiconductor earnings on Thursday (TSM) for further confirmation of the AI boom. Elsewhere, the parade of financial company earnings continued with results from Bank of America (BAC) and Morgan Stanley (MS). Bank of America stock sank as much as 9% as a $1.2 billion regulatory penalty and a slowdown in its Wall Street machine dented lending income. Meanwhile, BlackRock (BLK) shares rose after third quarter earnings beat analyst expectations. The results round out third quarter reporting among Wall Street's biggest banks, which have indicated consumers are holding up despite higher interest rates, among other signals.Separately, Apple's (AAPL) market capitalization once again crossed the $5 trillion mark in intraday trading, just months after it first touched the threshold in late July.Brent crude futures (BZ=F), the global benchmark, remained above $105 per barrel as Houthis continued to bomb Saudi Arabian energy facilities.