U.S. stocks extended a modest loss Wednesday after a reading on October consumer inflation came in much hotter than expected.

How are stock-index futures trading?

S&P 500 index

trades down 13 points. or 0.3%, at 4,670.

Dow Jones Industrial Average

trades flat at around 36,316.

The Nasdaq Composite Index

traded 1.1% lower at around 15,724.

On Tuesday, the Dow fell 112 points, or 0.3%, after back-to-back gains, while the S&P 500 snapped an eight-day winning streak and the Nasdaq Composite ended a run of 11 consecutive gains.

What’s driving the market?

Markets wobbled, edging lower following after inflation data revived some bearish concerns about elevated pricing pressures and its potential to upend the current bull run for stocks.

The consumer-price index rose 0.9% in October, compared with economists’ expectations for a rise of 0.6%. The core reading, which excludes volatile food and energy prices, rose 0.6% versus expectations for a 0.4% rise. Year over year, CPI rose 6.2%, a nearly 31-year high and more than triple the Federal Reserve’s 2% target.

“If inflation doesn’t subside, the Federal Reserve may need to taper at a more substantial rate and hike interest rates, which could hurt stocks and bonds,” said Nancy Davis, founder of Quadratic Capital Management and portfolio manager of the Quadratic Interest Rate Volatility and Inflation Hedge Exchange-Traded Fund.

Separately, data showed first-time applications for unemployment benefits fell by 4,000, to 267,000, in the week ended Nov. 6.

The CPI update comes a day after news of higher U.S. producer prices. Meanwhile, China on Tuesday reported its own factory gate prices surged 13.5% in October, the highest level since 1996. Consumer prices in the country rose 1.5% to a 13-month high, driven mainly by a jump in prices for food and fuel.

Stocks were under selling pressure on Wednesday after Tuesday’s losses halted the S&P 500 and Nasdaq Composite’s lengthy winning streaks.

Meanwhile, shares of Tesla

tumbled 11% on Tuesday after a string of headlines that have rattled investors. Founder and CEO Elon Musk over the weekend asked Twitter followers if he should sell 10% of his stock, with the majority saying yes, and his brother Kimbal sold shares a day before that tweet.

After surging 42% in October, the electric-car maker’s stock has dropped 16% this week, and premarket gains of around 2% have eroded.

A Tesla rival will begin trading on the Nasdaq Wednesday, as Amazon.com

-backed electric-vehicle maker Rivian Automotive Inc.

is due to debut under the ticker symbol “RIVN.”

Rivian priced its initial public offering at $78 a share Tuesday evening, well above its expected range and valuing the company at $77 billion on a fully diluted basis.

Rivian IPO: 5 things to know about the Amazon-backed electric-vehicle maker

And: NIO forecast disappoints as Chinese electric-car maker faces supply-chain concerns

What companies are in focus?

Coinbase Global Inc.

stock was down more than 8%, after the cryptocurrency platform reported disappointing sales amid a summer slowdown in crypto trading.

DoorDash Inc.

stock climbed more than 14%, after the delivery company posted record sales and orders, and announced an all-stock deal valued at more than $8 billion for Finnish commerce-delivery platform Wolt.

Upstart Holdings Inc.

reported better-than-expected earnings for its latest quarter, but shares of the lending company fell 15%.

Perrigo Co.

stock fell 12.7% after disappointing earnings and a profit warning from the Dublin-based consumer self-care products maker, which said it saw record unshipped orders due to supply chain issues.

The Walt Disney Co. DIS will report earnings after the close on Wednesday. Shares were up 0.6%.

How are other assets trading?

The yield on the 10-year Treasury note

rose 4.6 basis points to 1.476%. Yields and debt prices move in opposite directions.

The ICE U.S. Dollar Index
a measure of the currency against a basket of six major rivals, was up 0.4%.

The U.S. benchmark crude contract

edged up 0.2% to $84.34 a barrel. Gold futures 

rose 1% to $1,848.90 an ounce.

The Stoxx Europe 600 

was down 0.1%, while London’s FTSE 100 

 was up 0.6%.

The Shanghai Composite

fell 0.4% and Hong Kong’s Hang Seng Index 

rose 0.7%, while Japan’s Nikkei 225 

fell 0.6%.

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