(CNBC) -- Stocks slipped on Wednesday after June inflation data hit its highest level since 1981, adding to growing fears that the Federal Reserve will get more aggressive in its fight to tame rising prices.
The Dow Jones Industrial Average dropped 208.54 points, or 0.67%, to 30,772.79 while the S&P 500 dipped 0.45% to 3,801.78. The Nasdaq Composite slipped 0.15% to close at 11,247.58.
“There’s no spinning this, other than the Fed has to get more aggressive near term and crush demand. That cements a recession now,” said Liz Ann Sonders of Charles Schwab. “I think a recession is an inevitability.”
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