Dow slumps more than 500 points amid inflation concern, Nasdaq drops 2.5%; European stocks close higher as U.S. inflation spikes; UDG Healthcare up 21% on takeover news 
U.S. stocks declined sharply on Wednesday, led to the downside by technology shares as key inflation data showed higher-than-expected price pressures. 
The Dow Jones Industrial Average fell 530 points, following its worst day since February on Tuesday. The S&P 500 lost 1.8%, while the tech-heavy Nasdaq Composite slid 2.5%. 
Tech shares, which have been under pressure this week and this month, led the decline again Wednesday as bond yields jumped. Shares of Alphabet, Microsoft, Facebook, Amazon and Apple all fell more than 2%, while shares of chipmakers Nvidia and AMD were also lower. Tesla slid about 3%. 
Strength in bank stocks and energy shares, which could do well in an inflationary environment, helped support the broader market. JPMorgan rose 1%, while Occidental Petroleum climbed 6.5%. Chevron also traded 2% higher. 
Inflation accelerated at its fastest pace since 2008 last month with the Consumer Price Index spiking 4.2% from a year ago, compared to the Dow Jones estimate for a 3.6% increase. The monthly gain was 0.8%, versus the expected 0.2%. 

The pan-European Stoxx 600 provisionally ended the session up 0.4%. Oil and gas shares rose 2% amid a surge in crude prices, while tech shares sank 1.4% as investors rotated out of growth names. 
Commerzbank shares jumped 8.3% after the German lender beat first-quarter profit expectations and hiked its full-year revenue outlook. 
Dutch bank ABN Amro also slid 5.6% after reporting a first-quarter net loss of 54 million euros ($66 million) on the back of a substantial money laundering fine. 
French video game company Ubisoft dropped 11.7% after warning that profits may fall this financial year. 
Source: CNBC