Nasdaq drops 3%, Dow loses 300 points following hot inflation report; European markets close higher despite hot U.S. inflation data 
Stocks fell on Wednesday, dialing back earlier gains as investors continued to digest the latest U.S. inflation data. 
The Dow Jones Industrial Average fell 326.63 points to 31,834.11, or 1.02%. The S&P 500 slipped 1.65% to 3,935.18, and the Nasdaq Composite dropped 3.18% to close at 11,364.24. 
April’s consumer price index showed an 8.3% jump, higher than the 8.1% increase expected by economists polled by Dow Jones. The price surge remained near the 40-year high pace of 8.5% seen in March. 
On the earnings front, shares of Coinbase slumped 26.4% after the crypto exchange posted its latest quarterly results.

 
The pan-European Stoxx 600 provisionally closed up 1.6%, with autos jumping 3.6% to lead gains as all sectors traded in positive territory except health care, which fell 1.2%. 
German engineering and steel conglomerate Thyssenkrupp added 11% after beating earnings expectations. 
Shares of German drugmaker Bayer fell 6% after U.S. President Joe Biden’s administration asked the U.S. Supreme Court not to consider the company’s appeal to dismiss claims from customers alleging that its Roundup weedkiller causes cancer. 
Source: CNBC, Investing.com