Stock market news live updates: Stock losses accelerate into the close after inflation comes in hotter-than-expected

U.S. stocks dropped sharply Wednesday afternoon as investors digested a key report on the state of inflation in the U.S., which came in hotter-than-expected across most major metrics. The S&P 500 fell by more than 1.5%, erasing earlier gains of as much as 1.2%. The index settled at 3,935.18, or its lowest level since March…