Wall St drops as Feb inflation data cements rate hike bets

Banks, big tech stocks fall after sharp rally; Amazon climbs after stock split, new buyback plan

Wall Street's main indexes fell on Thursday, with technology stocks leading the declines after data showed consumer prices surged in February, cementing the case for an interest rate hike by the Federal Reserve later this month.

The Labor Department's report showed consumer prices shot up 7.9% year-on-year, the sharpest annual spike in 40 years.

While the numbers matched economists' expectations, investors feared that inflation would accelerate further in the coming months as Russia's war against Ukraine drives up the costs of oil and other commodities.

Nine of the 11 major S&P sectors declined, with technology , down 1.9%, falling the most after leading