Wall Street closes sharply lower amid concern ahead of inflation data

US stocks ended sharply lower on Thursday amid a general decline led by the Nasdaq index, as investors cautioned ahead of data expected tomorrow to show consumer prices continued to rise in May.
All sectors of the Standard & Poor’s 500 Index declined, with the telecom services sector losing the most.
Adding to the concern, US 10-year Treasury yields rose to as much as 3.073 percent, the highest level since May 11.
The recent sharp increases in oil prices have also kept investors on edge ahead of the US Consumer Price Index report on Friday.
The data is expected to show that consumer prices rose 0.7 percent in May, and the core CPI, which excludes the volatile food and energy sectors, rose 0.5 percent in the same month.
The Standard & Poor’s 500 index fell by 98.07 points, or 2.38 percent, to close at 4017.70 points, while the Nasdaq Composite lost 332.49 points, or 2.75 percent, to 11,753.78 points. The Dow Jones Industrial Average fell 640.45 points, or 1.95 percent, to 32,270.45.