US Stocks Drop 0.7% on Hot CPI

S&P 500 slipped 0.7% to 7,358.19, Nasdaq fell 1.3% to 25,946.86, Dow dropped 0.6% to 49,432.74.
April CPI rose 0.6% MoM and 3.8% YoY, the highest YoY since May 2023, driven by 3.8% MoM energy price surge.
Oil prices jumped, Brent up 3.7% to $108.04 and WTI up 4% to $101.94, adding inflation pressure.
GameStop fell 1% after eBay rejected its $56bn takeover; Under Armour plunged >18% and Hims & Hers dropped ~11% on weak results.