US CPI rises above 4% year over year for first time in three years as Dow drops 374 points

US stocks fell Wednesday after inflation data and a semiconductor selloff. The Dow lost 374 points or 0.7% while the S&P 500 and Nasdaq each slipped 0.3%. Core CPI rose 0.2% in May and 2.9% year over year, while overall CPI topped 4% for the first time in three years. Oil prices also climbed as Middle East tensions escalated.