The S&P 500 ended lower on Wednesday after the release of inflation data and minutes of the Federal Reserve’s monetary policy meeting.

The Bureau of Labor Statistics reported Wednesday that the CPI index rose 5% year over year in March, compared to 6% in February. Minutes from the Federal Reserve’s last meeting showed that officials agreed to maintain interest rate hikes to fight inflation.

Financial markets are now pricing in a 70% probability of a 25 basis point rate hike at next month’s Fed meeting.

American Airlines Group Inc. EEL Shares fell over 9% on Wednesday after the company released preliminary results that fell short of analysts’ expectations.

Big banks, including Citigroup Inc. C, Wells Fargo & Co WFC And JPMorgan Chase & Co JPM will report results on Friday.

Most sectors in the S&P 500 ended on a negative note, with consumer discretionary and communications services stocks posting the largest losses on Wednesday. However, energy and commodity stocks ended slightly higher during the session.

The Nasdaq 100 fell 0.89% to close at 12,848.35 on Wednesday amid losses Tesla Inc TSLA And Amazon.com, Inc. AMZN.

The S&P 500 fell 0.41% while the Dow Jones fell 0.11% to 33,646.50 in the previous session.

The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) fell 0.1% to 19.09 points on Wednesday.

What is the CBOE Volatility Index?

The CBOE Volatility Index, popularly known as the VIX, is a measure of stock market volatility expectations based on the call and put of the S&P 500 index options.

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