Stock market today: Dow, S&P 500, Nasdaq slide as inflation eases, JPMorgan sinks with more bank earnings ahead

Market Overview - US stocks experienced a decline, with the Dow Jones Industrial Average falling 0.8%, the S&P 500 down about 0.2%, and the Nasdaq Composite dropping roughly 0.1% [1] Company Earnings - JPMorgan Chase reported a quarterly earnings miss, impacted by a $2.2 billion hit to net income from an Apple Card deal, leading to a more than 4% drop in its shares [2] - The earnings season has commenced, with Bank of America, Citigroup, and Morgan Stanley expected to release their results in the coming days [2] Inflation Data - The Consumer Price Index (CPI) report indicated that the annual headline inflation rate remained steady at 2.7%, with a monthly increase of 0.3%, aligning with forecasts [3] - Core consumer prices rose by 0.2% month-over-month and 2.6% year-over-year, marking the lowest annual increase since early 2021 [3] Federal Reserve Outlook - The inflation data is significant following a December jobs report that suggested a cooling labor market, leading traders to firm up bets on the Fed maintaining rates this month, with expectations for a quarter-point cut in June [4] Political and Geopolitical Context - Global central bankers have criticized the Justice Department's investigation of Fed Chair Jerome Powell, viewing it as a threat to the Fed's autonomy [5] - Former President Trump announced a 25% tariff on countries continuing business with Iran, adding geopolitical uncertainty to the market [6]