U.S. stock market plunged Tuesday following January's consumer inflation data indicating a 3.1% annual increase.

Consumer prices rose more than expected, with a 0.3% rise from the previous month, led by shelter costs and other services.

Persistent inflation trends, as shown by the supercore CPI measure reacceleration, dampened hopes for an imminent Fed rate cut.

Investor confidence waned, reducing the likelihood of a May rate cut from nearly 50% to 31.6%.

Global markets reacted with the U.S. dollar strengthening and the Canadian dollar experiencing its most significant drop in 11 months.

NVIDIA Corporation received a price target upgrade amid strong AI demand, with market watchers anticipating its upcoming earnings report.