U.S. stocks closed lower Wednesday after a report showed consumer prices rose faster than expected in September, the Associated Press and CNBC reported.

The AP called it the market's worst day since July. The S&P 500 had its fifth loss in the six days since setting its all-time high, the AP said.

By the close, the S&P 500 had fallen 86.51 points, or 1.1%, to 7,718.94, the AP reported. The Nasdaq Composite dropped 511.51 points, or 1.9%, to 26,692.87. The Dow Jones Industrial Average slipped 48.62 points, or 0.1%, to 51,621.48. CNBC and Reuters reported the same closing levels, giving the moves as 1.11%, 1.88% and 0.09%.

Consumer prices rose 3.7% over the past year, above the 3.6% that economists polled by Dow Jones had expected, CNBC reported. Prices rose 0.6% from August, in line with forecasts, CNBC said.

The report raised expectations that the Federal Reserve will raise interest rates, the AP said. Traders were pricing in a 37% chance of a rate hike this month, up from 22% on Tuesday, according to CME's FedWatch tool, Reuters reported in its closing market story.

"Investors are not happy with the report because that puts pressure on the Fed to raise rates to combat inflation," said Adam Sarhan, chief executive of 50 Park Investments, according to Reuters.

AI stocks were the heaviest weights on the market, the AP said. Shares of CoreWeave plummeted more than 15%, and Oracle declined almost 9%, CNBC reported.

Bank of America sank after reporting a weaker profit than analysts expected, the AP said. CNBC reported that its shares declined almost 5%.

Gains in healthcare stocks such as UnitedHealth and Amgen kept the Dow's losses in check, CNBC said.

U.S. oil prices also rose, with West Texas Intermediate futures settling up 1.01% at $95.09 a barrel, CNBC reported.

What we know: Stocks closed lower after inflation came in hotter than expected.
What we don't: Whether the Fed will raise rates at its meeting later this month.