Stocks slide as investors fret about inflation

Stocks faltered on Thursday as investors await a key government report on the pace of U.S. inflation in May.

The S&P 500 fell 98 points, or 2.4%, to close at 4,018, putting it on track for its ninth losing week in the last 10. The Dow Jones Industrial Average tumbled 638 points, or 1.9%, in the blue-chip index's worst day since May 18. The tech-heavy Nasdaq composite lost 2.7%.

Wall Street could be set for bigger swings on Friday after the Department of Labor releases its latest reading on the Consumer Price Index. Economists expect it to show inflation slowed a touch to 8.2% in May from 8.3% a month earlier and 8.5% in March.