U.S. stocks recorded their worst trading day since July on October 14 as accelerating inflation renewed expectations that the Federal Reserve could raise interest rates again. The S&P 500 declined 1.1% to 7,718.94, while the Nasdaq Composite fell 1.9% to 26,692.87, according to the Associated Press. The Dow Jones Industrial Average slipped 0.1%, and the Russell 2000 index of smaller companies also declined 1.9%. The selloff followed inflation data showing consumer prices had risen 3.7% over the previous year, increasing concern about tighter monetary policy. Higher financing costs can affect business expansion, corporate investment and hiring decisions, particularly for companies dependent on borrowed capital. However, a single trading session does not establish that employers will reduce hiring or that economic growth will slow. The more consequential development is the return of uncertainty around the cost of financing future growth. For businesses already evaluating whether to invest, expand or preserve cash, that uncertainty may become more important than the stock market’s daily movements.