The S&P 500 fell for a third consecutive session on Wednesday, with the cash index declining 1.11% to 7,718.94. The decline marked the benchmark’s fifth losing session in six trading days and its steepest daily drop since July.

The selloff followed September inflation data showing consumer prices rose 3.7% year over year, up from 3.4% in August.

December S&P 500 futures traded as high as 7,879.75 and as low as 7,741.00.

The session concluded below the day’s midpoint at 7,764.00, losing 91.75 handles from the prior close of 7,855.75.

Tomorrow, market participants can look forward to the release of September’s Producer Price Index and retail sales report, both scheduled for 8:30 a.m. ET. Investors will also assess third-quarter results from Taiwan Semiconductor Manufacturing Co. (NYSE: TSM) and The Charles Schwab Corp. (NYSE: SCHW).

Among the top components of the index, Walmart Inc. (NYSE: WMT) emerged as the biggest gainer. The retail giant advanced by $3.88, or 3.46%, to close at $116.16 for the day.

That performance outpaced the cash index by 4.57 percentage points.

Conversely, the biggest loser ended up being Meta Platforms Inc. (NASDAQ: META). For the day, the tech conglomerate declined by $24.96, or 3.27%, to close at $737.54.