All three major US stock indexes were down in late-morning trading on Wednesday after a crucial inflation measure came in higher than expected.

The US seasonally adjusted consumer price index, a measure of inflation, rose by 0.5% in January, above expectations for a 0.3% increase in a survey compiled by Bloomberg as of 7:30 a.m. ET and up from a 0.4% increase in December, data released Wednesday by the Bureau of Labor Statistics showed. Core CPI, which excludes food and energy prices, rose by 0.4%, faster than the consensus estimate of a 0.3% increase.

CVS Health (CVS) reported Q4 adjusted earnings Wednesday of $1.19 per diluted share, down from $2.12 a year earlier but above the consensus estimate of analysts surveyed by FactSet calling for $0.91. Q4 revenue was $97.71 billion, up from $93.81 billion in the year-ago period and above the FactSet consensus of $97.09 billion. For 2025, CVS expects adjusted diluted EPS of $5.75 to $6.00, compared with the FactSet consensus expectation of $5.86. Shares of CVS were up 13.3% around midday.

Zillow Group (Z) reported Q4 non-GAAP net income late Tuesday of $0.27 per diluted share, up from $0.20 a year earlier and matching the FactSet consensus estimate. Q4 revenue was $554 million, up from $474 million in the year-ago period and above the FactSet consensus of $547 million. For Q1, the company expects revenue of $575 million to $590 million, compared to the FactSet consensus expectation of $599.6 million. Zillow shares were down 11.2%.

CME Group (CME) reported Q4 adjusted earnings Wednesday of $2.52 per diluted share, up from $2.37 a year earlier and above the FactSet consensus estimate of $2.45. Q4 revenue was $1.53 billion, up from $1.44 billion in the year-ago period and above the FactSet consensus of $1.52 billion. CME Group shares were up 2%.

Spirit Airlines said Tuesday it will focus on its current reorganization plan after failing to agree on a new takeover proposal from Frontier Group (ULCC). Under the most recent bid, Frontier offered Spirit shareholders $400 million in debt and a 19% equity stake in Frontier Group, the company said. Spirit said it submitted a counter proposal on Feb.7 that Frontier rejected on Feb. 10. Frontier shares were down 2.7%.

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