© Reuters.

By Yasin Ebrahim

Investing.com -- The S&P 500 stumbled Wednesday as rising oil prices resumed worries about the inflation drag on global growth at a time when Federal Reserve officials continue to talk up faster rate hikes.

The S&P 500 fell 0.8%, the Dow Jones Industrial Average fell 0.96%, or 335 points, the Nasdaq rose 0.74%.

Crude oil exports from Kazakhstan's Caspian Pipeline Consortium terminal, which are shipped via the Russian port of Novorossiisk, were suspended following weather-related disruptions, triggering fresh fears of supply shortages.

The move higher in oil prices returned focus to the threat higher inflation poses to global growth just as investors mull the prospect of the Fed hiking rates more aggressively at its meetings in May and June.

The market currently expects the Fed to raise rates by 50 basis points at its May and June meetings.  

The bets on a hawkish Fed exacerbated worries the Fed may overshoot of rate hikes and slow the economy into recession, triggering a fresh flight to safe heavens such as bonds.

Treasury yields, which trade inversely to prices, fell and weighed on bank stocks. SBNY, WFC, FTC led the move lower.

Tech, which tends to benefit from the falling rates, was mostly in the red, though Apple (NASDAQ:AAPL) bucked the trend up more than 1%.

Apple’s iPhone 13 is seeing “steller” demand globally, and likely “setting up for a monster growth cycle over the next 12 to 18 that is not baked into shares at current levels,” Wedbush said in a note.

Adobe Systems (NASDAQ:ADBE) fell as much as 10% after its software guidance overshadowing quarterly results that beat on both the top and bottom lines, and stoked fears about peaking growth.  

“These results further support our thesis of peaking net new DM ARR, which we have believed would result in less forward upside to consensus estimates and drive decelerating revenue growth, which we anticipated will weigh on the stock’s performance,” Credit Suisse said in a note as it cut its price target on the stock to $525 from $625.

General Mills (NYSE:GIS), meanwhile, gained more than 2% after raising its full-year outlook as following better-than-expected quarterly earnings.

Meme stocks remained on the comeback trail. GameStop (NYSE:GME) added 11% to its 30% gain a day earlier after GameStop Chair Ryan Cohen on Tuesday bought an additional 100,000 shares, expanding his stake in the video game retailer to 11.9%.

AMC Entertainment (NYSE:AMC) was up 19%.

In other news, Okta (NASDAQ:OKTA) fell nearly 9% after confirming that a hacking group known as Lapsus$ had carried out a cyber attack, though said 

security protocols contained the hack.