The Globe and Mail reports in its Wednesday edition that North American stocks tumbled on Tuesday after a hotter-than-expected U.S. consumer inflation reading pushed back market expectations of imminent interest rate cuts, driving Treasury yields higher and the Canadian dollar lower. The Globe's Darcy Keith writes that the S&P/TSX Composite Index suffered its worst day in 17 months, closing at 20,584.97, down 482.33. Tuesday's data showed that the U.S. Consumer Price Index rose 0.3 per cent on a monthly basis in January, above the 0.2-per-cent increase expected by economists. On a year-over-year basis, it gained 3.1 per cent, above Street expectations of 2.9 per cent. The core CPI, which excludes the volatile food and energy components, increased 0.4 per cent last month after rising 0.3 per cent in December. "U.S. core CPI walloped Treasuries and sent shivers down the spines of anyone who still thinks the Fed should be in a big rush to cut," Scotibank's Derek Holt said in a note. Markets have rallied this year on bets the Fed would start trimming rates in May. In Toronto, Shopify shares were down 12.5 per cent after the e-commerce company forecast first-quarter revenue growth that was below estimates.