(For a Reuters live blog on U.S., UK and European stock

markets, click/ or type LIVE/ in a news window.)

*

CVS Health ( CVS ) rises after beating profit estimates

*

Lyft ( LYFT ) falls as Q1 bookings forecast misses estimates

*

January CPI at 3% YoY vs 2.9% estimate

*

Indexes down: Dow 0.99%, S&P 500 0.92%, Nasdaq 0.89%

(Updates after markets open)

By Shashwat Chauhan and Sukriti Gupta

Feb 12 (Reuters) -

Wall Street's main indexes hit an over one-week low on

Wednesday, as a hotter-than-anticipated inflation reading added

to concerns that the Federal Reserve would not cut interest

rates anytime soon.

U.S. consumer prices

increased

more than expected in January, reinforcing the Federal

Reserve's message that it was in no rush to resume cutting

interest rates amid growing uncertainty over the economy.

In the 12 months through January, the CPI increased 3.0%

after advancing 2.9% in December. Economists polled by Reuters

had forecast the CPI gaining 0.3% month-on-month and rising 2.9%

year-on-year.

"It's now calling into question not only whether or not

the Fed will cut in the second half of this year ... but now it

puts on the table potentially the next move even being one to

the upside for rates," said Alex Coffey, senior trading

strategist at Charles Schwab.

"It brings all options back to the table and likely

pushes out even further that discussion of rate cuts."

Traders are now fully pricing in just one more 25 basis

point rate reduction this year. Before the data, they saw an

about 40% chance of another similar-sized move, as per LSEG

data.

Fed Chair Jerome Powell also begins his second day of

testimony before Congress at 10 a.m. ET.

On Tuesday, Powell had reiterated that the U.S. central bank

is in no rush to cut its short-term interest rate again.

January's reading is the last inflation reading before any

direct impact from Trump's tariff measures, which went into

effect this month.

Trump had slapped an additional 10% tariff on Chinese goods

last week and levied tariffs on all steel and aluminum imports

on Monday.

His trade advisers are also finalizing plans for the

reciprocal tariffs on every country that charges duties on U.S.

imports.

The Cboe Volatility Index, known as Wall Street's

"fear gauge," rose 0.5 points to 16.89, its highest in a week.

Most megacaps such as Microsoft ( MSFT ) and Nvidia ( NVDA )

fell over 1% each.

At 9:36 a.m. ET, the Dow Jones Industrial Average

fell 440.05 points, or 0.99%, to 44,153.60, the S&P 500

lost 56.05 points, or 0.92%, to 6,012.78 and the Nasdaq

Composite lost 175.63 points, or 0.89%, to 19,468.23.

All 11 S&P 500 sectors traded lower, with rate-sensitive

real estate and utilities leading losses.

The economically sensitive Russell 2000 smallcap index

dropped 1.5%.

Among individual movers, Lyft ( LYFT ) dropped 12.8% after

the ride-hailing company forecast current-quarter gross bookings

below estimates. Bigger rival Uber ( UBER ) also fell 2.6%.

Super Micro Computer ( SMCI ) advanced 5.3% after the server

maker said it believes it will be able to file delayed annual

and quarterly reports with the U.S. Securities and Exchange

Commission by February 25.

CVS Health ( CVS ) advanced 12.6% after the healthcare

conglomerate beat fourth-quarter profit estimates.

Declining issues outnumbered advancers by a 7.31-to-1 ratio

on the NYSE and by a 3.85-to-1 ratio on the Nasdaq.

The S&P 500 posted four new 52-week highs and 16 new

lows, while the Nasdaq Composite recorded 15 new highs and 103

new lows.