US equity indexes fell as a stronger-than-expected inflation print sent government bond yields higher, lifting bets the Federal Reserve will extend its policy pause into March.

The Nasdaq Composite fell 0.5% to 19,543.9, with the S&P 500 down 0.7% to 6,025.7 and the Dow Jones Industrial Average 1% lower at 44,171.6. All sectors were down intraday, with real estate, energy, and financials among the steepest decliners.

The US seasonally adjusted consumer price index rose by 0.5% in January, above expectations for a 0.3% increase in a survey compiled by Bloomberg and following a 0.4% increase in December, according to data released Wednesday by the Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, rose by 0.4%, faster than the consensus estimate for a 0.3% increase. Core CPI rose by 0.2% in December.

The year-over-year overall and core CPI accelerated to 3% and 3.3%, respectively, from 2.9% and 3.2% in the previous month. The year-over-year rate for CPI excluding food, energy, and shelter accelerated to 2.3% from 2.1%.

The probability of the Federal Open Market Committee extending its policy pause to March jumped to 98% by Wednesday afternoon from 83% a week ago, according to the CME Group's FedWatch Tool.

US Treasury yields jumped intraday, with the 10-year up 11.4 basis points to 4.65% and the two-year 8.6 basis points higher at 4.38%.

In company news, CVS Health (CVS) shares soared 14% intraday, the top performer on the S&P 500, after the company reported Q4 adjusted earnings and revenue that exceeded analysts' expectations.

Gilead Sciences (GILD) reported Q4 non-GAAP earnings and revenue late Tuesday, beating the average analyst estimates compiled by FactSet. Shares jumped 7.6%, among the biggest gainers on the S&P 500 and the Nasdaq.

West Texas Intermediate crude oil futures slumped 1.8% to $72.03 a barrel.