Major U.S. stock indexes finished the day with huge losses as investors reacted to inflation data that cast doubt on hopes of the Federal Reserve cutting interest rates in the near future. The Dow Jones Industrial Average dropped 1.35% on Tuesday, down more than 500 points, with the S&P 500 and the Nasdaq dropping 1.37% and 1.80%, respectively. The rapid drop follows a disappointing consumer price index report released Tuesday morning by the Bureau of Labor Statistics showing that inflation decelerated to only 3.1% instead of the 2.9% that was expected. Read: Fox News Channel’s Laura Ingraham …