From BigGo Finance · BigGo Finance · · 1m
U.S. Stocks Drop as CPI Acceleration Boosts Rate-Hike Bets
Nasdaq falls 496 points after September CPI jumps to 3.7% year-over-year, sparking Fed rate hike expectations.
In brief
Nasdaq falls 496 points after September CPI jumps to 3.7% year-over-year, sparking Fed rate hike expectations. U.S. stocks dropped sharply as September CPI accelerated to 3.7% year-over-year, increasing pressure for another Federal Reserve rate hike. Originally reported by BigGo Finance.
U.S. Stocks Drop
U.S. stocks closed sharply lower on October 14 with the Nasdaq Composite plunging 496 points.
September CPI Accelerates
September consumer price index rose 3.7% year-over-year, accelerating from 3.4% in August.
Rate-Hike Bets Rise
Markets expect Federal Reserve to deliver another rate hike at October 27, 28 FOMC meeting.
Tech Stocks Suffer
AI-related names including Oracle and CoreWeave dropped sharply with Philadelphia Semiconductor Index down 3.94%.
Dow Stays Steady
Dow Jones Industrial Average limited decline to 0.22% despite Nasdaq's steep losses.
Treasury Yields Rise
U.S. 10-year Treasury yield climbed to 5.29%, intensifying pressure on tech stocks.
Market Reaction
Markets now focus on Fed meeting and corporate earnings as rate hike expectations grow.
The main idea
U.S. stocks dropped sharply as September CPI accelerated to 3.7% year-over-year, increasing pressure for another Federal Reserve rate hike.
