From CNBC · Liz Napolitano,Hugh Leask,Justina Lee,Fred Imbert · · 2m
S&P 500 Falls Despite Softer Inflation Data
S&P 500 drops 0.25% as September ends with mixed market signals.
In brief
S&P 500 drops 0.25% as September ends with mixed market signals. S&P 500 closed down 0.25% at 7,651.54 after softer-than-expected inflation data, with the Dow falling 0.86% and Nasdaq rising 0.24%. Originally reported by CNBC.
S&P 500 slides Wednesday
The S&P 500 dropped 0.25% to close at 7,651.54, erasing earlier gains from the session.
Dow Jones falls 0.86%
The Dow Jones Industrial Average fell 0.86% to 50,906.05, losing 443.87 points in the session.
Nasdaq rises 0.24%
The Nasdaq Composite advanced 0.24% to end at 26,861.06, outperforming the S&P 500 in September.
August inflation data
Personal consumption expenditures price index for August rose 3.4% annually, down from 3.7% in July.
Core PCE data
Core PCE, excluding food and energy, rose 3% annually, below economists' forecast of 3.3%.
Treasury yields rise
The 10-year Treasury yield rose 4 basis points to 5.298%, surpassing 5.3% during the session.
Rob Haworth on market
Rob Haworth, senior investment strategy director at U.S. Bank Asset Management Group, said inflation expectations aren't blowing out, but growth numbers are driving trader focus.
ADP jobs report
ADP reported 90,000 private sector jobs added in September, exceeding economists' estimate of 68,000.
Fed rate hike odds
Traders priced in a 35% chance of a Fed rate hike next month, down from 51% the previous day.
Adam Hetts on market
Adam Hetts, global head of multi-asset at Janus Henderson Investors, said strong labor and GDP data suggest inflation data won't derail rate hike expectations.
S&P 500 September performance
The S&P 500 dropped 0.5% in September, while the Dow fell 4.3% and Nasdaq rose 1.9% during the month.
Boeing secures defense contract
Boeing secured a $20 billion deal with the U.S. Navy to develop the next-generation F/A-XX Strike Fighter.
Mobileye stock downgrade
Barclays downgraded Mobileye to Equal Weight from Overweight, cutting its price target to $9 from $14.
Meta stock rises 28.8%
Meta stock rose 28.8% in September, driven by positive reception of its first consumer AI agent, Muse.
Michael Burry on AI
Michael Burry, known for shorting the housing market before the 2008 crisis, criticized AI companies for potential market destruction.
S&P 500 ends September
The S&P 500 closed down 0.25% at 7,651.54, marking its sixth month of negative performance in the last seven months.
The key point
S&P 500 closed down 0.25% at 7,651.54 after softer-than-expected inflation data, with the Dow falling 0.86% and Nasdaq rising 0.24%.
