- US consumer prices accelerated in September as gasoline surged and price pressures broadened beyond energy, per Labor Department data.
- CME FedWatch shows a 37% probability of a Fed rate hike this month, up from 22% on Tuesday.
- The Nasdaq fell 1.88% to 26,692.87, its biggest daily drop since July 23. The S&P 500 fell 1.11% to 7,718.94, its biggest one-day drop since July 29.
- Oracle lost 8.8%, CoreWeave fell 15% and Nebius tumbled 10% as higher borrowing-cost expectations hit AI stocks.
- The Philadelphia SE Semiconductor Index dropped 4.3%, extending its losing streak to six sessions.
Quotes
“Investors are not happy with the report because that puts pressure on the Fed to raise rates to combat inflation”
“Inflation remains public enemy number one for the market and for the Fed.”