Closing Snapshot
- S&P 500 (SPX): 7,718.94, -86.51 (-1.11%)
- Nasdaq 100 (NDX): 29,950.82, -618.66 (-2.02%), back below 30,000
- Dow Jones (DJIA): 51,621.48, -48.62 (-0.09%)
- Russell 2000 (RUT): 2,729.53, -53.84 (-1.93%)
- VIX: 16.87, +1.60 (+10.5%), the market's "fear gauge" moving off its lows
- 10-year Treasury yield: 5.19%, -2 basis points (hundredths of a percentage point), easing by the close after rising on the inflation report
- WTI crude: ~$95.10, ~+1.0%
- Brent crude: ~$106.10, ~+0.4% (late-afternoon price)
- Gold: ~$4,125, ~-1.3%
- US Dollar Index (DXY): ~102.5, ~+0.3%
A hotter-than-expected September inflation report set the tone on Wednesday. Consumer prices rose 3.7% from a year earlier, above the 3.6% forecast, and core inflation (which leaves out food and energy) rose 0.3% for the month against 0.2% expected, which pushed up the odds that the Federal Reserve raises interest rates again at its meeting in two weeks. Stocks most sensitive to higher rates took the hit: the Nasdaq 100 fell 2.0% and the small-company Russell 2000 1.9%, as chipmakers extended their losing streak and Dell and Ciena fell more than 10% in a sell-off across AI data-center hardware. Bank of America dropped 4.8% after missing profit estimates and taking a $1.2 billion regulatory charge. Money moved into health care and consumer staples, which rose more than 2% each, and that support kept the Dow nearly unchanged while the S&P 500 lost 1.1%.