On October 20-22, by the banks of Shanghai's Huangpu River, the 2026 Sustainable Global Leaders Conference returns once again. Nobel and Turing Award winners will take the stage to discuss the future and trends of technology, and the internet-famous professor who "rescues" people from anxiety and the era of involution—Macfarlane—will hold a live dialogue with Xiang Biao!
Limited seats, first come first served. Let us join together for the appointment with sustainability! [Click to register]
The S&P 500 Index recorded its worst single-day performance since late July after US consumer price data came in stronger than expected, triggering market concerns that the Federal Reserve may need to raise interest rates more aggressively than anticipated in the coming months.
The S&P 500 fell 1.1%, ending its longest streak since 2020 of single-day declines not reaching 1%. Eight of the index's 11 sectors declined, with the technology sector leading the losses. The Chicago Board Options Exchange Volatility Index (VIX) hovered near 16.87, close to its highest level in a month. The Nasdaq 100 Index dropped 2%, marking its largest single-day decline in more than two months. The iShares Semiconductor ETF fell 4.5%, declining for a seventh consecutive trading session, its longest losing streak since May 2025.
Artificial intelligence stocks led the decline, with CoreWeave, which provides cloud-based AI computing power to clients, plunging 15%, its biggest drop since February. Ronald Temple, chief market strategist at Lazard Asset Management, wrote: "An October rate hike is back on the table. Today's CPI report shows increasingly evident signs of broadening inflationary pressures, and the risk is growing that the Fed is falling behind the curve in containing inflation."
A survey of the Fed's contacts across its districts showed that as rising energy prices gradually pass through to various regions of the United States, half of the 12 Federal Reserve districts reported elevated or worsening price pressures in recent weeks. Technology companies are particularly vulnerable to concerns about rising interest rates because many are valued based on expected profits that will only materialize years from now. Rising yields also pressure smaller companies, which typically carry higher debt loads. The Russell 2000 Index fell nearly 2%, bringing its cumulative decline from its mid-August high to 11% and entering correction territory.
Dell Technologies on Wednesday became one of the worst performers in the S&P 500, plummeting 11%, its largest decline since April 2025. Bank of America shares fell nearly 5% as the bank's equities and fixed-income trading businesses underperformed expectations, while it also recorded a charge related to regulatory penalties involving anti-money laundering and sanctions violations.
At the close, the S&P 500 Index fell 1.1% to 7,718.94 points. The Dow Jones Industrial Average declined 0.1% to 51,621.48 points. The Nasdaq Composite Index dropped 1.9% to 26,692.87 points. The Nasdaq 100 Index fell 2% to 29,950.82 points. The Russell 2000 Index declined 1.9% to 2,729.531 points.
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