Nasdaq Opens 0.6% Lower While S&P Sinks 0.45% as Hot Inflation Report Sends Yields Higher

Tiger Newspress10-14 21:31

Stocks fell on Wednesday as Treasury yields rose, with investors reacting to the release of September’s consumer inflation report.

S&P 500 index was down 0.45%, while Nasdaq-100 futures shed 0.61%. Dow Jones Industrial Average futures lost 95.79 points, or 0.19%.

The consumer price index rose 0.6% in September month over month, with its year-over-year gain coming in at 3.7%. While the former was in line with expectations, the latter was hotter than expected, as economists polled by Dow Jones had anticipated a 3.6% advance on the year.

Excluding food and energy prices, core CPI posted a monthly and yearly advance of 0.3% and 2.6%, respectively. Both were also slightly higher than the increase of 0.2% and 2.5% that economists had expected.

Treasury yields jumped following the report, with the 10-year Treasury yield up more than 6 basis points at 5.278% and the 30-year Treasury yield up more than 2 basis points at 5.59%. Both had hit new 24-year highs last week.

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