10-year Treasury yield jumps as September core inflation comes in hotter than expected
Traders raised odds of another Federal Reserve hike to nearly 35% after core inflation came in above expectations, according to CME Group data.
- On Wednesday, the Nasdaq dropped 1 percent to 26,934.74 and the S&P 500 declined 0.8 percent to 7,746.29 following negative market reaction to inflation data.
- U.S. consumer costs rose 3.7% last month versus a year earlier, accelerating from 3.4% in August and exceeding the 3.6% economists expected. The 10-year Treasury yield jumped to 5.23%.
- Traders now see a 39% chance the Federal Reserve will raise rates at its next meeting in two weeks, up from 22% probability a day earlier, according to CME Group data.
- Bank of America fell 6.3% after reporting weaker third-quarter profit and revenue, compounded by a $1.2 billion U.S. Treasury Department fine. BlackRock rose 0.5% on stronger earnings.
- Despite inflation concerns, Vanguard Senior Economist Adam Schickling said inflation should slow as Americans become more price-sensitive, though "patience will be required." Signals suggest the U.S. economy is still growing.
131 Articles
131 Articles
U.S. stock indices ended in minus the bid on Wednesday, and investors estimated higher-than-anticipated consumer price increases in the US in September.
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Stocks Slide as Hot Inflation & AI Credit Fears Hit Markets
The Close brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today's guests are Vanguard President & CIO Greg Davis, UBS Equity Research Analyst, Large-Cap Banks & Consumer Finance Erika Najarian, Janus Henderson CEO Ali Dibadj, CreditSights Global Head of Strategy Winnie Cisar, DoubleLine Global Sovereign & Emerging Markets Head Bill Campbell, Cisco Chair & CEO C…
Dow Jones down 0.09%, S&P 500 1.11%, Nasdaq 1.88%, as European indexes increase
Clarin
Independent EspañolShares in the US suffered their worst fall since July, pressured by rising inflation and bond yields. The S&P 500 fell 1.1%, the Nasdaq 1.9%. The rise in crude prices and economic concerns boosted bond yields. AI and technology companies led losses on Wall Street.
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