10-year Treasury yield jumps as September core inflation comes in hotter than expected
Traders raised bets on another Federal Reserve rate hike after core inflation came in above forecasts, sending yields and rate-sensitive stocks higher.
- 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.
95 Articles
95 Articles
The Korea Times
US stocks drop to their worst day since July as inflation worsens
NEW YORK — U.S. stocks dropped to their worst day since July on Wednesday following the latest signal that inflation is getting worse. The S&P 500 sank 1.1 percent for a fifth loss in the six days since setting its all-time high. The Dow Jones Industrial Average fell 48 points, or 0.1 percent, and the Nasdaq composite slid 1.9 percent as stocks in the artificial-intelligence industry led the way lower. Stocks felt pressure from rising yields in …
Wall Street operates down this Wednesday, led by Nasdaq, after the release of September inflation data that continue to rise and press the securities market again. All this occurs during the corporate balance sheet season.
Cherokee Tribune Ledger News
US stocks drop toward their worst day since July as inflation worsens
U.S. stocks are dropping toward their worst day since July. The S&P 500 fell 1.3% Wednesday and was on track for a fifth loss in the six days since setting its all-time high. The Dow Jones Industrial Average dropped 218…
Coverage Details
Bias Distribution
- 64% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
