US stocks fall to worst day since July amid inflation rise

Summarised from 2 outlets · Updated 15 Oct, 00:02 · Archive

US stocks suffered their worst day since July as inflation accelerated to 3.7% annually, exceeding expectations.

US stocks dropped to their worst day since July on Wednesday as inflation data showed consumer prices for fuel, food and other living costs were 3.7% higher than a year earlier, up from 3.4% in August and worse than the 3.6% economists had expected.

The S&P 500 sank 1.1% for a fifth loss in six days since reaching its all-time high. The Nasdaq composite slid 1.9%, with artificial-intelligence stocks leading the decline. The Dow Jones Industrial Average fell 48 points, or 0.1%. Rising yields in the bond market reflected heightened inflation worries. The 10-year Treasury yield briefly jumped above 5.32% from less than 5.17% before the inflation report, though it gave back much of that gain as the day progressed.

Inflation has accelerated recently partly due to rising fuel prices, with Brent crude adding 0.4% on Wednesday to $106.06 per barrel. Traders raised their expectations for coming interest-rate hikes by the Federal Reserve, though those expectations moderated as the day ended.

How it is being reported

• Stocks drop to their worst day since July as inflation worsensNEW YORK — U.S. stocks dropped to their worst day since July on Wednesday as a result of the latest signal that inflation is getting worse.TribLIVE · 14 Oct, 22:36
• U.S. stocks fall further from their record as inflation gets worsePittsburgh Post-Gazette · 14 Oct, 15:53

In this story: S&P 500 · Nasdaq · Dow Jones Industrial Average · Federal Reserve · United States

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