Overview
- Markets sold off after Wednesday's CPI showed U.S. consumer inflation at 3.7% year-on-year for September, above forecasts and rekindling concerns about price pressures.
- Major indexes fell as the S&P 500 dropped about 1.1%, the Nasdaq lost about 1.9%, and the Dow was essentially flat, with losses concentrated in technology and AI-linked shares.
- Treasury yields jumped, with the 10-year briefly topping roughly 5.3%, and futures-implied odds of a Fed hike for the next meeting rose to about 35% from near 22% the day before.
- Several AI-infrastructure and tech names recorded steep declines—Oracle, CoreWeave, Nebius, Dell, and HPE among the hardest hit—partly after analyst downgrades that cut growth expectations for server makers.
- Rising fuel costs tied to U.S.–Iran tensions pushed Brent toward $106 a barrel, adding to inflation risk and leaving investors watching upcoming Fed guidance and economic data for signs of whether the pullback will deepen.