Stock market today: Hot inflation report drops tech, drives S&P 500, Nasdaq down - Yahoo Finance — SkimNews
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- CPI inflation rose to 3.7% in September, pushed up by surging gas prices, with the Fed watching the data closely.
- The S&P 500 and Nasdaq fell on the hot inflation report, with tech stocks leading the decline as the dollar strengthened on higher Treasury yields.
Why it matters: A 3.7% CPI print is well above the Fed's 2% target, and surging gas prices were the explicit driver — both factors that reduce the case for near-term rate cuts and hit rate-sensitive tech valuations. Higher Treasury yields and a stronger dollar are the textbook market reaction to sticky inflation, putting the Fed in a tighter spot ahead of its next decision.
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