October inflation rises 0.4%, stoking Fed rate-hike fears
Consumer prices rose faster than forecasters expected in October, the first monthly price reading after the U.S. midterm elections.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
What happened
U.S. consumer prices rose 0.4% in October from September, more than expected, according to the Labor Department's Bureau of Labor Statistics. Core inflation rose 0.3%, and traders had already priced in a Federal Reserve rate hike at the December meeting.
Why it matters
The hotter-than-expected figures raise the likelihood of more aggressive Federal Reserve rate hikes, which could weigh on mortgage rates and the stock market.
Timeline
- Nov 10, 8:31 AM ET: Consumer prices rose 0.4% in October, more than expected, after a 0.6% rise in September.
- Nov 10, 3:00 PM ET: The 10-year Treasury yield rose to 5% and the 2-year yield climbed 17 basis points, and Nvidia's slide weighed on the Nasdaq 100.
- Nov 10, 4:09 PM ET: Tech stocks suffered the brunt of the selling as soaring Treasury yields and a smaller-than-expected Anthropic valuation weighed on the sector.
Coverage
- Stock Market Today, Nov. 10: Wall Street's Rally Hits a Roadblock as Hot Inflation Raises the Stakes for the Fed (RJ Fulton)
- The Stock Market Just Got Bad News on Inflation. (fool.com)
- Stock Market Today, Nov. 10: Opendoor Shares Fall on CPI Data Despite Revenue Above $1 Billion (fool.com)
- Futures: Stocks Fall On Surging Yields, Nvidia; CoreWeave Rises Late (Investor's Business Daily)
- Stocks Drop as Rate-Hike Worries Rise: Stock Market Today (kiplinger.com)
- Hot CPI Pushes 10-Year Yield to 5%, Nvidia Sinks: Stock Market Today (benzinga.com)
- Stock Market Midday, Nov. 10: Stocks Slide on Hot Inflation Data (fool.com)
- Upstart Sinks 11% as Hot Inflation Report Hits Fintech Lenders; SoFi Falls 4%, Affirm Slides 3% (247wallst.com)
- Stock Market Today: Hotter CPI Reading Hasn't Deterred Stocks From Rising (247wallst.com)
- Jim Cramer's top 10 things to watch in the stock market Tuesday (CNBC)
- US Stock Market Today: S&P 500 Futures Edge Higher On Key CPI Focus (Yahoo News)
- Dow Jones Soars 1,132 Points As Amazon, Tesla Rally, But Nvidia Dives; CPI Inflation Report Next (Investor's Business Daily)
- The stock-market rally keeps spreading beyond Big Tech. October inflation data could put it to the test. (marketwatch.com)
- Industrials Push Stock Indexes to Broad-Based Rally (WSJ)
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