Finance

The Consumer Price Index rose 3.7% year over year in September, outpacing the 3.6% projected by economists. This surprise acceleration has caused Treasury yields to spike and prompted investors to bet that the Fed could implement another interest rate hike as early as this month.

Technology equities took the brunt of the market sell-off, led lower by high-profile chipmakers and AI firms. Advanced Micro Devices tumbled 5.3%, Nvidia dropped 3.4%, and AI-infrastructure firm CoreWeave shed 15% as investors weighed the higher borrowing costs associated with funding data centers.

Third-quarter bank earnings continue to roll out with mixed market reactions despite underlying profitability. While heavyweights like JPMorgan Chase and Goldman Sachs reported strong profit jumps, investors remain focused on whether consumer and corporate financial health can persist through prolonged periods of elevated interest rates.