US stocks closed lower after the Consumer Price Index rose 0.4% last month, above economists’ 0.3% estimate, and Fed officials voiced support for further rate increases. The S&P 500 fell 0.38%, the Nasdaq lost 0.74% and the Dow declined 0.31%.
The Consumer Price Index rose 0.4% last month, its third straight increase of at least 0.4% and above economists’ 0.3% estimate, following a 0.6% rise in September. Markets fully priced in at least a quarter-point rate hike at the Fed’s December meeting, up from an 84% probability the previous day; expectations for a half-point hike rose to 11.8%.
The S&P 500 lost 0.38% to 7,521.48, the Nasdaq Composite fell 0.74% to 25,067.23 and the Dow Jones Industrial Average declined 0.31% to 52,227.80. The two-year Treasury yield surged nearly 20 basis points. The S&P 500 technology sector dropped more than 1%, with Nvidia down nearly 6% and about 10% over two sessions.
Anthropic said its expected IPO could raise as much as $64.4 billion and value the company at up to $1.4 trillion on a fully diluted basis. The article said investors were also watching for CoreWeave’s quarterly results after the market close.
