Hot CPI Data Fuels Rate-Hike Bets, Sending Stocks Lower at Open
IXIC sits 31% above its 52-week low of $20,690.249 on light trading volume (0.1× avg).
Summary
Wall Street opened lower after a hotter-than-expected inflation report boosted bets on an interest rate hike this month. The Nasdaq Composite dropped 172.7 points, or 0.63%, to 27,031.64 at the opening bell, and was down 1.6% in afternoon trading. The Dow fell 85.11 points and the S&P 500 lost 31.3 points. The PHLX Semiconductor Index was off 4% in afternoon trading. This follows a September jobs report that came in far below expectations, adding to uncertainty about the Fed's next move. Traders are now pricing in a higher probability of a rate hike, which pressures growth stocks and the broader market.
Updated with a Dow Jones Newswires report · What changed
Updates
· Dow Jones Newswires — Nasdaq now down 1.6% and PHLX Semiconductor Index off 4% in afternoon trading.
At the time of this announcement, IXIC was trading at $27,033.26 on NASDAQ in the Finance sector. The 52-week trading range was $20,690.25 to $27,722.75. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.