September CPI report shows inflation accelerated to 3.7% as energy costs soared
Consumer prices rose 3.7% from a year earlier in September, up from 3.4% in August and above the 3.6% economists expected, according to FactSet. Core CPI rose 2.6% against a 2.5% forecast, and gasoline rose 9.1% on the month, accounting for more than half of the monthly increase. Capital Economics said markets now price a 50% chance of a rate hike this month, up from 20% before the data. CBS News
Dell stock plunges 11%, leading data center sell-off as fears mount about 'enterprise AI timing'
Dell fell 11% on Wednesday and pulled down other data center equipment names, including Hewlett Packard Enterprise, Oracle and Super Micro, as investors questioned whether enterprise AI spending will justify the infrastructure build-out. CNBC
Stock Market Today, Oct. 14: Oracle Tumbles on Hotter CPI Data Lifting Treasury Yields
Oracle closed down 8.83% at $130.55 on volume about 61% above its three-month average, as the hotter inflation print lifted Treasury yields and revived rate-hike bets. The article also cites the cost of Oracle's AI cloud expansion, debt heading toward $167 billion and a credit rating cut to BBB-, one notch above speculative grade. The Motley Fool
Stock Market Today, Oct. 14: Skydance Warrants Begin Separate Trading Today: SKYD Stock Drops 24%
Skydance closed down 23.84% at $7.06 as roughly 471 million warrants issued to former Paramount Skydance Class B shareholders began trading separately. The warrants carry a $12 exercise price and expire in 2036; the article describes the move as a technical price reset rather than fundamental business news. The Motley Fool
| Asset | Close | Chg | % |
|---|---|---|---|
| S&P 500^GSPC | 7,718.94 | -86.51 | -1.11% |
| Nasdaq Composite^IXIC | 26,692.87 | -511.51 | -1.88% |
| Dow Jones^DJI | 51,621.48 | -48.62 | -0.09% |
| CBOE Volatility Index^VIX | 16.87 | +1.60 | +10.48% |
| U.S. Dollar IndexDXY · 4:00 PM ET | 102.54 | +0.32 | +0.31% |
| Brent CrudeICE Dec '26 · 2:30 PM ET settle | $106.06 | +$0.37 | +0.35% |
| WTI CrudeNYMEX Nov '26 · 2:30 PM ET settle | $95.09 | +$0.95 | +1.01% |
| GoldCOMEX Dec '26 · 1:30 PM ET | $4,107.90 | -$68.70 | -1.64% |
| Tenor | Close | Chg | % |
|---|---|---|---|
| 1-MonthT-bill | 4.11% | +1bp | +0.24% |
| 3-MonthT-bill | 4.28% | +2bp | +0.47% |
| 6-MonthT-bill | 4.37% | +3bp | +0.69% |
| 1-YearT-note | 4.53% | +5bp | +1.12% |
| 2-YearT-note | 4.82% | +3bp | +0.63% |
| 5-YearT-note | 5.00% | 0bp | 0.00% |
| 10-YearT-note | 5.19% | -2bp | -0.38% |
| 30-YearT-bond | 5.52% | -4bp | -0.72% |
A hotter-than-expected September inflation print drove a broad risk-off session: the S&P 500 fell 1.11% to 7,718.94, the Nasdaq Composite 1.88% to 26,692.87, and the Dow slipped 48.62 points, or 0.09%, to 51,621.48. The VIX rose 1.60 to 16.87. Per the BLS, headline CPI rose 0.6% on the month and 3.7% over the year, with core up 0.3% and 2.6%; energy rose 5.2% on the month and gasoline 9.1%. Technology (-2.98%) was the weakest sector, with Dell (-11.27%) leading a data center equipment sell-off that CNBC tied to concern over the timing of enterprise AI demand, while rotation into defensives left Health Care (+2.53%) and Consumer Staples (+2.22%) on top and UnitedHealth (+4.73%), Dollar Tree (+4.71%), Moderna (+4.65%) and Bristol Myers Squibb (+4.61%) leading S&P 500 gainers. Skydance's 23.84% decline reflects its warrants beginning to trade separately, which The Motley Fool characterized as a technical reset rather than a fundamental move.
The front end of the curve repriced toward further tightening: the 1-year rose 5bp to 4.53% and the 2-year 3bp to 4.82%, while the 10-year eased 2bp to 5.19% and the 30-year 4bp to 5.52%, flattening 2s10s to 37bp from 42bp. Capital Economics, cited by CBS News, put the odds of an October hike at 50%, up from 20% before the release. The dollar firmed (DXY 102.54, +0.32) and gold fell 1.64% to $4,107.90 (1:30 PM ET print). Crude rose, with December Brent up 0.35% at $106.06 and November WTI up 1.01% at $95.09, narrowing the Brent-WTI spread to $10.97 from $11.55.
Thursday's 8:30 AM ET block, the Producer Price Index and advance retail sales alongside jobless claims and the Empire State and Philadelphia Fed surveys, is the next test of whether energy-driven inflation is passing through to pipeline prices and consumer demand ahead of the October 27-28 FOMC meeting. Chairman Warsh speaks with IMF Managing Director Georgieva late Thursday, and Friday brings import and export prices and industrial production at 9:15 AM ET. No U.S. data releases are scheduled Monday; September housing starts follow Tuesday at 8:30 AM ET.