Nasdaq drops 1.85% as higher US inflation drives Fed rate hike concerns

US equities closed lower on Wednesday after September’s inflation data exceeded expectations, intensifying speculation that the Federal Reserve could implement further interest rate increases. Technology stocks led the decline, with rate-sensitive sectors coming under additional pressure. The S&P 500 finished the session down 1.08% at 7,721.49, while the Nasdaq Composite fell 1.85% to 26,701.48. The Dow Jones Industrial Average edged down 0.09%, or 45.23 points, to 51,624.87, as gains in healthcare shares helped limit broader losses. The US consumer price index (CPI) increased 0.6% month-on-month in September and 3.7% annually, surpassing the consensus estimate of 3.6%.

Source: CoinTurk News