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U.S. Stocks Pare Losses After Data Show Inflation Continues to Run Hot

Stock Markets Oct 13, 2022 10:33AM ET
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By Liz Moyer

Investing.com -- U.S. stocks tumbled and then regained some of those losses after inflation data for September showed persistent inflation that is running hotter than expected.

At 10:30 ET (14:30 GMT), the Dow Jones Industrial Average was down 231 points or 0.8%, while the S&P 500 was down 1.3% and the NASDAQ Composite was down 1.9%.

The inflation report gives the Federal Reserve more reason to continue on its aggressive path of interest rate hikes when it meets in early November.

The consumer price index rose 8.2% for the year ending in September, a notch more than expected. Core CPI, which doesn’t include food and fuel, rose 6.6%, also a notch more than expected. 

A day earlier, data on producer prices showed inflation in that segment also rose more than expected last month.

The expectation is now that the Fed will raise rates by another 0.75 percentage point, which would be the fourth such hike in a row as it works to beat down inflation. Minutes from its meeting in September showed the policymakers are determined to beat inflation, despite the risk of pain in the economy.

Investors are shedding risk assets as a result. 

Applied Materials Inc (NASDAQ:AMAT) shares fell 2.2% after it warned on revenue for the fiscal fourth quarter, saying new rules about exports to China would cut into results. 

Walgreens Boots Alliance Inc (NASDAQ:WBA) shares rose 1.7% after it beat expectations and raised its outlook for sales.

Oil fell. Crude Oil WTI Futures was down 0.6% to $86.72 a barrel and Brent Oil Futures was down 0.3% to $92.20 a barrel. Gold Futures fell 1.4% to $1653.

U.S. Stocks Pare Losses After Data Show Inflation Continues to Run Hot
 

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Comments (21)
Wrong Franco
Wrong Franco Oct 13, 2022 10:55AM ET
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Like I always say rate hiking won't do anything to reduce inflation, It will only hurt US people, bring up unemployment and nothing more. It's the War and China shut off. Either kill putin or Ukraine surrender will end this mess, there is no other way can reduce the infation.
Casador Del Oso
Casador Del Oso Oct 13, 2022 10:55AM ET
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You should run for public office.
Phil Davis
Phil Davis Oct 13, 2022 10:55AM ET
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Kill Putin? Do you understand he's a moderate? Do you know what's behind Putin? It's not another moderate. It's a button pushing hard-liner. Do you understand this?
Mike Sim
Mike Sim Oct 13, 2022 10:55AM ET
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We had inflation well before Putin. Keep buying that democratic narrative though…
Black Bear
Black_Bear Oct 13, 2022 10:53AM ET
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Will Trump make it again or not?
bharat kabra
bharat kabra Oct 13, 2022 10:53AM ET
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next data big big rally in advqnce
bharat kabra
bharat kabra Oct 13, 2022 10:52AM ET
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next month big fall in inflation
Shamo Nestor
Shamo Nestor Oct 13, 2022 10:39AM ET
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Biden and his democrats are jokers to America economy
Sly Sly
Sly Sly Oct 13, 2022 10:39AM ET
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Yeah yeah I suppose Biden is also responsable for inflation around the world and the war in Ukraine...
Casador Del Oso
Casador Del Oso Oct 13, 2022 10:39AM ET
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The main cause of inflation is excessive fiscal spending. Joe's policies support this spending.
Robert Cox
Robert Cox Oct 13, 2022 10:39AM ET
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That makes no sense. It was the previous administration that spent irresponsibly, laying the early foundation for much of the inflation of today.
Brad Albright
Brad Albright Oct 13, 2022 10:39AM ET
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Of course it makes no sense, but some people replace thinking with dogma.
Sam Dur
Sam Dur Oct 13, 2022 10:32AM ET
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Raising the interest rate indeed can slow the inflation by decreasing the amount of money in use. However when the basic product sprices, like oil, gas and grain are rapidly go up, it can affect absolutely nothing. US has to stop the arrogant Pax Americana monopoly and simply close a deal with Russia, which has a legitimate right to protect its own geopolitical interests in the Eastern Europe acting against expanding NATO to the Russia's borders.
SquadW Name
SquadW Oct 13, 2022 10:30AM ET
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the real crisis is gonna happen once people start losing their jobs (due to low customer demand, caused by inflation of course)
Black Bear
Black_Bear Oct 13, 2022 10:25AM ET
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Buy when everyone calls for DOOM after the flush out?
Antesh Garg
Antesh Garg Oct 13, 2022 10:24AM ET
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Joe baiden is Indian manmohan ingh
Antesh Garg
Antesh Garg Oct 13, 2022 10:24AM ET
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Joe baiden is Indian manmohan ingh
 
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