Richard Drew/ASSOCIATED PRESS
- US stocks fell Thursday as bond yields resumed their upswing amid new inflation data.
- September's CPI came in hotter than estimated, climbing 0.4% for the month.
- The latest 30-year Treasury auction also saw weak demand, further boosting yields.
US stocks fell Thursday as the latest round of inflation data and a weak bond auction sent Treasury yields back up sharply.
The consumer price index gained 0.4% in September from the prior month, above expectations for a 0.3% increase. Similarly, it rose 3.7% from a year ago, outpacing estimates of a 3.6% rise.
Meanwhile, the US sold $20 billion of 30-year bonds, but dealers had to take up more supply after investors balked, signaling weak demand amid soaring debt issuance.
The 10-year yield climbed over 10 basis points to about 4.7%, while the 30-year yield shot up as much as 18 basis points at one point after the lackluster auction.
Here's where US indexes stood at the 4:00 p.m. closing bell on Thursday:
- S&P 500: 4,349.61, down 0.62%
- Dow Jones Industrial Average: 33,631.14, down 0.51% (173.73 points)
- Nasdaq Composite: 13,574.22, down 0.63%
Here's what else is going on today:
- Chinese domestic investors are not allowed to open overseas brokerage accounts, in a new ban from Beijing.
- Oil's sharp rise to nearly $100 a barrel has led to demand destruction, the International Energy Agency reported.
- To rein in the US deficit, it's time to hike taxes or cut social programs, Paul Krugman said.
- Nouriel Roubini warned markets have not yet priced in a massive Middle Eastern conflict.
- The Fed has shed $1 trillion off of its balance sheet since starting its quantitative tightening campaign.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil fell 1.9% to $83.4 a barrel. Brent crude, the international benchmark, slid 1.3% to $87.3 a barrel.
- Gold declined 0.4% to $1,869 per ounce.
- The 10-year Treasury yield gained 10 basis points to 4.7%.
- Bitcoin fell 0.59% to $26,680.