Wall St falls as hot inflation data drives fears of big rate hike - Reuters

Oct 13 (Reuters) - U.S. banal indexes fell connected Thursday, with the Dow and the S&P 500 adjacent two-year lows, aft a bigger-than-expected emergence successful user prices past period sparked fears of different large complaint hike from the Federal Reserve erstwhile it meets successful November.

The header user terms scale gained astatine an yearly gait of 8.2% successful September, compared with an estimated 8.1% rise. The speechmaking was little than an 8.3% summation successful August. work much

Core CPI, which eliminates volatile nutrient and substance prices, gained 6.6% past month, compared with the estimates of a 6.5% increase. The speechmaking was overmuch higher than a 6.3% emergence successful August.

"Both the header and halfway CPI came successful overmuch higher than expectations, and that's disappointing," said Mace M. McCain, main concern serviceman astatine Frost Investment Advisors.

"We would person hoped to spot immoderate moderation successful ostentation and we're not seeing that astatine this point. There's conscionable thing to dissuade the Fed from their path."

The ostentation study follows information connected Wednesday that showed U.S. shaper prices accrued much than expected successful September, prompting Traders of U.S. interest-rate futures to terms successful a adjacent 91% likelihood of a 4th consecutive 75-basis-point (bps) hike by the Fed astatine its gathering adjacent month, with immoderate besides pricing successful a 9% accidental of a 100 bps rise. FEDWATCH

Minutes from past month's cardinal slope gathering showed policymakers agreed they needed to support a much restrictive argumentation stance, and Fed Chair Jerome Powell vowed that they would "keep astatine it until we're assured the occupation is done." work much

The Fed is showing nary signs of a fto up successful its combat against inflation, starring to immense marketplace volatility successful caller months and triggering a selloff successful rate-sensitive exertion shares.

Megacap maturation stocks specified arsenic Microsoft Corp (MSFT.O), Apple Inc (AAPL.O), Meta Platforms Inc (META.O), Alphabet Inc (GOOGL.O), Nvidia Corp (NVDA.O), Tesla Inc (TSLA.O), and Amazon.com (AMZN.O) slipped betwixt 1.7% and 4.7% arsenic the 10-year benchmark Treasury output touched caller 2008 highs astatine 4%.

At 10:07 a.m. ET, the Dow Jones Industrial Average (.DJI) was down 183.99 points, oregon 0.63%, astatine 29,026.86, the S&P 500 (.SPX) was down 38.67 points, oregon 1.08%, astatine 3,538.36, and the Nasdaq Composite (.IXIC) was down 186.08 points, oregon 1.79%, astatine 10,231.02.

Markets concisely roseate earlier successful the time aft a study that the British authorities was discussing making changes to its fiscal program that had spooked planetary fiscal markets erstwhile it was announced past month. work much

Third-quarter net reports volition besides assistance find the interaction of higher prices connected institution results, with analysts present expecting nett for S&P 500 companies to person risen conscionable 4.1% from a twelvemonth ago, overmuch little than an 11.1% summation expected astatine the commencement of July, according to Refinitiv IBES data.

Walgreens Boots Alliance Inc (WBA.O) roseate 3.24% pursuing better-than-estimated fourth-quarter results. work much

Delta Air Lines Inc (DAL.N) gained 1.92% aft the bearer forecast a 9% emergence successful fourth-quarter from the aforesaid play successful 2019, helped by robust home and planetary demand. work much

Declining issues outnumbered advancers for a 4.89-to-1 ratio connected the NYSE and for a 3.39-to-1 ratio connected the Nasdaq.

The S&P scale recorded nary caller 52-week precocious and 170 caller lows, portion the Nasdaq recorded 10 caller highs and 514 caller lows.

Reporting by Bansari Mayur Kamdar, Ankika Biswas and Shreyashi Sanyal successful Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D'Silva

Our Standards: The Thomson Reuters Trust Principles.