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US inflation data for October was higher than expected, and the market expected the Fed to raise interest rates next month, causing the three major US stock indexes to close in the dark. Huida suffered heavy losses due to the turmoil.
Americainflation The report was higher than expected, and the market is betting that the Federal Reserve (Fed) will raise interest rates next month.US stocks On the 10th, all three major indexes closed in the black.
The Dow Jones Industrial Average fell 157.86 points, or 0.3%, to close at 52,231.89, the S&P 500 index fell about 29.01 points, or 0.38%, to 7,520.93, and the Nasdaq Composite Index, which is dominated by technology stocks, fell 187.26 points, or 0.74%. Gone. Closed at 25,065.88 points. Major share price indices had risen sharply a day earlier.
The Consumer Price Index (CPI) released on the morning of the 10th showed that prices rose 0.4% monthly in October, exceeding market expectations of 0.3%, but lower than the 0.6% increase in September. Due to limited data availability due to last year’s government shutdown, the October CPI report did not release annual growth rates.
Traders generally expect the Fed to raise interest rates by 1 point (25 basis points), and some Fed observers even expect to raise interest rates by 2 points (50 basis points) at once. Fed Governor Chris Waller recently said that he is ready for a big increase in interest rates, which will further strengthen market bets.
Too,Huida (Nvidia) CEO Jen-Hsun Huang is rumored to be involved in an extramarital affair and is facing a board investigation, impacting market confidence. After falling by more than 4% on the 9th, Huida’s share price fell by more than 5% on the 10th.
In other tech news, Anthropic has launched a road show and released updated filings ahead of its high-profile initial public offering (IPO). Despite recent volatility in technology stocks, the AI lab is pushing ahead with its listing plans and is seeking a valuation of US$1.4 trillion.
Oil prices fell, with international Brent crude futures and U.S. crude falling. West Texas Intermediate (WTI) crude oil futures both fell about 1%. Although the third quarter financial reporting season is almost over, CoreWeave, a new cloud company invested by Huida, as well as quantum computing concept stocks D-Wave Quantum and Righetti Computing will release their financial reports after the market close on the 10th.
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Because the CPI increased by 0.4% in October, which was more than the market expectation of 0.3%, indicating that price pressures are still high, traders are betting that the Fed may raise interest rates next month, and do not even rule out a 2% increase in interest rates at once.
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The Dow Jones Industrial Average fell 157.86 points, the S&P 500 index fell nearly 29.01 points, and the Nasdaq Composite Index fell 187.26 points, indicating that technology stocks are most sensitive to concerns about interest rate hikes.
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In addition to market pressure on Huida’s high-value technology shares, it was also reported that CEO Huang Renxun was involved in an espionage extramarital affair and faced a board investigation. This news continued to weaken investor confidence.
