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The S&P 500 Index and Nasdaq Composite fell Thursday, ending what had been a four-day winning streak, as an unexpectedly strong inflation report and rising Treasury yields took their toll. The Dow slid 0.5% while the S&P 500 and the Nasdaq each fell over 7%. Sentiment was slashed as expectations of another interest rate hike later in the year increased after a CPI report indicated higher-than-expected inflation. Swap contracts linked to future Federal Reserve rate decisions had led to an increase in the probability of another quarter-point hike in December, pushing the odds back up to about 50%, up from closer to 30% the day before. In Europe, equity markets also closed lower, albeit losses were much more contained, with the DAX down 0.2% and the Euro Stoxx 50 declining by a mere 0.1%.
Summary for 13.10.2023
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