SPY is trading at $769.29, down 1.12%, as hotter-than-expected inflation lifted Treasury yields and renewed expectations of a Federal Reserve rate increase.
- September headline CPI rose 3.7% year over year versus 3.6% expected; core CPI was 2.6% versus 2.5% expected.
- Semiconductor weakness and mixed bank earnings added pressure, while inflation and rate concerns remained the broad market’s main catalyst.