Stock Market Today: S&P 500, Dow, Nasdaq Futures Gain Even as September Inflation Report Comes In Hotter Than Expected— ASML, AZZ, GME in Focus (UPDATED)
Key takeaways
- Hot September CPI and rising Treasury yields suggest the Fed may hike rates again, putting pressure on growth stocks while earnings beats give a temporary lift to ASML, AZZ, GME, and UNH.
- Headline CPI 0.6% m/m
- Headline CPI 3.7% y/y
- Core CPI 0.3% m/m
What happened
U.S. stock futures rose as the market awaited September CPI data that came in hotter than expected, with headline CPI up 0.6% month‑over‑month and 3.7% year‑over‑year, and core CPI up 0.3% and 2.6% respectively. The 10‑year Treasury yield was 5.20% and the 2‑year was 4.77%. In pre‑market trading, ASML, AZZ, GME, and UNH all gained, while SPY and QQQ fell modestly.
Why it matters
The stronger‑than‑forecast inflation signals that the Fed may need to raise rates further, tightening borrowing costs and weighing on equity valuations. The rise in Treasury yields also supports a more defensive stance in the market. Positive earnings for ASML, AZZ, GME, and UNH lift their individual stocks and add…
Short-term and longer-term
Short-term. In the next 24–48 hours, watch the 10‑year Treasury yield for any further moves that could confirm a Fed hike.
Longer-term. Over the coming months, the hotter inflation data and potential Fed rate hikes could weigh on growth‑heavy sectors, while defensive names may gain.