- BIST10012,100-0.15%
- USD49.39+0.05%
- EUR55.30+0.16%
- GOLD4,179.50+1.74%
- INTEREST37.00%-1.00
- BITCOIN81,006-0.70%
- October 15, 202615°
- BIST10012,100-0.15%
- USD49.39+0.05%
- EUR55.30+0.16%
- GOLD4,179.50+1.74%
- INTEREST37.00%-1.00
- BITCOIN81,006-0.70%
- October 15, 202615°
Inflation shock on Wall Street: Nasdaq suffers worst day since July
Hotter-than-expected U.S. inflation in September stoked fears of a Fed rate hike and sent the Nasdaq down 1.88% amid a sell-off in AI and chip stocks. Roughly $1 trillion is estimated to have been erased from U.S. stocks in a day, and Borsa Istanbul also closed lower.
A sharp sell-off in technology shares dragged down New York’s indexes on Wednesday, Oct. 14. The Nasdaq Composite fell 1.88% to 26,692.87, its worst day since July 23, and the S&P 500 lost 1.11% to close at 7,718.94. The Dow Jones ended with a modest 0.09% decline at 51,621.48.
Market estimates put the loss in the total value of U.S. stocks at roughly $1 trillion in a single session.
Gasoline pushes inflation higher
The spark came from September consumer prices. The CPI rose 0.6% on the month and 3.7% on the year, against economists’ 3.6% forecast and 3.4% in August. A 9.1% rise in gasoline made up more than half of the monthly increase, and core inflation, excluding food and energy, also beat expectations at 2.6%.
The data reinforced expectations that the Fed could raise rates again. The 10-year U.S. Treasury yield hovered around 5.1%.
Heavy losses in chip stocks
Worries over whether huge investments in artificial intelligence will pay off deepened the selling. The iShares semiconductor fund lost 4.5%. Nvidia fell about 3%, AMD more than 5% and Micron more than 4%, while AI cloud company CoreWeave lost more than 15%.
Borsa Istanbul also hit
The global sell-off spilled over to Borsa Istanbul. The BIST 100 index fell 1.08% on Oct. 14 to close at 12,118.29, and opened the next morning 0.54% lower at 12,052.94.
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