Markets Rise on Softer Inflation Data, Investors Await Micron Earnings
On September 30, stock markets rose following softer-than-expected inflation data that reduced expectations of an October rate hike. The Nasdaq Composite gained over 1%, while the S&P 500 climbed nearly half a percent and the Dow Jones Industrial Average edged slightly lower. August's Personal Consumption Expenditures (PCE) price index showed year-on-year growth at 3.4%, below forecasts, easing concerns about aggressive monetary tightening. Investors are closely watching Micron Technology for guidance on whether the AI boom is sustainable after it reports earnings later in the session. Meanwhile, single-stock volatility has increased despite major indexes being near all-time highs. Market breadth is deteriorating as more stocks fall than rise, raising concerns over concentration risk and diversification. Gold prices declined slightly while 10-Year Treasury yields rose by two basis points to 5.28%. Robinhood Markets fell despite positive analyst reactions, and Moderna dropped over 7% following a downgrade from Citi.
Topics: Dow Jones Industrial Average inflation data Nasdaq Composite S&P 500 stock performance