Stock Market Midday: Inflation Concerns Weigh Heavily as CoreWeave Drops 15%
The U.S. stock market is down midday on October 14, with the S&P 500 falling nearly 1%, the Nasdaq Composite dropping over 1.3%, and the Dow Jones Industrial Average slipping slightly due to concerns about rising inflation. A hotter-than-expected September CPI report of 3.7% has revived fears that the Federal Reserve may raise interest rates again, pressuring growth stocks. CoreWeave shares plummeted by as much as 15% after a social media post revealed its bond yield had reached 15%, raising concerns about borrowing costs and financial stability for high-growth tech companies. The sell-off spread to other AI infrastructure firms like Nebius Group, which fell over 9%. In contrast, GlobalFoundries rose on news it was selected as the operator of a U.S.-Japan semiconductor initiative backed by up to $21 billion in funding. The broader market is also being impacted by high gasoline prices and ongoing worries about Chinese competition. The PHLX Semiconductor index has fallen over 10% in five days, despite strong demand signals from companies like ASML.
Topics: Dow Jones Industrial Average Federal Reserve inflation Nasdaq Composite S&P 500 semiconductors
Read the full article at Motley Fool
Part of the story Stock Market Midday: Inflation Concerns Weigh Heavily as CoreWeave Drops 15% (2 articles)