Nasdaq Drops as US Inflation Hits 3.7% in September

Key Facts

1The US Consumer Price Index (CPI) rose 3.7% year-over-year in September, exceeding the 3.6% forecast.

2The Nasdaq Composite dropped 0.7% at the open, weighed down by inflation data and losses in the semiconductor sector.

The US Consumer Price Index (CPI) rose 3.7% year-over-year in September, exceeding the 3.6% forecast. Invezz reported that the Nasdaq Composite dropped 0.7% at the open, weighed down by inflation data and losses in the semiconductor sector. Annual inflation accelerated due to surging energy prices, while core CPI rose 0.3% month-over-month.

Equity valuations faced pressure from the inflation data, which came in 0.1 percentage points above expectations, driving US markets lower at the start of the session. This downward trend at the open follows concerns that interest rates may remain elevated for a longer period.