Wall Street falls as US inflation accelerates to 3.7%

Wall Street opened lower Wednesday after September inflation data came in hotter than expected, pushing bond yields higher. The Dow fell 0.22%, the Nasdaq dropped 0.63%, and the S&P 500 lost 0.47% in early trading. US consumer prices rose 3.7% year-over-year in September, accelerating from August's 3.4% and exceeding analyst forecasts of 3.6%. Monthly CPI increased 0.6%, up from 0.4% previously, though matching expectations. Energy prices drove the surge, climbing 5.2% month-over-month and over 20% annually. Fuel costs jumped nearly 75% year-over-year, fueled by the Israel-US war against Iran and prolonged closure of the Strait of Hormuz, which handles 20% of global hydrocarbon shipments.