Wall Street slides as hot inflation revives rate hike fears
Wall Street closed lower Wednesday, with the Nasdaq falling 1.88% and the S&P 500 dropping 1.11%, after higher-than-expected US inflation data reignited fears that the Federal Reserve may raise interest rates again. September inflation came in at 3.7% annually, above the 3.6% analysts predicted, strengthening bets on another rate hike. Technology and AI-related stocks suffered the most, with Oracle down 8.8% and CoreWeave losing 15%, while Bank of America fell after a $1.2 billion fine. The Dow Jones slipped just 0.09%. Apple was the only major tech stock to close higher, keeping its market value above $5 trillion. Investors now focus on upcoming earnings and price data for signals on the Fed's next policy move.