Wall Street slides as hot inflation sparks AI stock selloff

protothema.gr (Greek) —

Wall Street suffered significant losses on Wednesday as higher-than-expected US inflation data fueled concerns about Federal Reserve rate hikes, triggering a selloff in AI stocks and pressuring major indices. The S&P 500 fell 1.10% to 7,719 points, while the tech-heavy Nasdaq dropped 1.88% to 26,692 points. September's consumer price index rose 0.6% monthly and 3.7% annually, exceeding forecasts, with core inflation also beating expectations at 2.6% year-over-year. AI-related companies led declines, with CoreWeave plunging over 16% and Oracle falling about 9% amid worries about excessive debt financing. The 10-year Treasury yield slipped to 5.187%, while oil prices rose to $95.09 per barrel, adding to economic uncertainty.


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Wall Street slides as hot inflation sparks AI stock selloff | News Minimalist