October's CPI reading flashed its hottest reading since 1990
October's consumer price index (CPI) reading proved dire, jumping 6.2% year-over-year for its largest annual increase since 1990. In response, investors moved to hedge against inflation, triggering a spike in bond yields and sending the major indexes lower for the day. Rising treasury yields pushed investors away from tech names, dragging the Nasdaq down triple digits for its worst daily performance since Oct. 4. Meanwhile, the Dow took a 240 point haircut, and the S&P 500 finishing deep in the red, with the latter also securing its worst daily outing since Oct. 4.
Continue reading for more on today's market, including:
- Tune into Yeti's earnings before tomorrow's open.
- DoorDash stock soared after some acquisition buzz.
- Plus, what's next for the S&P 500 and Nasdaq; Coinbase stock nabs bull notes; and why Wendy's stock plunged today.
The Dow Jones Average (DJI - 36,079.94) fell 240 points or 0.7% for the day. Merck (MRK) led the list of Dow winners today, tacking on 1.6%, while Salesforce.com (CRM) fell 3.2% to pace the laggards.
The S&P 500 Index (SPX - 4,646.71) shed 38.5 points, or 0.8% for the day, while the Nasdaq Composite (IXIC - 15,622.71) dropped 263.8 points, or 1.7% for the day.
Lastly, the CBOE Market Volatility Index (VIX - 18.73) added 1 point, or 5.3% for the day.


- The Delta variant of Covid-19's wave hit its peak weeks ago, and the decline in new infections has stalled out. (CNBC)
- At the U.N. climate summit today, a host of automakers, airlines, and governments pledged to slash greenhouse gas emissions. (Reuters)
- Breaking down the S&P 500 and Nasdaq's hot streak.
- Bull notes circle struggling crypto stock.
- Why did Wendy's lower its full-year forecast.


Oil Prices Slip on U.S. Crude Stock Update
Oil prices are in a "wait and see mode," according to one UBS analyst, creeping lower today, snapping its three-day win streak. This comes after an industry report implied that stocks of black gold had tightened and the Energy Information Administration (EIA) reported a sharp weekly rise in inventory. In response, December-dated crude shed $2.81, or 3.3% to settle at $81.34 a barrel.
Meanwhile gold jumped to its highest close since June on the heels of heightened inflation data. Brushing off a strengthening dollar, December-dated gold added $17.50 or, 1%, to settle at $1,848.30 on the day.