Dow Jones

Key insight

51,569 holds for now but hotter-than-expected CPI kills near-term rate-cut hope; 5th loss in 6 sessions for S&P signals broader distribution. Watch 51,200 swing low.

Hot Sept CPI (3.7% YoY vs 3.6% est.) reignites rate-hold fears; Dow fades from 51,850 all-time high, Nasdaq/S&P dragging broader tape lower.

Main risk

Sept CPI Upside Surprise

3.7% YoY CPI vs 3.6% est. forces Fed rate-hold pricing; 10-yr Treasury yields rising, pressuring growth and high-multiple names.