US Stocks Close》Inflation Sparks Rate Hike Fears! Philly Fed Index Drops 4.3%, TSMC ADR Plummets 3.4%

According to various foreign media reports, the US Bureau of Labor Statistics announced on Wednesday that the Consumer Price Index (CPI) for September rose 0.6% month-over-month on a seasonally adjusted basis, in line with Dow Jones economists' expectations. However, the annual increase was 3.7%, higher than the expected 3.6%. The data indicates that the cost of living in the US continues to rise, with inflation still far above the Fed's 2% target. The market widely anticipates that the Fed will need to further raise interest rates to curb inflation, dealing a heavy blow to stocks that have seen significant gains this year. Investors are also concerned that tech companies may be over-leveraging to fuel the AI boom. Oracle fell 8.85%, AI infrastructure company CoreWeave dropped 15.46%, and chip stocks saw further declines, with Micron down 4.08%, Sandisk down 5.33%, AMD down 5.73%, Intel down 4.56%, and Nvidia down 3.16%. Looks like the Korean stock market opening today will also be under pressure🙀