Stock Market Today: Nasdaq Sinks as Hot Inflation Data Lifts Fed Rate Hike Bets

TLDR The Nasdaq fell 1.88% and the S&P 500 lost 1.11% after September inflation data came in hotter than expected. Traders now see a 37% chance of a Fed rate hike this month, up from 22% a day earlier. AI-linked stocks fell hard, including Oracle, CoreWeave, Nebius, Dell and Hewlett Packard Enterprise. Apple closed above a $5 trillion market value for the first time. U.S. futures were lower Thursday, and South Korea’s Kospi dropped more than 7%. Wall Street had its worst day in about two months on Wednesday after hotter-than-expected inflation data. The report raised worries that the Federal Reserve could raise interest rates again. The Nasdaq fell 1.88% to 26,692.87, its biggest daily drop since July 23.

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