Hot US October inflation hardens the case for a December Fed hike
The Dow Jones Industrial Average fell 157.86 points, or 0.30 percent, to 52,231.89, the S&P 500 lost 29.01 points, or 0.38 percent, to 7,520.93, and the Nasdaq Composite lost 187.26 points, or 0.74 percent, to 25,065.87, Reuters reported.
Declining issues outnumbered advancers by 2.27-to-1 on the New York Stock Exchange and 2.26-to-1 on the Nasdaq.
The S&P 500 technology sector dropped 1.4 percent as the worst performer of the 11 major sectors, per Reuters, weighed down by Nvidia, which fell 5.4 percent and has tumbled 9.6 percent over two sessions.
The same outlet put the chipmaker on track to shed more than US$470bn in market value across those sessions after it opened an internal probe into spy claims involving Chinese businesswoman Alice Huang.
“There’s an extrapolation that maybe the Fed’s going to have to hike rates more aggressively next year,” Tom Hainlin, national investment strategist at U.S. Bank Asset Management, told CNBC.
