How the major indexes closed
U.S. stocks ended lower on Wednesday, with technology shares doing most of the damage. The S&P 500 fell 1.11% to 7,718.94, the Nasdaq Composite dropped 1.88% to 26,692.87 and the Dow Jones Industrial Average lost 48.62 points, or 0.09%, to 51,621.48, according to CNBC [1]. Reuters reported the same S&P 500 close and said it was the index's biggest one-day drop since July 29 [2].
These are cash-index closing values for the regular session, not futures or prices.
Hot inflation report hits AI stocks
The September , released at 8:30 a.m. ET, rose 0.6% from August, in line with expectations, and 3.7% from a year earlier, above the 3.6% economists polled by Dow Jones had expected, CNBC reported. Core prices, which exclude food and energy, rose 0.3% for the month and 2.6% for the year, slightly above the expected 0.2% and 2.5% [1]. Reuters said gasoline costs surged and price pressures broadened beyond energy [2].
Reuters said the report raised bets that the Federal Reserve will need more rate hikes, which hit AI-related stocks sensitive to borrowing costs; some AI-infrastructure companies fell 10% to 15% [2]. Chip stocks extended their recent slide, with Micron down 4% and Advanced Micro Devices and Sandisk down more than 5%, CNBC reported [1]. West Texas Intermediate crude settled up 1.01% at $95.09 a barrel [1].
Bank earnings and the Beige Book
Bank of America reported third-quarter earnings of 91 cents a share, against the $1.10 analysts expected, on revenue of $30.0 billion versus $30.69 billion expected, according to CNBC; the results came a day after the bank was hit with more than $1.2 billion in federal penalties. Its shares fell almost 5% [1]. Morgan Stanley's results topped expectations, but its stock ended the session nearly 3% lower [1]. BlackRock's profit rose to $1.66 billion, or $10.57 a share, from $1.32 billion, or $8.43, a year earlier, and its assets under management rose to $15.49 trillion from $13.46 trillion, CNBC reported [1]. The S&P 500 Banks index fell 0.7% to its lowest close since June, Reuters said [2].
In the afternoon the Federal Reserve released its Beige Book, a survey of business conditions across its 12 districts. Two districts reported moderate growth in economic activity, three modest growth, four slight growth and three no significant change. Most reported little or no change in consumer spending and employment. Three districts described overall price growth as robust and eight as moderate, and four said the pace of price increases had picked up [3].
What remains uncertain
Closing index values are from CNBC; Reuters reported the same S&P 500 close. figures are as CNBC and Reuters reported them, not checked against the Bureau of Labor Statistics release. Earnings figures are as CNBC reported them, not checked against company filings. Closing Treasury yields, the Russell 2000 close and Brent crude were not confirmed with timed sources and are left out.
Sources
- [1] CNBC · S&P 500 drops 1%, dragged down by hot inflation data and sell-off in AI-related stocks: Live updates · closes, CPI, bank results, movers, oil ↗Source
- [2] Reuters · Nasdaq ends sharply lower as hot inflation data stirs rate-hike worries · S&P 500 close, AI stocks, banks index ↗Source
- [3] Federal Reserve · Beige Book, October 2026 · national summary ↗Official source