Stock Market Today: Persistent Inflation Gut-Punches Tech Stocks

The highest jump for consumer prices in 30-plus years stole headlines Wednesday, but evidence of persistent inflation was the real worry for markets.

A $100 bill on fire
(Image credit: Getty Images)

Stock-market bears got a bit more aggressive Wednesday after a worrisome October inflation report revealed relentlessly rising prices, triggering a spike in bond yields.

The Bureau of Labor Statistics said October's headline consumer price index (CPI) jumped 6.2% over last year's depressed levels – the swiftest such move since 1990 – but more importantly, at a higher-than-expected 0.9% month-over-month, which was its quickest pace since 2008.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%
https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-200-80.png

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up
Disclaimer

Kyle Woodley was long AMD, AMZN and NVDA as of this writing.

To continue reading this article
please register for free

This is different from signing in to your print subscription


Why am I seeing this? Find out more here

Kyle Woodley

Kyle Woodley is the Editor-in-Chief of WealthUp, a site dedicated to improving the personal finances and financial literacy of people of all ages. He also writes the weekly The Weekend Tea newsletter, which covers both news and analysis about spending, saving, investing, the economy and more.

Kyle was previously the Senior Investing Editor for Kiplinger.com, and the Managing Editor for InvestorPlace.com before that. His work has appeared in several outlets, including Yahoo! Finance, MSN Money, Barchart, The Globe & Mail and the Nasdaq. He also has appeared as a guest on Fox Business Network and Money Radio, among other shows and podcasts, and he has been quoted in several outlets, including MarketWatch, Vice and Univision. He is a proud graduate of The Ohio State University, where he earned a BA in journalism. 

You can check out his thoughts on the markets (and more) at @KyleWoodley.