U.S. Markets Rise After Lengthy Sell-off, Despite Fears of Rate Hikes
S&P 500 and Nasdaq bounce but gains capped by producer price surprise.

The S&P 500 and the Nasdaq bounced on Wednesday after a five-day selloff, but inflation and rate hike worries capped the gains after a higher-than-expected rise in September producer prices.
The Labor Department's producer prices index rose 8.5% in the 12 months through September, slightly higher than an estimated 8.4% rise. The reading was still lower than an 8.7% increase in August.
Persistent inflation has increased concerns about the Fed's aggressive monetary action tipping the world's largest economy into a recession.

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.
"It's stubborn and some people are hoping that we had peak inflation and it's going to come down quickly," said Joe Saluzzi, partner at Themis Trading in Chatham, New Jersey.
"It is not going to be that way. That's what the Fed has been looking at and that's why they're raising rates the way they are. So this will take time and this is not going to be a quick thing."
Money markets are pricing in a 92% chance of another 75-basis-point hike in November. Investors will also scrutinize the Fed's September meeting minutes, due later in the day, for more clarity on the central bank's rate hike trajectory.
"The thing we're looking for from the FOMC is some evidence that it is open-minded, that they will consider being a lot more flexible," said Hugh Johnson, chief economist of Hugh Johnson Economics at Albany, New York.
"The comments are going to be just as hawkish as they have been."
At 10:00 a.m. ET, the Dow Jones Industrial Average was up 117.80 points, or 0.40%, at 29,356.99, the S&P 500 was up 9.26 points, or 0.26%, at 3,598.10, and the Nasdaq Composite was up 19.97 points, or 0.19%, at 10,446.16.
Battered megacap companies Apple Inc, Amazon.com, and Alphabet Inc were up between 0.58% and 1.16%.
Chip shares including Nvidia Corp, Qualcomm Inc, Micron Technology Inc, Advanced Micro Devices and Intel Corp were mixed.
The United States is scrambling to tackle unintended consequences of its new export curbs on China's chip industry that could inadvertently harm the semiconductor supply chain.
The Biden administration has allowed at least two non-Chinese chipmakers operating in China to receive restricted goods and services without their suppliers seeking licenses, the report said.
PepsiCo Inc gained 3.35% after the soft-drinks maker raised its annual revenue and profit forecasts on firm demand for its sodas and snacks despite multiple price increases.
Boeing Co slipped 0.74% after Credit Suisse started its coverage on the planemaker with an "underperform" rating and Street low price target.
Investors will also monitor comments from Fed's Minneapolis President Neel Kashkari, Washington's Vice Chair for Supervision Michael Barr, and New York's Governor Michelle Bowman.
Declining issues outnumbered advancers for a 1.74-to-1 ratio on the NYSE and for a 1.47-to-1 ratio on the Nasdaq.
The S&P index recorded no new 52-week high and 41 new lows, while the Nasdaq recorded 7 new highs and 201 new lows.
(Reuters Reporting by Ankika Biswas, Shreyashi Sanyal & Bansari Mayur Kamdar in Bengaluru; Editing by Anil D'Silva and Arun Koyyur)
For more daily stock coverage, subscribe to our Closing Bell e-newsletter.
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
-
Could a Golden Visa Be Your Ticket to Retiring Abroad?
Trump and DOGE are weighing a U.S. "Gold Card" that would let the wealthy emigrate to the U.S. for a fee. But golden visas have been around for years worldwide. Here's how they work.
-
Running Out of Money in Retirement: Nine Steps to Reduce the Risk
Quit worrying about money and enjoy a carefree retirement. Sounds good, right? Well, if you follow these nine steps from a financial adviser, you could be on your way to that goal.
-
Stock Market Today: Investors Weigh Weekend Negotiations
Investors, traders and speculators will look to Switzerland for answers about the most compelling issue confronting global markets.
-
Stock Market Today: Stocks Rise on Trump Trade Deal
The U.S. and the U.K. agreed to a trade agreement that includes lower automobile tariffs.
-
Stock Market Today: Stocks Rise Despite Stagflation Risk
The business of business continues apace on continuing hope for reduced trade-related uncertainty.
-
Stock Market Today: Stocks Slip for a Second Straight Day
Solid earnings but mixed guidance amid more tariff uncertainty have markets searching for direction.
-
Stock Market Today: S&P 500, Dow Snap Win Streaks
Berkshire Hathaway shares tumbled after Warren Buffett said he'll step down as CEO of the holding company at the end of the year.
-
Stock Market Today: S&P 500 Nabs Longest Win Streak Since 2004
The stock market's rebound from its mid-April tariff-induced lows has been nothing short of impressive.
-
Stock Market Today: Dow, S&P 500 Extend Win Streaks to 8
Strong earnings results for Magnificent 7 stocks Microsoft and Meta fueled upside in the equities market.
-
Stock Market Today: Stocks Rally Back Before Mag 7 Earnings
An unexpected contraction in the U.S. economy and dismal jobs data arrived ahead of earnings from some of Wall Street's biggest names.