U.S. Stock Futures Fall on Hot Inflation Data Joe Stonor Wed, October 14, 2026 at 9:06 AM EDT 3 min read ^IXIC -0.15% - Jeenah Moon/Reuters Stock futures fell and Treasury yields jumped higher after U.S. inflation data for September came in hotter than expected, spooking investors and raising expectations for Federal Reserve tightening.
Consumer prices rose by 3.7% in September over the same period last year, above the 3.6% expected by economists surveyed by the Wall Street Journal. The print prompted a sharp increase in investor expectations for a Federal Reserve rate hike later this month, with the likelihood of a Fed hold falling from 78% to around 47%, according to LSEG.
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Treasury yields reversed earlier falls in response. Rate-sensitive two-year yields rose 13.15 basis points to 4.903%, while ten-year yields jumped 9.1 basis points to 5.308%. Thirty-year yields traded around 5.610%. Yields had earlier pulled back after Fed policymakers signaled they were in no rush to raise rates.
Futures for the Dow Jones Industrial Average and S&P 500 handed back earlier gains to fall 0.2% and 0.3%, respectively. Nasdaq futures fell 0.6% as weakness in chip stocks continued into premarket trade. The iShares Semiconductor ETF slid 1.9% in premarket trading, on track for a seventh-straight down day as investors accelerated a selloff following the CPI print. Shares in Micron and Intel fell by 1.5% and 2.5% premarket, respectively.
AI-linked stocks were on firmer ground in Europe. ASML—Europe's most valuable company—raised its guidance again on surging demand, lifting AI stocks on the continent. In Asia, tech stocks turned negative after gaining earlier in the day. South Korea's Kospi index ended down 0.4%, while Japan's Nikkei 225 edged 0.05% lower.
Oil prices were steady despite Houthi attacks on a Saudi Aramco administrative building Tuesday and after the International Energy Agency forecast a sharp fall in demand. Front-month Brent crude contracts for December delivery inched 0.2% higher to $105.88 a barrel.
The dollar reversed earlier losses to nudge higher against a basket of currencies. Bitcoin fell 0.8% to trade around $82,700. New York gold contracts dropped 1%, back below $4,200 a troy ounce.
Following the CPI print, AI investors' attention will turn to Anthropic's expected pre-public offering investor day, at which the company is set to disclose its third-quarter earnings, CNBC reported. Markets will also react to earnings from Bank of America, Morgan Stanley and BlackRock.
Write to Joe Stonor at josephmichael.stonor@wsj.com
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