U.S. stock futures were mixed, with Nasdaq 100 futures down 1.13% and Dow futures slightly higher. Selling spread across AI and semiconductor stocks following an upside surprise in CPI, putting pressure on technology stocks worldwide.
Monthly consumer price index (CPI) data showed growth exceeding market expectations, sending U.S. stock futures in different directions. Nasdaq 100 futures were down 1.13%, Dow futures were up 0.29%, and S&P 500 futures were down 0.30%.
AI and semiconductor stocks plunged following the CPI results. The Nasdaq posted a sharp one-day decline, while the S&P 500’s monthly decline deepened as all three major indices fell.
The impact spread to global equity markets, with South Korea’s KOSPI plunging 7–8% and the Nikkei Average falling approximately 5%. Equity markets in Asia and Europe also weakened as selling spread across technology stocks.
Investors are awaiting the release of September PPI, retail sales and weekly initial jobless claims data. PPI is expected to rise 0.5% month on month. Oil prices fell amid reports of sanctions easing related to Russia.