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Surprise! US stocks plunged, and A50 turned green

Market IntelThursday, Oct 10, 2024 10:50 am ET
1min read

U.S. September CPI data finally released!

After the data was released, international gold, silver and oil prices rallied.

U.S. stock indexes opened lower. As of the time of writing (22:30), the Nasdaq fell 0.22%, the Dow Jones fell 0.24%, and the S&P 500 fell 0.23%.

A50 futures short-lived rally and then plunged into the red.

The Nasdaq China Dragon Index also plunged into the red after opening more than 1.5%.

Hang Seng Index futures and Hang Seng Technology Index futures both plunged.

Hot Chinese stocks opened mixed, and then many stocks plunged. As of the time of writing, Kingsoft Cloud fell more than 8%, Bilibili, Li Auto, Huya Live, and TIGER Brokers all fell more than 3%.

U.S. September CPI exceeds expectations

In the evening, the U.S. Labor Department released data showing that the U.S. September unadjusted CPI rose 2.4% YoY, up from the expected 2.3% YoY and the previous 2.5% YoY; the adjusted CPI rose 0.2% MoM, up from the expected 0.1% MoM and the previous 0.2% MoM.

The U.S. September unadjusted core CPI rose 3.3% YoY, up from the expected 3.2% YoY and the previous 3.2% YoY; the adjusted core CPI rose 0.3% MoM, up from the expected 0.2% MoM and the previous 0.3% MoM.

The U.S. initial jobless claims for the week ending September 28 were 258,000, up from the expected 230,000 and the previous 225,000; the four-week moving average was 231,000, up from the previous 224,250; the number of continuing claims for the week ending September 28 was 1.861 million, up from the expected 1.83 million and the previous 1.826 million.

The U.S. September unadjusted CPI for used cars and trucks fell 5.1% YoY, down from the previous 10.4%; the housing CPI rose 4.9% YoY, down from the previous 5.2%; the new car CPI fell 1.3% YoY, down from the previous 1.2%; the energy CPI fell 6.8% YoY, down from the previous 4.0%; the food CPI rose 2.3% YoY, up from the previous 2.1%.

The Labor Department's report said that the Fed is considering another cut in interest rates in November. The latest CPI report marked the sixth consecutive month that the annual overall inflation rate has fallen. The core inflation rate, excluding volatile food and energy prices, rose to 3.3% YoY in the year through September, up from 3.2% YoY in August.

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