Nasdaq Tumbles Over 200 Points Following September Inflation Data

U.S. stocks traded lower this morning, following the release of CPI data for September.

Following the market opening Thursday, the Dow traded down 1.29% to 28,833.54 while the NASDAQ fell 2.25% to 10,183.12. The S&P 500 also fell, dropping, 1.61% to 3,519.40.

Also check this: Volatility In Markets Edges Lower Following PPI Data

Leading and Lagging Sectors

Energy shares rose by 0.4% on Thursday. Leading the sector was strength from Nordic American Tankers Limited NAT and Tellurian Inc. TELL.

In trading on Thursday, consumer discretionary shares dipped by 4%.

Top Headline

The annual inflation rate in the US eased for the third straight month to 8.2% in September, the lowest in seven months, down from 8.3% in the previous month. However, analysts were expecting a reading of 8.1%.

Equities Trading UP

• Laser Photonics Corporation LASE shares shot up 48% to $4.3289 after the company announced the Coca-Cola Company recently completed the implementation of its first CleanTech Handheld Laser Blasting system in its manufacturing facilities.
• Shares of Digital World Acquisition Corp. DWAC got a boost, shooting 25% to $20.01 following Wednesday reports suggesting Google has approved the Truth Social app on the Google Play Store. Digital World is the SPAC merger partner of Truth Social owner Trump Media & Technology.
• Domino's Pizza, Inc. DPZ shares were also up, gaining 9% to $327.83 after the company reported slightly better-than-expected Q3 sales and US same store sales growth of 2%,

Equities Trading DOWN

• Relmada Therapeutics, Inc. RLMD shares tumbled 78% to $7.07 after the company announced its RELIANCE III study did not achieve its primary endpoint.
• Shares of mCloud Technologies Corp. MCLD were down 26% to $1.65 after jumping over 39% on Wednesday.
• Dragonfly Energy Holdings Corp. DFLI was down, falling 20% to $8.00. Dragonfly Energy Corp. recently completed business combination with Chardan NexTech Acquisition 2 Corp.

Also check out: Cameco, Kinnate Biopharma And Other Big Losers From Wednesday

Commodities

In commodity news, oil traded down 0.5% to $86.80, while gold traded down 1.5% at $1,652.40.

Silver traded down 1.9% to $18.57 on Thursday while copper fell 1% to $3.3920.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.4%, London’s FTSE 100 fell 1.4% while Spain’s IBEX 35 Index fell 0.8%. The German DAX declined 1.3%, French CAC 40 fell 1.8% and Italy’s FTSE MIB Index fell 1.1%.

Annual inflation rate in Germany was confirmed at a rate of 10% for the month September.

Economics

• The annual inflation rate in the US eased for the third straight month to 8.2% in September, the lowest in seven months, down from 8.3% in the previous month. However, analysts were expecting a reading of 8.1%.
• US initial jobless claims rose by 9,000 to a six-week high level of 228,000 in the week ending October 8th.
• The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.
• The EIA’s weekly report on petroleum inventories in the U.S. will be released at 11:00 a.m. ET.
• The Treasury is set to auction 4-and 8-week bills at 11:30 a.m. ET.
• Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 1:00 p.m. ET.
• The Treasury will auction 30-year bonds at 1:00 p.m. ET.
• The U.S. Treasury budget report for September will be released at 2:00 p.m. ET.

Check out this: Fear & Greed Index Remains In 'Extreme Fear' Zone Ahead Of Inflation Data

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 98,727,130 cases with around 1,089,380 deaths. India confirmed a total of at least 44,621,310 cases and 528,840 deaths, while France reported over 36,038,320 COVID-19 cases with 155,670 deaths. In total, there were at least 628,463,600 cases of COVID-19 worldwide with more than 6,566,130 deaths.