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Nov. 10, 2021, 4:09 p.m. EST

S&P 500 and Nasdaq Composite book worst day in over 5 weeks as 30-year government bond yield surges

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By Mark Decambre

U.S. stocks skidded lower Wednesday, as a reading of consumer inflation rose in October to the highest level since 1990, at least partly driven by supply-chain disruptions in the wake of the COVID-19 pandmeic and strong consumer demand. The Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +1.78% fell 1.7% to 15,623, marking the sharpest one-day decline since Oct. 4 when the technology-laden index fell more than 2%. The S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.33% finished down 0.8% to 4,646, also representing the worst day since early October when it fell 1.3%. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.15% closed down 240 points, or 0.7%, at 36,080. The consumer-price index rose 0.9% in October, compared with economists' expectations for a rise of 0.6%. The core reading, which excludes volatile food and energy prices, rose 0.6% versus expectations for a 0.4% rise. Year over year, CPI rose 6.2%, a nearly 31-year high and more than triple the Federal Reserve's 2% target. In corporate news,Rivian Automotive Inc. /zigman2/quotes/230726939/composite RIVN -1.07% made its debut on the Nasdaq Inc., surging nearly 30%. Moves in stocks were already tilting lower but losses accelerated after a weak auction of 30-year Treasury /zigman2/quotes/211347052/realtime BX:TMUBMUSD30Y -1.07% pushed the yield of the long bond up by the most since March 12, Dow Jones Market Data showed.

/zigman2/quotes/210598365/realtime
US : Nasdaq
14,595.18
+254.92 +1.78%
Volume: 1.73M
Jan. 20, 2022 11:26a
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/zigman2/quotes/210599714/realtime
US : S&P US
4,593.12
+60.36 +1.33%
Volume: 798.20M
Jan. 20, 2022 11:26a
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
35,430.86
+402.21 +1.15%
Volume: 113.22M
Jan. 20, 2022 11:26a
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/zigman2/quotes/230726939/composite
US : U.S.: Nasdaq
$ 68.66
-0.74 -1.07%
Volume: 7.72M
Jan. 20, 2022 11:26a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$62.48 billion
Rev. per Employee
N/A
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/zigman2/quotes/211347052/realtime
add Add to watchlist BX:TMUBMUSD30Y
BX : Tullett Prebon
2.16
-0.02 -1.07%
Volume: 0.00
Jan. 20, 2022 11:26a
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