Stocks Fall on CPI Day; QQQ Drops 1.97% and Tech Fund Loses 2.98%
SPY fell 1.08% and QQQ dropped 1.97% on Oct. 14 as Technology lost 2.98%; Health Care rose 2.53%, UNH gained 4.73% and ORCL plunged 8.83%.
U.S. stocks declined on Wednesday, Oct. 14, the day September consumer price data were released. SPY fell 1.08% to 769.60, a drop of 8.41 points, and QQQ lost 1.97% to 728.95, down 14.62 points. The small-cap IWM declined 1.93% to 271.37, while DIA held up better, slipping 0.11% to 515.63.
Eight of the 11 sector funds closed lower. Technology (XLK) posted the steepest loss, falling 2.98% to 190.43, followed by Communication Services (XLC), down 1.30%, and Industrials (XLI), down 0.97%. Three sectors gained: Health Care (XLV) rose 2.53% to 173.96, Consumer Staples (XLP) added 2.22% to 86.06 and Energy (XLE) rose 0.64%.
ORCL plunged 8.83% to 130.55, the largest decline among large caps, and AMD dropped 5.73% to 570.82. BAC fell 4.76% to 51.39 on a day it appeared in the earnings calendar. PLTR lost 3.69% and META fell 3.27%. Among gainers, UNH rose 4.73% to 395.62, MRK gained 3.80%, LLY added 3.62% to 1,208.74, WMT rose 3.46% and ABBV gained 3.32%.
Barron's daily wrap was headlined “Review & Preview: Hot Inflation Leaves Investors Blistering in the Sun.” Fox Business aired a segment titled “Neocloud stocks STUMBLE on debt fears,” and the Wall Street Journal reported “Nikkei Falls 2.9%, Tracking Wall Street's Losses.”
The VIX rose to 16.87, and the 10-year Treasury yield stood at 5.19%, according to FRED data for the day.
Data
| Instrument | Close | Change |
|---|---|---|
| SPY | 769.60 | -1.08% |
| QQQ | 728.95 | -1.97% |
| DIA | 515.63 | -0.11% |
| IWM | 271.37 | -1.93% |
Data: FMP, FRED. Figures are close-to-close unless stated.
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Neutral market summary for information only; not investment advice.
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