The New York Stock Exchange building on Wall Street on a day the stock market fell

Stock Market Today: S&P 500 Falls 1.1% as Hot CPI Lifts Fed Hike Bets

by

Key numbers (closing levels, Wednesday, Oct. 14, 2026)

  • S&P 500: 7,718.94, down 1.11% on the day; up about 12.8% in 2026.
  • Dow Jones Industrial Average: 51,621.48, down 0.09%; up about 7.4% in 2026.
  • Nasdaq Composite: 26,692.87, down 1.88%; up about 14.8% in 2026.
  • 10-year Treasury yield: about 5.19% to 5.20%, after an intraday high near 5.33%.
  • Brent crude: $106.06 a barrel, up 0.35%. WTI was near $95.80.
  • Gold: $4,107.90 an ounce, down 1.66%.
  • U.S. Dollar Index: near 102.5, up 0.31%.

Year-to-date changes are Boston Report calculations against the Dec. 31, 2025 closes (S&P 500 6,845.50; Dow 48,063.29; Nasdaq 23,241.99). The S&P 500 figure matches Slickcharts’ 12.76% price return.

The stock market today, Wednesday, Oct. 14, 2026, fell after a hotter-than-expected inflation report raised the odds of another Federal Reserve rate hike. The S&P 500 dropped 1.11% and the Nasdaq Composite lost 1.88%, both their biggest one-day drops since late July, while the Dow Jones Industrial Average slipped 0.09%.

Photo: The New York Stock Exchange on Wall Street. qwesy qwesy / Wikimedia Commons, CC BY 3.0.

How the S&P 500, Dow and Nasdaq closed

The S&P 500 fell 86.51 points to 7,718.94, its biggest daily decline since July 29, Reuters reported. The Nasdaq Composite fell 511.51 points to 26,692.87, its steepest drop since July 23. The Dow lost 48.62 points to 51,621.48, and the small-cap Russell 2000 fell 1.93% to 2,729.53, according to Portfolio Terminal closing data.

Eight of the 11 S&P 500 sectors finished lower, Xinhua reported. Technology fell 2.62% and communication services lost 1.73%. Defensive sectors held up: health care rose 2.44% and consumer staples gained 2.38%.

Even after Wednesday’s drop, all three major indexes remain higher for the year. The Nasdaq is up about 14.8% since Dec. 31, 2025, the S&P 500 is up about 12.8% and the Dow is up about 7.4%, based on Boston Report calculations from year-end closing levels.

What moved markets: the September CPI report

The main driver was the September consumer price index, released by the Bureau of Labor Statistics at 8:30 a.m. ET. Prices rose 3.7% from a year earlier, above the 3.6% economists expected, and core prices rose 2.6%, above the 2.5% forecast, CNBC reported.

Traders quickly raised bets on a Fed hike at the Oct. 27–28 meeting. Readings of the CME FedWatch tool ranged from about 35% to 54% during the day, up from 22.1% on Tuesday, according to CNBC and The Wall Street Journal. The fed funds target range is now 3.75% to 4.00%. For more on rates, see our Fed interest rate outlook.

AI and chip stocks led the decline. Reuters reported that Oracle, CoreWeave and other AI stocks sensitive to higher borrowing costs were among the hardest hit. Babypips reported that a gauge of chipmakers lost about 4% and CoreWeave fell about 15%. Investors also weighed another batch of third-quarter bank earnings, Sharecast reported.

Treasury yields and mortgage rates

The 10-year Treasury yield jumped from near 5.19% to a high near 5.33% within half an hour of the CPI release, then reversed as stocks fell and investors bought bonds, according to Babypips. CNBC reported the 10-year at 5.19% late in the day, the 2-year at 4.808% and the 30-year at 5.517%.

The 10-year yield is a benchmark for mortgages, auto loans and credit card rates. The Mortgage Bankers Association’s 30-year fixed rate was 7.5% for the week ending Oct. 9, according to Babypips’ economic calendar.

Oil, Brent and the Strait of Hormuz

Oil was the only major market to finish higher. Brent crude settled at $106.06 a barrel, up 0.35%, and WTI rose about 0.2% to near $95.80. Supply worries tied to the Middle East supported prices. Iran’s Revolutionary Guard said a container ship sank south of the Strait of Hormuz after hitting a naval mine, and Houthi attacks on Saudi Arabia escalated, according to Babypips.

The Boston Report has covered the shipping crisis in detail: the GFS Pride sinking in the Strait of Hormuz, the $40 billion Chubb-led war-risk insurance program and the Russia diesel deal and its effect on fuel prices.

Dollar, gold and bitcoin

The U.S. Dollar Index rose 0.31% to near 102.5 after peaking near 102.9 in the late morning, according to Babypips. The dollar gained against six of seven major currencies and finished flat against the Japanese yen.

Gold settled at $4,107.90 an ounce, down 1.66%, as higher yields and a stronger dollar weighed on the metal, which pays no interest, according to an Edge commodities wrap. Bitcoin fell about 2% to near $81,800, according to Babypips.

What analysts are watching next

Jeff Schulze, head investment strategist at Franklin Templeton Institute, told CNBC that rising expectations for near-term hikes should “strengthen the dollar but be a headwind for equity valuations.” Christopher Rupkey, chief economist at Fwdbonds, told CNBC that “the bond bulls have turned around and are running the other way.”

On Thursday, Oct. 15, investors get the September producer price index, September retail sales and weekly jobless claims. Economists polled by Dow Jones expect PPI to rise 0.6% on the month and 5.5% on the year, CNBC reported. Fed Chair Kevin Warsh is also scheduled to speak with IMF chief Kristalina Georgieva in Bangkok late Thursday, New York time. The Boston Report does not give investment advice.

Sources