U.S. producer prices rose 6.3% year over year in September, marking the highest reading in more than four years and reinforcing expectations for further rate hikes. Equities and crypto initially fell after the data, but the sell-off faded quickly and risk assets rebounded during the session. By the close, the Dow Jones Industrial Average gained 1.08%, the Nasdaq rose 0.08%, and the S&P 500 added 0.33%.
The Philadelphia Semiconductor Index fell 0.88%. Although the decline narrowed sharply from earlier in the session, it still marked a seventh straight trading day of losses. In individual names, CoreWeave reversed sharply after dropping more than 8% intraday on default rumors, ending the session up 5.94%, according to BIT (bit.com) market data.
NVIDIA CEO Jensen Huang said CoreWeave is improving day by day and that its financing costs are actually falling. He added that he does not believe the data center operator needs support from NVIDIA. NVIDIA shares fell 1.84%, Intel lost 2.80%, and storage stock SNDK closed down 0.61%. Separately, HTX market data showed Bitcoin briefly slipping below $80,000 overnight before rebounding to $82,285.10.
BlockBeats reported on Oct. 16 that U.S. September PPI rose 6.3% from a year earlier, the highest level in more than four years. The release reinforced expectations for more rate hikes. U.S. stocks and crypto assets both moved lower briefly after the data, but the market absorbed the negative signal quickly and risk assets rebounded after the initial sell-off.
By the close, all three major U.S. stock indexes finished higher. The Dow Jones Industrial Average rose 1.08%, the Nasdaq added 0.08%, and the S&P 500 gained 0.33%. The Philadelphia Semiconductor Index fell 0.88%. That was a much narrower drop than earlier in the session, but it still marked a seventh consecutive trading day of declines.
CoreWeave reverses intraday losses
In individual stocks, BIT (bit.com) market data showed that CoreWeave, which had been pressured by default rumors, fell more than 8% intraday before reversing course to close up 5.94%.
On the news front, Jensen Huang said CoreWeave is getting stronger every day and that its financing costs are actually declining. He said he does not think the data center operator needs NVIDIA to step in with support.
NVIDIA fell 1.84%, while Intel lost 2.80%. Storage names also narrowed their losses, but they did not recover enough to close higher. SNDK ended the session down 0.61%.
Bitcoin rebounds after dipping below $80,000
Separate market data from HTX showed that Bitcoin briefly fell below the $80,000 mark overnight before rebounding quickly. It was last quoted at $82,285.10.
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