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US stocks lose a trillion on Fierce Wednesday
On Wednesday, U.S. stock markets lost over one trillion dollars following a rise in inflation in September, with the Consumer Price Index recording its highest level in months. This increased the likelihood of the Federal Reserve raising interest rates. The Standard & Poor’s 500 and Nasdaq indices declined by more than 1% and 2%, respectively, with technology and manufacturing stocks suffering from concerns over rising costs and interest rates. Globally, European stocks saw slight gains despite a decline in luxury goods shares, while performance among Gulf equities was mixed, with some gains and some losses. The Japanese Nikkei index remained unchanged after a decline in electronics chip company stocks.
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