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Nasdaq, S&P 500, Dow Jones slide as consumer inflation expectations soar


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Stock markets are selling off on Friday after some initial volatility following a surprise rise in inflation expectations in the latest sentiment survey.

Nasdaq Composite (COMP.IND) To be -1.5%S&P 500 (SP500) To be -1.1% and the Dow (DJI) -0.5%. The Dow is getting some help from big post-earnings price gains at UnitedHealth.

The main averages were higher after Russian President Vladimir Putin said he saw no need to mobilize the masses further.

All 11 S&P sectors were lower, with Energy being the weakest. Healthcare is holding the best.

University of Michigan’s preliminary October consumer sentiment index tops forecasts, coming at 59.8. But one-year inflation expectations rose to 5.1% from 4.7% previously and forecast to 4.6%. That was the first increase in the inflation component since March.

Rates turn around. 10-year Treasury yield (US10Y) rose 2 basis points to 3.98% and the 2-year yield (US2Y) increased 2 basis points to 4.47%. More, Yield Curve Inversion continued to expand further, as before it hit another two-decade record.

“Ultimately, a break above 4% over 10 years now looks inevitable given the Fed’s inability to signal its bearish bias in the near term,” ING said. .

The UK is having an outsized impact once again. Gilt yields reverse after Chancellor Liz Truss naming her new Prime Minister.

In terms of bank earnings, JP Morgan is higher after beating top line and bottom line. But Morgan Stanley is failing in revenue with Investment bank in trouble.

Retail sales in September come in the apartment, timid with the expectation of an increase of 0.2%. Used car sales rose 0.3% versus a forecast of 0.4%.

Import prices fell more than expected, down 1.2%.

See the stocks that make Biggest move this morning. The market has mysterious reversal, epic with legs?

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