What Matters Today in Markets - Thursday 15th October - Dow off -48pts, SPI down -18pts

A interesting session played out on Wall Street last night and it was weak in some parts of the market.

So tech stocks were down 2% for the NASDAQ.

S&P was down 1.1%.

Dow Jones only fell 48.1%.

All came on the back of hotter than expected CPI data.

So inflation data for September came out year on year.

It was at 3.7% for the headline number ahead of the 3.6% expected core CPI month on month.

was up 0.3 relative to the 0.2% expected, and that core number on a year-on-year basis is 2.6% ahead of the 2.5% expected.

So a lot of the long-duration growth names really copped it on the chin last night, and that's what drove a 2% fall in the NASDAQ.

Chipmakers are now down about 12% in the recent pullback, so we're seeing some growth.

Weakness play out in some of those growth year ends of the market.

And we also saw concerns filtering into the commodity complex.

So we had some decent falls across the commodity stocks last night.

This expectation that higher rates will be needed to curb inflation.

And higher rates will be a negative from a growth perspective is now starting to filter into the commodity complex.

So we had the likes of copper stocks down 4% last night.

So not a good session, although SPY futures are only pricing a drop of 18 points, 0.2% lower this morning.

That looks a little bit undercooked in my view with a weakness coming into commodities last night.

We also had financials weaker over in the US, which are two dominant sectors here on the local exchange.

Looking at sectors overnight, we had IT down 2.6% as a group.

MAG7 was generally lower right across the board.

So we had some of the chip makers like NVIDIA down 3%, but generally all of those large names were lower last night.

Financials down 0.6 obviously coming off the back of the prior sessions reporting for some of those banks with another couple of updates overnight as well.

Industrials down about 0.9, consumer discretionary names down 1.1, real estate down 0.8.

The only areas of strength in the US market were energy stocks, which rallied 0.8%, and healthcare, which is your natural defensive area of the market, that was up 2.4% in the overnight session.

A interesting session played out on Wall Street last night and it was weak in some parts of the market.

So tech stocks were down 2% for the NASDAQ.

S&P was down 1.1%.

Dow Jones only fell 48.1%.

All came on the back of hotter than expected CPI data.

So inflation data for September came out year on year.

It was at 3.7% for the headline number ahead of the 3.6% expected core CPI month on month.

was up 0.3 relative to the 0.2% expected, and that core number on a year-on-year basis is 2.6% ahead of the 2.5% expected.

So a lot of the long-duration growth names really copped it on the chin last night, and that's what drove a 2% fall in the NASDAQ.

Chipmakers are now down about 12% in the recent pullback, so we're seeing some growth.

Weakness play out in some of those growth year ends of the market.

And we also saw concerns filtering into the commodity complex.

So we had some decent falls across the commodity stocks last night.

This expectation that higher rates will be needed to curb inflation.

And higher rates will be a negative from a growth perspective is now starting to filter into the commodity complex.

So we had the likes of copper stocks down 4% last night.

So not a good session, although SPY futures are only pricing a drop of 18 points, 0.2% lower this morning.

That looks a little bit undercooked in my view with a weakness coming into commodities last night.

We also had financials weaker over in the US, which are two dominant sectors here on the local exchange.

Looking at sectors overnight, we had IT down 2.6% as a group.

MAG7 was generally lower right across the board.

So we had some of the chip makers like NVIDIA down 3%, but generally all of those large names were lower last night.

Financials down 0.6 obviously coming off the back of the prior sessions reporting for some of those banks with another couple of updates overnight as well.

Industrials down about 0.9, consumer discretionary names down 1.1, real estate down 0.8.

The only areas of strength in the US market were energy stocks, which rallied 0.8%, and healthcare, which is your natural defensive area of the market, that was up 2.4% in the overnight session.