Dow falls 100 points as inflation heats up

The Dow Jones Industrial Average and other major stock market indexes were in the red early Thursday as a key inflation reading came in higher than expected in September.

The Consumer price index rose 2.4 percent in September on an annual basis, according to data released Thursday by the Bureau of Labor Statistics. This was slightly above the 2.3% forecast. On a month-to-month basis, prices rose 0.2% from August, also beating the expected 0.1% increase. The core CPI, which excludes volatile food and energy prices, rose 3.3% year-on-year, slightly higher than the 3.2% expected. On a monthly basis, core inflation rose 0.3%, beating forecasts for a 0.2% increase.

The data points to ongoing inflationary pressures on the US economy, with attention now turning to Friday’s release of the producer price index (PPI), which will provide insight into wholesale inflation. Both data points will help inform the Federal Reserve’s next moves, including whether, how much, and how quickly it needs to cut interest rates in the coming months.

The Dow was down 100 points, or 0.24%, at 42,411 shortly after markets opened on Thursday. The Nasdaq and S&P 500 fell 0.39 percent and 0.31 percent, respectively. Oil prices rose on Thursday, with West Texas Intermediate trading at $74 a barrel and Brent crude at $77 a barrel, both up 1.4 percent.

The unveiling of Elon Musk’s Tesla robotaxi is finally here

Tesla (TSLA) CEO Elon Musk will finally unveil the company’s highly anticipated robotaxi Thursday at Warner Bros. Studios (WBD) in Los Angeles. Nicknamed “We Robot” the event is expected to offer a first look at a ‘Cybercab’ prototype, along with a booking platform for owners and passengers. There will also be an update on the company’s Full Self-Driving (FSD) technology, along with a production timeline.

Delta and Dominos fall on earnings

Domino’s Pizza (DPZ) released its earnings report before the market opened, and its shares fell 2.9%. Delta Air Lines (DAL) shares also fell 2% following the release of its earnings report.