Stocks Rocket on Cooling Inflation Data; Tech Stocks & Fed Speeches in Spotlight
US September CPI rose 3.0% year-on-year, below the 3.1% forecast, fueling a Wall Street rally and bets on a Fed rate cut next week. Nasdaq gained 0.9%, S&P 500 rose 0.6%, and Dow added 0.3% on October 23. Philadelphia Fed manufacturing index plunged to −12.8 in October from +23.2. Oil prices spiked on new sanctions, while gold eased from record highs.