Update: Nasdaq, S&P 500 Fall for Third Straight Session Following Hot CPI Data

05:01 PM EDT, 10/14/2026 (MT Newswires) -- (Updates with market moves at the end of the day, and other changes, if any.) The Nasdaq Composite and the S&P 500 tumbled for the third straight session on Wednesday as official data showed that annual consumer inflation hit a four-month high. The Nasdaq fell 1.9% to 26,692.87, while the S&P 500 declined 1.1% to 7,718.94, extending the losing streak for both measures to a third day in a row. The Dow Jones Industrial Average edged down 0.1% to 51,621.48. Among sectors, technology led the laggards, while healthcare paced the gainers. In economic news, consumer price growth reached the highest level since May, at 3.7% year on year in September, while core inflation accelerated to 2.6% from 2.4% in August. "With core inflation running at 2.6% year-on-year and oil prices remaining elevated, which increases the risk that price pressures spread to other categories, the Fed likely will not be able to remain on the sidelines for much longer," TD Economics said in a note. The probability of the US central bank hiking rates by 25 basis points on Oct. 28 rose to 33% on Wednesday from 22% on Tuesday, according to the CME FedWatch tool. Markets are pricing in a 67% probability that the benchmark rate will be kept steady, down from 78%. Treasury yields were mixed, with the two-year rate up 1.9 basis points to 4.81%, while the 10-year rate was down 1.9 basis points to 5.20%. Bank of America's (BAC) third-quarter results missed market expectations due to a regulatory settlement charge and weak trading and investment banking revenue. Morgan Stanley (MS) topped estimates on an equity trading revenue boost. Shares of Bank of America declined 4.8%, while Morgan Stanley fell 2.8%. BlackRock (BLK) reported an unexpected increase in third-quarter net inflows driven by strong institutional demand and retail inflows. Shares of the company closed 0.7% higher. Dell (DELL) shares tumbled 11%, the second-worst performer on the S&P 500, while Nvidia (NVDA) dropped 3.2%, the Dow's biggest decliner. Honeywell (HON) unveiled an industrial AI simulation platform built with Nvidia and Dell. Honeywell shares were up 0.2%. State Street's (STT) updated full-year fee revenue outlook fell short of analysts' expectations and its third-quarter top-line missed market views. Shares of the company fell 4.1%. West Texas Intermediate crude oil gained 1% to $95.09 a barrel, while Brent rose 0.3% to $106. The International Energy Agency on Wednesday lowered its global oil demand outlook for this year amid elevated fuel prices, with only a partial recovery seen in 2027. Spot gold fell 1.5% to $4,099.69 per troy ounce, while silver slumped 6.3% to $55.77 per ounce.