The Dow slips 100 points as inflation comes in hotter

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

The Consumer Price Index increased by 2.4% in September on an annual basis, according to data released Thursday by the Bureau of Labor Statistics. That was slightly above the 2.3% forecast. Month-over-month, prices rose 0.2% from August, also surpassing the expected 0.1% increase. Core CPI, which excludes volatile food and energy prices, rose 3.3% year-over-year, slightly higher than the expected 3.2%. On a monthly basis, core inflation climbed 0.3%, above projections of a 0.2% rise.

The data point to ongoing inflationary pressures on the U.S. economy, with attention now shifting 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 fast to cut interest rates in the months ahead.

The Dow dropped 100 points, or 0.24%, to 42,411 shortly after markets opened Thursday. The tech-heavy Nasdaq and S&P 500 dipped 0.39% and 0.31%, respectively. Oil prices rose on Thursday, with West Texas Intermediate trading at $74 per barrel and Brent crude at $77 per barrel, both up 1.4%.

Elon Musk’s Tesla robotaxi reveal is finally here

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

Delta and Dominos fall on earnings

Domino’s Pizza (DPZ) posted its earnings report before the market opened, and its shares were down 2.9%. Delta Air Lines (DAL) stock was also down 2% after the release of its earnings report.