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Business · Stock markets · published 2026-10-14 · via eOption

Hot CPI and Bank Earnings Weigh on Wall Street

Stocks turned lower after September CPI came in above expectations, with headline annual inflation at 3.7% and core inflation at 2.6%. Short-term Treasury yields jumped and financial shares were hit hard, especially Bank of America after a revenue miss and a regulatory charge. Semiconductors extended a losing streak, while energy, staples, and utilities outperformed and mortgage applications declined as the average 30-year rate reached 7.50%.

Expanded Detail

September's consumer price report showed monthly headline inflation at 0.6%, matching forecasts, while the annual rate reached 3.7%. Core prices, excluding food and energy, rose 0.3% for the month and 2.6% over a year, both above expectations. The two-year Treasury yield climbed 12 basis points to 4.92%, its highest since Sept. 29, as traders raised odds of a Fed hike this month.

Bank of America dropped 8.2% after missing revenue estimates and recording a $1.2 billion regulatory charge. State Street, Morgan Stanley, and Progressive also fell following results. Chip stocks headed toward a sixth straight decline, while energy, staples, and utilities held up better. Mortgage applications slipped 2.7%, and the average 30-year mortgage rate rose to 7.50%.

Context

Hotter inflation and rising short-term yields could keep borrowing costs elevated, affecting homebuyers, refinancers, and businesses that rely on credit

Expanded detail and Context are AI-generated analysis; the linked article remains the authoritative source.
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This summary is Al-enhanced to contain extended analysis and broader social context. The original is {NAME); the linked article is the authoritative source. Original headline: “Mid-Morning Look: October 14, 2026.” Browse more stories.