US Stock Market Moves | Market Bets on Rate Hike in October, Nasdaq Drops 0.9%, Most Leading Tech Stocks Fall

Zhitong Finance APP has learned that on Thursday, all three major U.S. stock indexes opened lower collectively, with the Nasdaq down 0.9%. Most leading tech stocks declined, with Intel (INTC.US) and SK Hynix (SKHY.US) falling by more than 4%, Micron Technology (MU.US) down more than 3%, NVIDIA (NVDA.US) and AMD (AMD.US) both falling over 2%, while Tesla (TSLA.US) and TSMC (TSM.US) dropped by over 1%.

On the news front, the U.S. August PPI increased by 5.4% year-on-year, compared to an estimated 5.3%; it rose 0.4% month-on-month, in line with the estimate of 0.4%. After the PPI data was released, traders have fully priced in expectations for a Federal Reserve rate hike in October. Previously, some Federal Reserve officials had suggested that the rate decision at the September 15-16 meeting could depend on findings revealed in this week’s reports. In a speech last month, Federal Reserve Chair Walsh stated that if policymakers cannot be convinced that underlying inflation trends are significantly improving, the Fed “still has work to do.”