U.S. stocks open sharply lower, Dow drops more than 500 points after hotter-than-expected inflation report

U.S. stocks opened sharply lower Thursday, with the Dow Jones Industrial Average falling more than 500 points, after the consumer-price index showed that inflation in September was hotter than forecast. The Dow DJIA, -0.94% was down 1.7% soon after the opening bell, while the S&P 500 SPX, -1.36% fell about 2.2% and the Nasdaq Composite COMP, -2.

02% dropped around 3%, according to FactSet data, at last check. The U.S. Bureau of Labor Statistics said Thursday that inflation measured by the consumer-price index rose 0.4% last month for an annual rate of 8.2%. Economists polled by The Wall Street Journal had expected a 0.3% rise. Core CPI, which excludes energy and food prices, climbed a sharp 0.6% in September, above the 0.4% increase anticipated by economists, to a new peak of 6.6% over the past 12 months.

Biden said inflation is only up an ‘inch’

Why are the analysts and “experts” always surprised by the inflation numbers? Anyone living in the real world, buying food, clothing, and other necessities for their family, knows inflation is out of control.

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