US Stocks Fall as Core Inflation Beats Expectations

US equity indexes closed lower Wednesday as renewed inflation concerns and a slump in technology stocks weighed on sentiment. The Bureau of Labor Statistics reported that the consumer price index rose 0.6% in September, matching expectations in a Bloomberg poll, up from 0.4% in August. Core CPI climbed 0.3%, exceeding the 0.2% consensus figure. Year-over-year, overall and core CPI accelerated to 3.7% and 2.6%, respectively, from 3.4% and 2.4%, surpassing market forecasts.

Energy prices also contributed to the inflationary picture. November West Texas Intermediate crude oil settled at $95.15 per barrel, a gain of $1.01, while December Brent crude was last seen at $106.03, up $0.34.

Dell Technologies (DELL) shares dropped 11%, marking the second-largest decline on the S&P 500. The sell-off followed a Barclays downgrade of the stock to equal weight from overweight and a price target cut to $574 from $603. In a related development, Reuters reported that SK Group Chairman Chey Tae-won agreed to sell a 1.34% stake in the holding company of SK hynix (SKHY) to an investment fund linked to Dell founder Michael Dell for 544 billion won ($407.2 million).

UnitedHealth (UNH) provided a notable offset, rising 4.7% to become the top gainer on the S&P 500. The stock advanced a day after the company announced it expects fiscal 2026 adjusted earnings per share of at least $20.50, an increase from the prior range of $19.50 to $20.