Open: Stocks mostly lower after firmer CPI; small caps lag
Nasdaq and small-cap trackers fell in early Wednesday trading, while Apple advanced and the Dow tracker held near unchanged.
U.S. stocks opened mostly lower Wednesday, Oct. 14, with technology and small-cap shares under pressure shortly after the 9:30 ET bell. The S&P 500 ETF, SPY, fell 0.60% to $773.38, while Nasdaq 100 tracker QQQ dropped 0.99% to $736.21. Dow tracker DIA edged up 0.03% to $516.34, and Russell 2000 tracker IWM lost 1.25% to $273.23.
Apple bucked the broader decline, rising 1.30% to $345.71, while Nvidia fell 1.85% to $224.30. Microsoft slipped 0.34% to $541.61 and JPMorgan Chase eased 0.11% to $331.05. Exxon Mobil gained 0.75% to $175.39.
Losses extended down the capitalization scale: mid-cap IonQ dropped 5.73% to $32.74, while small-caps Intuitive Machines and Plug Power fell 5.25% to $11.54 and 5.13% to $1.48, respectively. Aehr Test Systems declined 3.77% to $74.59. Among micro-caps, Duos Technologies lost 4.06% to $6.15 and ClearSign Technologies slid 3.82% to $2.77.
Inflation was a central backdrop after Reuters reported that U.S. consumer prices accelerated in September on costlier gasoline, with core CPI also firmer. Energy-security concerns were also in focus: Reuters reported extensive damage to Saudi Aramco's headquarters from a Houthi attack and threats of further attacks on Saudi airports and oil facilities.
The next test is whether the broad-market trackers can move away from their early lows: SPY, QQQ and IWM were all trading close to the bottom of their opening ranges. Apple's strength and Exxon's advance will also be worth watching for signs that gains can broaden, alongside further inflation and Middle East headlines.