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Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 17, 2022. Other companies that rely heavily on ad revenue including Alphabet Inc (GOOGL.O), Twitter Inc (TWTR.N), Meta Platforms Inc (META.O) and Pinterest Inc (PINS.N) fell between 1.8% and 7.4%. The slide in mega-cap growth stocks also comes against the backdrop of the benchmark 10-year U.S. Treasury yield hitting 15-year highs on expectations of continued aggressive rate hikes by the U.S. Federal Reserve. ET, Dow e-minis were down 100 points, or 0.33%, S&P 500 e-minis were down 17 points, or 0.46%, and Nasdaq 100 e-minis were down 91.75 points, or 0.83%. American Express (AXP.N) said its third-quarter profit had modestly improved, however shares of the company were down 3%.

read moreCore CPI, which excludes volatile food and fuel prices, gained 6.6% last month, compared with the estimates of a 6.5% rise. FEDWATCHCyclical parts of the market, including the S&P 500 financials (.SPSY), energy (.SPNY) and materials (.SPLRCM) sector indexes, rose between 2% and 3%. Big Wall Street banks will kick-off third-quarter reporting season on Friday, with investors awaiting to see how a high interest-rate environment would affect their profit. Analysts expect profit for S&P 500 companies to have risen just 4.1% from a year ago, much lower than an 11.1% increase expected at the start of July, according to Refinitiv data. read moreAdvancing issues outnumbered decliners by a 1.38-to-1 ratio on the NYSE and by a 1.35-to-1 ratio on the Nasdaq.

The headline consumer price index gained at an annual pace of 8.2% in September, compared with an estimated 8.1% rise. read moreCore CPI, which eliminates volatile food and fuel prices, gained 6.6% last month, compared with the estimates of a 6.5% increase. "We would have hoped to see some moderation in inflation and we're not seeing that at this point. read moreDeclining issues outnumbered advancers for a 4.89-to-1 ratio on the NYSE and for a 3.39-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week high and 170 new lows, while the Nasdaq recorded 10 new highs and 514 new lows.

The headline consumer price index gained at an annual pace of 8.2% in September, compared with an estimated 8.1%. Core CPI, which eliminates volatile food and fuel prices, gained 6.6% last month, compared with the estimates of a 6.5% increase. Register now for FREE unlimited access to Reuters.com Register"It's saying that inflation is still not under control. The Fed will most likely continue its pace of rate increases," said Robert Pavlik, senior portfolio manager, Dakota Wealth in Fairfield, Connecticut. FEDWATCHThe report follows data on Wednesday that showed U.S. producer prices increased more than expected in September amid strong gains in the costs of services and goods, suggesting inflation could remain uncomfortably high for a while.

SummarySummary Companies U.S. producer prices rise more than expected in SeptemberFOMC September meet minutes due at 2 p.m. The Labor Department's producer prices index rose 8.5% in the 12 months through September, slightly higher than an estimated 8.4% rise. In the afternoon, investors will scrutinize the Fed's September meeting minutes for more clarity on the central bank's rate hike trajectory. Investors also await the highly-anticipated consumer prices report on Thursday, which is expected to have picked up in September. Declining issues outnumbered advancers for a 1.45-to-1 ratio on the NYSE and advancers for a 1.22-to-1 ratio on the Nasdaq.

The Labor Department's producer prices index rose 8.5% in the 12 months through September, slightly higher than an estimated 8.4% rise. read morePersistent inflation has increased concerns about the Fed's aggressive monetary action tipping the world's largest economy into a recession. That's what the Fed has been looking at and that's why they're raising rates the way they are. Declining issues outnumbered advancers for a 1.74-to-1 ratio on the NYSE and for a 1.47-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week high and 41 new lows, while the Nasdaq recorded 7 new highs and 201 new lows.

The move lifted British bond prices and pushed global benchmark yields lower. read moreMuch to the market's relief, Fed Chair Jerome Powell did not comment on monetary policy or the U.S. economic outlook on Wednesday. Among the 11 S&P 500 sector indexes, technology (.SPLRCT) was the sole decliner, down 0.5% due to Apple's drag. read moreEli Lilly & Co , which is also developing an Alzheimer's drug, rose 8.17% and was among the biggest boosts to the S&P 500 index. The S&P index recorded one new 52-week high and 30 new lows, while the Nasdaq recorded 21 new highs and 192 new lows.

read more read moreAmong the 11 S&P 500 sector indexes, technology (.SPLRCT) was the sole decliner, down 1.2%. read moreEli Lilly & Co , which is also developing an Alzheimer's drug, rose 7.7% and was the biggest boost to the S&P 500 index. In the previous session, Wall Street's main indexes sank deeper into a bear market, with the S&P 500 recording its lowest close in almost two years on rate hike worries. read moreAdvancing issues outnumbered decliners by a 3.55-to-1 ratio on the NYSE and by a 2.45-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and 29 new lows, while the Nasdaq recorded 16 new highs and 140 new lows.

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 27, 2022. Most S&P 500 sector indexes turned lower, with the energy sector (.SPNY) clinging to gains of 1.19%. Analysts have cut their S&P 500 earnings expectations for the third and fourth quarters and for the full year. For the third quarter, profit for S&P 500 companies are seen rising just 4.6% year-over-year compared with the 11.1% growth expected at the start of July. The S&P index recorded no new 52-week high and 113 new lows, while the Nasdaq recorded 24 new highs and 323 new lows.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2022. Technology (.SPLRCT), communication services (.SPLRCL) and consumer discretionary (.SPLRCD) sectors led the rise with gains of about 1% each. Concerns about corporate profits coming under pressure from soaring prices, an economic downturn and higher interest rates have roiled Wall Street in the past two weeks. Analysts have cut their S&P 500 earnings estimates for the third and fourth quarters, and for all of 2022. For the third quarter, S&P 500 earnings are seen rising just 4.6% year-over-year, compared with the 11.1% growth expected at the start of July.

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