Stocks Slipped After the October Inflation Report

The Bureau of Labor Statistics said consumer prices rose 0.4% in October from September, after seasonal adjustment. That was slower than September’s 0.6% increase, but AP reported the October reading exceeded economists’ expectations. Shelter rose 0.3% and accounted for more than 30% of the headline monthly increase. Food rose 0.5% and energy rose 0.7%. Core CPI, which excludes food and energy, rose 0.3%, the same monthly pace as in September. BLS did not collect October 2025 survey data during a lapse in appropriations, so the release does not provide a normal October-to-October comparison for most series.

SPY fell 0.37%, DIA declined 0.31% and QQQ lost 0.68%. These are ETF price moves, not cash-index returns. Nvidia fell 5.47%; AP identified it as the largest drag on the S&P 500. The semiconductor ETF SMH fell 0.78%, while AMD gained 1.30%. The inflation release and the split between chip stocks belong in the same closing account, but the former does not establish the cause of each company’s move.

AMD’s November 3 results gave investors a fourth-quarter sales forecast of about $17 billion, plus or minus 3%. Tuesday’s gain was a new closing price, not an update to that guidance. The next report will provide a company-level test of the forecast; the CPI release supplies a separate reading on household prices. Neither figure substitutes for the other.