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Happy Wednesday. Stocks rose as a key inflation indicator came in better than expected.
The personal consumption expenditures price index, which measures changes in prices for consumer goods and services, increased a seasonally adjusted 0.3% for the month, putting the 12-month gain at 3.4%, according to the Commerce Department.
Economists surveyed by Dow Jones had been looking for increases of 0.3% and 3.7%, respectively.
Private job creation picked up in September after a brief slowdown, providing further indication that the U.S. labor market has stabilized, according to CNBC, which cited an ADP report Wednesday.
The payrolls processing firm said company employment rose by 90,000 for the month, up from a downwardly revised 36,000 in August and above the Dow Jones consensus estimate of 68,000.
“In a very large data release this morning, there are a number of mixed messages for investors,” said Chris Zaccarelli, chief investment officer for Northlight Asset Management.
“The economy is still expanding at a good pace, but inflation is running too hot. The monthly numbers are too high and rising, but the year-over-year numbers are improving.”
“Given the mixed nature of the data, it shows that the Fed was probably correct in raising rates this month,” he added, “but if the inflation data improves, they might be able to skip a meeting or at least raise rates less than the three times in a row that many were worried about.”
Zaccarelli said the stock market seems to be waiting for a new catalyst — neither selling off dramatically nor rallying convincingly to new highs — “and we believe a strong earnings season and getting past the midterm elections are what will break the market out of its trading range and see new highs by yearend.”
Markets closed lower on Tuesday, paring steeper losses earlier in the session as rising Treasury yields pressured equities.
The 30-year Treasury bond yield crossed 5.6% on Tuesday, reaching levels not seen since June 2002, while the 10-year yield climbed to a fresh 2007 high near 5.3%.
Treasury yields fell in European trading on Wednesday, the Wall Street Journal reported, after Federal Reserve speeches lowered market expectations for interest-rate hikes. European government-bond yields followed suit.
This story was originally published by TheStreet on Sep 30, 2026, where it first appeared in the Stock Market Today section. Add TheStreet as a Preferred Source by clicking here.
