US stocks stage big reversal to jump 2% after September inflation hits highest level since 1982

On Thursday, US stocks fell sharply before surging when the September CPI figure exceeded estimates by 0.4% month-over-month.

Hopes that the Fed may change course on interest rate hikes were dashed by the September inflation report.

Currently, a 75 basis point rate increase in both November and December is priced into Fed Fund Futures.

The S&P 500 was down 2.4% at its day's low before it fully recovered its losses and increased by as much as 2%.

The S&P 500 breached 3,500 before making a brief low of 3,491 before the reversal.The S&P 500 breached 3,500 before making a brief low of 3,491 before the reversal.

A 50% retracement of the price is seen at the 3,500 level.

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