Nasdaq Composite Today: Inflation Data Weighs on NVIDIA (NVDA), Tesla (TSLA), And Other Major Stocks

This post includes affiliate links. If you purchase anything through these affiliated links, 247wallst.com may earn a commission.

Inflation data was released at 8:30 a.m. ET today, and prices rose slightly faster than expected. The consumer price index rose 2.4% on an annual basis, which was above consensus expectation of 2.3%.

Adding to this data was a jobless claims number of 254,000 lost jobs, which was higher than expectations of 230,000 jobless claims. With the Fed looking to balance employment and inflation as its primary mandates, it now faces more of a challenge headed into its next meeting in November. Prior to today, markets implied a 70% probability of a 25 basis point cut at their next meeting.

Market indexes like the Nasdaq Composite initially fell on the release of this hotter-than-expected inflation data. Minutes after the release of CPI numbers, Nasdaq futures were down .44%. They've continued trading in that range as traders digested CPI data.

Here's where major indexes are shortly before 8:50 a.m. ET.

• Futures Implied Nasdaq Open: -88.75 (-.43%)
• Futures Implied Dow Open: -82 (-.20%)
• Futures Implied S&P 500 Open: -18.3 (-.31%)

Let's Look at Some Other Major News Items Today

Stocks On The Move

A handful of stocks are seeing large moves premarket.

• TPST (Nasdaq: TPST): A tiny biotech that's up 28% premarket after announcing an agreement with Roche to support advancement of a therapy its developing.
• Avient (NYSE: AVNT): Announced its increasing its annual dividend by 5%.

Megacaps Are Down After CPI Data

The megacap stocks that primarily drive the movements of the Nasdaq Index are down after the release of today's inflation data. Here's a sampling of their premarket performance:

• NVIDIA (Nasdaq: NVDA): Down 1.03%
• Apple (Nasdaq: AAPL): Down .75%
• Meta Platforms (Nasdaq: META): Down .73%

Other Magnificent 7 stocks aren't down as much premarket. Tesla (Nasdaq: TSLA) is up .23% as investors anticipate the company's ridesharing event that takes place after market close today.

Inflation Prior to Expectations

Today's CPI release of 2.4% annual growth came in above expectations from major banks. Citigroup had projected 2.24%, Goldman Sachs 2.27%, Wells Fargo 2.30%, and Citadel Securities predicted 2.36%.

Traders are increasing their bets on a 25 basis point rate cut in November after the release of this CPI data.

“The Next NVIDIA” Could Change Your Life

If you missed out on NVIDIA’s historic run, your chance to see life-changing profits from AI isn’t over.

The 24/7 Wall Street Analyst who first called NVIDIA’s AI-fueled rise in 2009 just published a brand-new research report named “The Next NVIDIA.”

Click here to download your FREE copy.