Wall Street declines following higher-than-expected US inflation

US stock markets opened lower following September inflation data that exceeded expectations. The inflation rate rose to 3.7 percent in September from 3.4 percent in August, while core inflation increased from 2.4 percent to 2.6 percent, both surpassing economist estimates.

Major indices saw declines, with the S&P 500 falling 0.5 percent, the Nasdaq Composite dropping 0.6 percent, and the Dow Jones Industrial Average decreasing 0.2 percent. The rise in inflation has contributed to an increase in the yield on 10-year US Treasury notes to 5.31 percent.

In corporate news, Bank of America shares fell 7.7 percent after reporting quarterly results that missed analyst estimates. Morgan Stanley also saw a decline of 3.7 percent. Conversely, technology company Bending Spoons surged over 50 percent following reports that Warren Buffett’s Berkshire Hathaway invested 330 million dollars in the firm. Blackrock shares rose 3.1 percent.