Overnight US stocks | September inflation remains stubbornly high, the three major indices fall, Coreweave (CRWV.US) drops over 15%.

Title context: Overnight US stocks | September inflation remains stubbornly high, the three major indices fall, Coreweave (CRWV.US) drops over 15%. Text: On Wednesday, the three major indices fell, with the September consumer price index rising 0.6% month-over-month and 3.7% year-over-year. While the month-over-month figure matched expectations, the year-over-year reading came in above expectations, as economists surveyed by Dow Jones had previously forecast a 3.6% increase. Excluding food and energy prices, core CPI rose 0.3% month-over-month and 2.6% year-over-year. Both also came in slightly above economists' expectations of 0.2% and 2.5%. The report was released as oil prices remained elevated, with West Texas Intermediate crude futures closing up 1.01% at $95.09 per barrel. [US Stocks] At the close, the Dow Jones Industrial Average fell 47.96 points, or 0.09%, to 51,622.14; the S&P 500 dropped 85.95 points, or 1.10%, to 7,719.50; the Nasdaq Composite fell 511.51 points, or 1.88%, to 26,692.87. Micron Technology, Inc. (MU.US) fell 4%, SK Hynix (SKHY.US) dropped 6%, NVIDIA Corporation (NVDA.US) fell 3%, Coreweave (CRWV.US) dropped over 15%, and Dell Technologies, Inc. Class C (DELL.US) fell over 11%. The Nasdaq Golden Dragon China Index closed down 1.39%, with Bilibili, Inc. Sponsored ADR Class Z (BILI.US) falling over 4%. [European Stocks] Germany's DAX30 index rose 36.21 points, or 0.14%, to 25,296.11; the UK's FTSE 100 rose 76.11 points, or 0.71%, to 10,726.44; France's CAC40 rose 45.48 points, or 0.58%, to 7,873.11; the Euro Stoxx 50 rose 20.54 points, or 0.33%, to 6,187.55; Spain's IBEX35 rose 18.96 points, or 0.10%, to 19,229.66; Italy's FTSE MIB fell 271.68 points, or 0.54%, to 49,785.50. [Forex] The US dollar index, which measures the greenback against six major currencies, rose 0.37% on the day and closed at 102.554 in late foreign exchange trading. As of the close of New York forex trading, 1 euro traded at $1.1153, down from $1.1201 the previous trading day; 1 pound traded at $1.3181, down from $1.3257 the previous trading day. 1 dollar traded at 158.20 yen, down from 158.30 yen the previous trading day; 1 dollar traded at 0.8345 Swiss francs, up from 0.8325 Swiss francs the previous trading day; 1 dollar traded at 1.4247 Canadian dollars, up from 1.4215 Canadian dollars the previous trading day; 1 dollar traded at 10.0321 Swedish kronor, up from 9.9618 Swedish kronor the previous trading day. [Cryptocurrencies] Bitcoin fell over 2%, trading at $81,617 as of press time. Ethereum dropped over 3.7%, at $2,415. [Precious Metals] Spot gold was quoted at $4,104.28 per ounce; spot silver was quoted at $55.639 per ounce. [Crude Oil] Light crude futures for November delivery on the New York Mercantile Exchange rose 95 cents to close at $95.09 per barrel, a gain of 1.01%; London Brent crude futures for December delivery rose 37 cents to close at $106.06 per barrel, a gain of 0.35%. [Macro News] Fed's Daly: Rate hikes may be necessary, but not imminent. San Francisco Fed President Mary Daly said Wednesday that the Fed may need to further raise short-term interest rates to curb excessively high inflation, but she also noted that there is no need to take such action at the Fed's October 27-28 meeting. "We very likely need further adjustments, but as for the timing, I think we are still weighing that," Daly said. "I don't feel there is a need to rush a decision with limited information. I think we have enough time." Fed's Goolsbee: September inflation disappointing, but more data needed before rate hike. Chicago Fed President Goolsbee said the higher-than-expected September US inflation data was disappointing, especially as services inflation remains above 5% and core goods price increases have not eased as expected, suggesting inflationary pressure may be more stubborn than previously judged. He pointed out that if core inflation continues to run at an annualized monthly pace of about 4%, that would be completely unacceptable and the Fed must take policy action. Goolsbee said it is currently unclear whether the existing rate level is sufficient to bring inflation back to the 2% target, and he prefers to wait for more data before deciding whether to raise rates further. But if inflation data in the coming months continues at current levels, the Fed cannot stand idly by. He emphasized that the latest data further shows inflation is not a temporary phenomenon and is slowing more slowly than previously expected. Goolsbee also noted that the US job market is very stable, economic growth is strong, consumer spending is robust, and AI investment could further overheat the economy. He said businesses in his district have reported almost no recession risk, and instead are broadly focused on costs and rising prices, so he is more concerned about overheating demand than supply shocks. Goolsbee stressed that if employment remains stable while inflation stays above target and moves in the wrong direction, the Fed must take measures to prevent further overheating of the economy. Fed Beige Book: High oil prices hit all 12 US districts; businesses expect further price increases. The Fed's latest Beige Book shows the US economy generally continued to grow, but growth was lackluster in most industries. Among the 12 Fed districts, two reported moderate growth, three reported slight growth, four reported modest growth, and three were essentially flat. Manufacturing performed relatively strongly, but consumer spending changed little in most districts, with more than half saying spending was mainly driven by higher-income households. On inflation, three districts reported strong price increases, eight reported moderate increases, and four said price growth accelerated from the previous period. All districts were affected by rising oil prices, with high diesel prices and fuel surcharges pushing costs through the supply chain, while tariffs, insurance, and other commodity prices also continued to exert pressure. Some businesses expect prices to rise further in coming months as existing contracts expire and hedging and delivery contracts are renegotiated. On employment, most districts reported little change in employment levels, but shortages of professional and skilled workers persisted. Five districts said some companies, after investing in AI to improve productivity, had reduced staff through attrition, delayed hiring, or expected to reduce new positions. At the same time, rising inflation and benefit costs are pushing employees to demand higher wages. The Beige Book noted that most businesses remain positive about the economic outlook for the coming months, but generally expect only limited growth and continued pressure from energy prices, tariffs, and other uncertainties. US gasoline prices are one-third more expensive than a year ago. According to reports, US energy prices rose 5.2% in September from the previous month and 20.4% year-over-year. Consumers felt the sharpest increase at the gas pump, with fuel prices 34% higher than a year ago. According to AAA data, the average price of a gallon of regular gasoline on Wednesday was $4.33, slightly higher than a month ago and more than 40% above the same period last year. The average price of diesel hovered near historic highs. Wednesday's average was $6.30, 72% higher than a year ago. Surging fuel costs pushed up airfare prices, which rose 1.2% in September and were 22.4% higher than a year earlier. [Individual Stock News] Trump announces GlobalFoundries and Alaska LNG investment plans; Japan and South Korea to provide funding. US President Trump announced that GlobalFoundries (GFS.US) will invest $21 billion in Malta, New York, to build two large semiconductor manufacturing facilities, with funding to be provided by Japan under a previously reached trade agreement. The project is expected to create 27,000 construction and supply chain jobs, as well as more than 1,000 high-skilled manufacturing jobs. Trump also announced that the US government will receive an equity stake in GlobalFoundries, and the Commerce Department will invest an additional $955 million in silicon photonics, silicon germanium, and advanced packaging, bringing cumulative investment to $1.63 billion, with the government's stake now reportedly worth more than $2 billion. On energy, Trump announced the launch of the Alaska LNG project, calling it the largest energy infrastructure project in Alaska's history. Under previously reached trade and investment agreements, South Korea will invest $50 billion in the project. Trump said the project has become a US federal government project, with all necessary permits and authorizations obtained, and can proceed immediately. Netflix is cutting about 6% of its workforce globally. According to reports, Netflix (NFLX.US) is cutting about 6% of its workforce globally, affecting roughly 1,000 positions. This is the company's largest round of layoffs since 2022, due to slowing growth and declining user engagement. Co-CEOs Greg Peters and Ted Sarandos said in an email to employees that the layoffs mainly affect the company's product, technology, legal, and human resources teams. According to Antenna data, Netflix's US churn rate is only slightly above 2%, far below other companies in the industry. However, its stock price has fallen more than 40% over the past 12 months. Netflix is not the only company cutting staff, as other companies in the tech and entertainment industries are also reducing headcount. Walt Disney Company and Amazon.com, Inc. have both carried out significant layoffs in recent months. [Major Bank Ratings] Bank of America Corp: Cut ASML Holding NV ADR price target from EUR 2,557 to EUR 2,507.