Why it matters
- U.S. consumer prices rose 0.6% in September and 3.7% from a year earlier, up from 3.4%, while core prices rose 0.3% and 2.6%, the Bureau of Labor Statistics said Wednesday.
- Bank of America earned 91 cents a share, including a $1.2 billion regulatory settlement charge, and its shares fell about 6.3% premarket. Morgan Stanley earned $3.03, up from $2.80, but slipped about 2.5%.
- S&P 500 futures fell 0.38% and Nasdaq 100 futures 0.71% around 8:45 a.m. ET, and the 10-year Treasury yield rose to about 5.30%, Yahoo Finance data showed. The Fed's Beige Book is due at 2 p.m. ET.
The day ahead: scheduled events and what forecasters expect.
Updated Oct. 14: Stocks closed lower. The Nasdaq fell 1.88%, the S&P 500 1.11% and the Dow 0.09%; Bank of America lost 4.8% and Morgan Stanley 2.7%, Yahoo Finance data showed. The 10-year Treasury yield ended at 5.19%, the Treasury Department said. See our Americas Wednesday recap.
U.S. stock futures fell before the open on Wednesday, Oct. 14, after hotter-than-expected inflation data and a slide in Bank of America shares. S&P 500 futures were down 0.38% and Nasdaq 100 futures 0.71% around 8:45 a.m. ET, while the 10-year Treasury yield rose to about 5.30%, according to Yahoo Finance data. Bank of America fell about 6.3% in premarket trading after its third-quarter results.
What did the September CPI report show?
Consumer prices rose 0.6% in September after a 0.4% gain in August, and 3.7% over 12 months, up from 3.4%, the Bureau of Labor Statistics said at 8:30 a.m. ET. Gasoline jumped 9.1% and accounted for more than half of the monthly increase. Core prices, which exclude food and energy, rose 0.3% for a second month and 2.6% from a year earlier, up from 2.4%.
Economists had expected 3.6% headline and 2.5% core annual inflation, Trading Economics said. It reported that the odds of another Fed rate hike this month rose to about 50% from about 22% before the release.
How did Bank of America and Morgan Stanley do?
| Bank | Q3 2026 EPS | Q3 2025 EPS | Nasdaq consensus | Revenue | Premarket move |
|---|---|---|---|---|---|
| Bank of America | $0.91 ($1.08 adjusted) | $1.04 | $1.11 | $30.0 billion, +3% | about −6.3% |
| Morgan Stanley | $3.03 | $2.80 | $2.83 | $20.3 billion, +12% | about −2.5% |
Sources: company releases; Nasdaq earnings calendar; Yahoo Finance premarket data around 8:55 a.m. ET versus Tuesday's close.
Bank of America earned $6.9 billion, down from $8.3 billion a year earlier. Results included a regulatory settlement charge of $1.2 billion, or 17 cents a share; excluding it, the bank earned $1.08 a share, below the $1.11 consensus on Nasdaq's calendar. Revenue rose 3% to $30.0 billion and net interest income rose 8% to $16.4 billion, but trading revenue in fixed income, currencies and commodities fell 17% to $2.6 billion, the bank said.
Morgan Stanley earned $4.9 billion, up from $4.6 billion. Equity trading revenue jumped 41% to $5.8 billion, and wealth management posted record revenue of $9.1 billion with $232 billion of net new assets, the firm said.
The results follow Tuesday's reports from JPMorgan Chase, Goldman Sachs, Wells Fargo and Citigroup; see our Americas Tuesday recap.
Where are futures before the open?
| Market, about 8:45 a.m. ET | Level | Change |
|---|---|---|
| S&P 500 futures | 7,825.75 | −0.38% |
| Nasdaq 100 futures | 30,572.00 | −0.71% |
| Dow futures | 51,798 | −0.26% |
| 10-year Treasury yield | about 5.30% | up from 5.22% |
| Brent crude ($/barrel) | 105.98 | +0.27% |
| Gold futures ($/ounce) | 4,116.20 | −1.46% |
| U.S. dollar index | 102.67 | +0.48% |
Source: Yahoo Finance chart data. Changes are from Tuesday's settlement or close.
Overseas, China's CSI 300 fell 1.36% after a jump in factory-gate prices; see our Asia Wednesday recap. Europe's STOXX 600 was up 0.34% around 12:40 GMT as ASML lifted chip stocks; see our Europe Wednesday recap.
What else is on the calendar today?
The Federal Reserve releases its Beige Book survey of regional economic conditions at 2 p.m. ET, the Fed's calendar shows. Vice Chair for Supervision Michelle Bowman took part in a discussion in Bangkok at 5:40 a.m. ET and gives a speech on supervision and regulation at the Bangkok Economic Festival at 10:55 p.m. ET. Chairman Kevin Warsh holds a conversation with IMF Managing Director Kristalina Georgieva in Bangkok on Thursday at 11:30 p.m. ET. The Fed's next policy decision is due Oct. 28.
Upcoming releases are on our market calendar, and live levels are on the markets page.
Follow the rest of the trading day on our global market today page, with the latest Asia, Europe and Americas session recaps.
Sources
- Bureau of Labor Statistics, Consumer Price Index, September 2026
- U.S. Treasury, Daily Treasury par yield curve rates, 2026
- Trading Economics, U.S. 10-year Treasury yield
- Bank of America, third-quarter 2026 earnings press release (SEC filing)
- Morgan Stanley, third-quarter 2026 earnings results (SEC filing)
- Nasdaq, Earnings calendar for Oct. 14, 2026
- Federal Reserve, Calendar: October 2026
- Yahoo Finance, chart data for Bank of America, Morgan Stanley, S&P 500 futures, Nasdaq 100 futures, Dow futures, 10-year Treasury yield, Brent crude, gold futures and the U.S. dollar index